Kindred Healthcare Beneish M-Score Historical Data
The historical data trend for Kindred Healthcare's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Kindred Healthcare Beneish M-Score Chart
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Kindred Healthcare Annual Data
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Dec08 |
Dec09 |
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Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.16 |
-2.51 |
-2.10 |
-2.88 |
-3.01 |
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Kindred Healthcare Quarterly Data
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Jun13 |
Sep13 |
Dec13 |
Mar14 |
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Sep14 |
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Mar15 |
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Sep15 |
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
| Beneish M-Score |
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-3.12 |
-3.43 |
-3.16 |
-3.01 |
-2.82 |
Competitive Comparison of Kindred Healthcare's Beneish M-Score
For the Medical Care Facilities subindustry, Kindred Healthcare's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Kindred Healthcare's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Kindred Healthcare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kindred Healthcare's Beneish M-Score falls into.
Kindred Healthcare Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Kindred Healthcare for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9654 | + | 0.528 * 0.9974 | + | 0.404 * 0.9787 | + | 0.892 * 0.9647 | + | 0.115 * 1.1524 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0245 | + | 4.679 * -0.051172 | - | 0.327 * 1.1265 |
| = | -2.82 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar18) TTM: | Last Year (Mar17) TTM: |
Total Receivables was $1,169 Mil.
Revenue was 1513.789 + 1483.282 + 1477.141 + 1532.022 = $6,006 Mil.
Gross Profit was 1513.789 + 595.777 + 573.239 + 620.535 = $3,303 Mil.
Total Current Assets was $1,400 Mil.
Total Assets was $5,206 Mil.
Property, Plant and Equipment(Net PPE) was $726 Mil.
Depreciation, Depletion and Amortization(DDA) was $107 Mil.
Selling, General, & Admin. Expense(SGA) was $2,195 Mil.
Total Current Liabilities was $809 Mil.
Long-Term Debt & Capital Lease Obligation was $3,266 Mil.
Net Income was -1.705 + -187.7 + -95.786 + -409.118 = $-694 Mil.
Non Operating Income was -7.305 + -300.994 + -19.157 + -136.364 = $-464 Mil.
Cash Flow from Operations was -132.403 + 67.183 + 8.481 + 92.669 = $36 Mil.
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Total Receivables was $1,255 Mil.
Revenue was 1539.49 + 1517.716 + 1563.276 + 1605.374 = $6,226 Mil.
Gross Profit was 1539.49 + 592.098 + 610.196 + 673.383 = $3,415 Mil.
Total Current Assets was $1,574 Mil.
Total Assets was $6,145 Mil.
Property, Plant and Equipment(Net PPE) was $856 Mil.
Depreciation, Depletion and Amortization(DDA) was $149 Mil.
Selling, General, & Admin. Expense(SGA) was $2,221 Mil.
Total Current Liabilities was $925 Mil.
Long-Term Debt & Capital Lease Obligation was $3,345 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1168.506 / 6006.234) | / | (1254.631 / 6225.856) |
| = | 0.194549 | / | 0.201519 |
| | = | 0.9654 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (3415.167 / 6225.856) | / | (3303.34 / 6006.234) |
| = | 0.548546 | / | 0.549985 |
| | = | 0.9974 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1400.072 + 725.519) / 5206.363) | / | (1 - (1574.016 + 855.542) / 6144.609) |
| = | 0.591732 | / | 0.604603 |
| | = | 0.9787 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 6006.234 | / | 6225.856 |
| | = | 0.9647 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (148.676 / (148.676 + 855.542)) | / | (106.947 / (106.947 + 725.519)) |
| = | 0.148052 | / | 0.12847 |
| | = | 1.1524 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (2195.493 / 6006.234) | / | (2221.315 / 6225.856) |
| = | 0.365536 | / | 0.356789 |
| | = | 1.0245 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((3266.364 + 808.69) / 5206.363) | / | ((3344.511 + 924.725) / 6144.609) |
| = | 0.782706 | / | 0.694794 |
| | = | 1.1265 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (-694.309 - -463.82 | - | 35.93) | / | 5206.363 |
| | = | -0.051172 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Kindred Healthcare has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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