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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Surgery Partners's Beneish M-Score or its related term are showing as below:
During the past 12 years, the highest Beneish M-Score of Surgery Partners was -0.31. The lowest was -2.73. And the median was -2.47.
The historical data trend for Surgery Partners'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.
Surgery Partners Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.56 | -2.60 | -2.45 | -2.48 | -2.59 |
Surgery Partners Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.44 | -2.55 | -2.59 | -2.58 | -2.55 |
For the Medical Care Facilities subindustry, Surgery Partners'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.
For the Healthcare Providers & Services industry and Healthcare sector, Surgery Partners's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Surgery Partners's Beneish M-Score falls into.
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 Surgery Partners 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 * 1.0718 | + | 0.528 * 0.9442 | + | 0.404 * 0.9752 | + | 0.892 * 1.0855 | + | 0.115 * 1.0583 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1008 | + | 4.679 * -0.031247 | - | 0.327 * 1.0544 | |||||||
= | -2.55 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $523 Mil. Revenue was 762.1 + 717.4 + 735.4 + 674.1 = $2,889 Mil. Gross Profit was 179.2 + 155.3 + 193.6 + 165.8 = $694 Mil. Total Current Assets was $1,013 Mil. Total Assets was $7,489 Mil. Property, Plant and Equipment(Net PPE) was $1,273 Mil. Depreciation, Depletion and Amortization(DDA) was $129 Mil. Selling, General, & Admin. Expense(SGA) was $131 Mil. Total Current Liabilities was $552 Mil. Long-Term Debt & Capital Lease Obligation was $3,297 Mil. Net Income was -15.5 + -12.4 + -1 + -4.9 = $-34 Mil. Non Operating Income was -19.3 + -14.4 + -38.1 + -18.7 = $-91 Mil. Cash Flow from Operations was 82.8 + 40.7 + 62.6 + 104.6 = $291 Mil. |
Total Receivables was $450 Mil. Revenue was 667.6 + 666.2 + 707.1 + 620.6 = $2,662 Mil. Gross Profit was 154.1 + 134 + 184.3 + 131.2 = $604 Mil. Total Current Assets was $810 Mil. Total Assets was $6,621 Mil. Property, Plant and Equipment(Net PPE) was $1,093 Mil. Depreciation, Depletion and Amortization(DDA) was $118 Mil. Selling, General, & Admin. Expense(SGA) was $110 Mil. Total Current Liabilities was $459 Mil. Long-Term Debt & Capital Lease Obligation was $2,769 Mil. |
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) |
= | (523.4 / 2889) | / | (449.9 / 2661.5) | |
= | 0.18117 | / | 0.16904 | |
= | 1.0718 |
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) | |
= | (603.6 / 2661.5) | / | (693.9 / 2889) | |
= | 0.226789 | / | 0.240187 | |
= | 0.9442 |
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 - (1012.5 + 1272.7) / 7488.6) | / | (1 - (810.2 + 1093.2) / 6620.6) | |
= | 0.694843 | / | 0.712503 | |
= | 0.9752 |
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 | |
= | 2889 | / | 2661.5 | |
= | 1.0855 |
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)) |
= | (117.5 / (117.5 + 1093.2)) | / | (128.5 / (128.5 + 1272.7)) | |
= | 0.097051 | / | 0.091707 | |
= | 1.0583 |
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) |
= | (131.2 / 2889) | / | (109.8 / 2661.5) | |
= | 0.045414 | / | 0.041255 | |
= | 1.1008 |
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) |
= | ((3297.3 + 551.8) / 7488.6) | / | ((2768.9 + 458.6) / 6620.6) | |
= | 0.513995 | / | 0.487494 | |
= | 1.0544 |
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 | |
= | (-33.8 - -90.5 | - | 290.7) | / | 7488.6 | |
= | -0.031247 |
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.
Surgery Partners has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Surgery Partners's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Harrison R. Bane | officer: American Group President | 310 SEVEN SPRINGS WAY, SUITE 500, BRENTWOOD TN 37027 |
Danielle Burkhalter | officer: Chief Human Resources Officer | 310 SEVEN SPRINGS WAY, SUITE 500, BRENTWOOD TN 37027 |
Bradley R. Owens | officer: National Group President | 310 SEVEN SPRINGS WAY, SUITE 500, BRENTWOOD TN 37027 |
David T Doherty | officer: Chief Financial Officer | 310 SEVEN SPRINGS WAY, BRENTWOOD TN 37027 |
Jason Eric Evans | officer: EVP & Chief Operating Officer | 310 SEVEN SPRINGS WAY, SUITE 500, BRENTWOOD TN 37027 |
Anthony Taparo | officer: President, Atlantic Group | 310 SEVEN SPRINGS WAY, SUITE 500, BRENTWOOD TN 37027 |
Jennifer Baldock | officer: Sr. VP, Gen Couns. & Sec. | 310 SEVEN SPRINGS WAY, SUITE 500, BRENTWOOD TN 37027 |
Marissa Brittenham | officer: Chief Strategy Officer | 310 SEVEN SPRINGS WAY, BRENTWOOD TN 37027 |
Bain Capital Investors Llc | director, 10 percent owner | 200 CLARENDON STREET, BOSTON MA 02116 |
T. Devin O'reilly | director, 10 percent owner | C/O BAIN CAPITAL PRIVATE EQUITY, LP, 200 CLARENDON STREET, BOSTON MA 02149 |
Blair E Hendrix | director, 10 percent owner | |
Andrew T. Kaplan | director | C/O BAIN CAPITAL PRIVATE EQUITY, LP, 200 CLARENDON STREET, BOSTON MA 02116 |
Wayne S Deveydt | director, officer: Chief Executive Officer | 120 MONUMENT CIRCLE, INDIANAPOLIS IN 46204 |
Bain Capital Partners Xi, L.p. | director, 10 percent owner | 200 CLARENDON STREET, BOSTON MA 02116 |
Bain Capital Fund Xi, L.p. | director, 10 percent owner | JOHN HANCOCK TOWER, 200 CLARENDON STREET, BOSTON MA 02116 |
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