MultiPlan Beneish M-Score Historical Data
The historical data trend for MultiPlan'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.
MultiPlan Beneish M-Score Chart
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MultiPlan Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.22 |
-2.90 |
-2.68 |
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MultiPlan Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.78 |
-2.89 |
-2.67 |
-2.68 |
-2.48 |
Competitive Comparison of MultiPlan's Beneish M-Score
For the Health Information Services subindustry, MultiPlan'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.
MultiPlan's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, MultiPlan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MultiPlan's Beneish M-Score falls into.
MultiPlan 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 MultiPlan 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 * 1.3053 | + | 0.528 * 1.0571 | + | 0.404 * 1.0126 | + | 0.892 * 0.9422 | + | 0.115 * 1.0383 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1241 | + | 4.679 * -0.045479 | - | 0.327 * 1.1194 |
| = | -2.48 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $82.4 Mil.
Revenue was 234.508 + 244.135 + 242.804 + 237.991 = $959.4 Mil.
Gross Profit was 174.431 + 183.473 + 181.855 + 178.984 = $718.7 Mil.
Total Current Assets was $189.5 Mil.
Total Assets was $6,366.7 Mil.
Property, Plant and Equipment(Net PPE) was $296.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $429.3 Mil.
Selling, General, & Admin. Expense(SGA) was $140.4 Mil.
Total Current Liabilities was $194.1 Mil.
Long-Term Debt & Capital Lease Obligation was $4,527.2 Mil.
Net Income was -539.689 + -31.391 + -24.145 + -36.37 = $-631.6 Mil.
Non Operating Income was -513.007 + 9.334 + 11.987 + -7.581 = $-499.3 Mil.
Cash Flow from Operations was 49.716 + 27.702 + 72.118 + 7.685 = $157.2 Mil.
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Total Receivables was $67.0 Mil.
Revenue was 236.594 + 241.089 + 250.453 + 290.128 = $1,018.3 Mil.
Gross Profit was 181.744 + 187.052 + 197.441 + 240.151 = $806.4 Mil.
Total Current Assets was $371.5 Mil.
Total Assets was $7,215.2 Mil.
Property, Plant and Equipment(Net PPE) was $261.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $417.0 Mil.
Selling, General, & Admin. Expense(SGA) was $132.6 Mil.
Total Current Liabilities was $155.8 Mil.
Long-Term Debt & Capital Lease Obligation was $4,624.2 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) |
| = | (82.443 / 959.438) | / | (67.032 / 1018.264) |
| = | 0.085928 | / | 0.06583 |
| | = | 1.3053 |
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) |
| = | (806.388 / 1018.264) | / | (718.743 / 959.438) |
| = | 0.791924 | / | 0.749129 |
| | = | 1.0571 |
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 - (189.51 + 296.337) / 6366.695) | / | (1 - (371.452 + 261.832) / 7215.249) |
| = | 0.923689 | / | 0.91223 |
| | = | 1.0126 |
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 |
| = | 959.438 | / | 1018.264 |
| | = | 0.9422 |
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)) |
| = | (416.962 / (416.962 + 261.832)) | / | (429.274 / (429.274 + 296.337)) |
| = | 0.614269 | / | 0.591603 |
| | = | 1.0383 |
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) |
| = | (140.401 / 959.438) | / | (132.56 / 1018.264) |
| = | 0.146337 | / | 0.130182 |
| | = | 1.1241 |
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) |
| = | ((4527.199 + 194.112) / 6366.695) | / | ((4624.191 + 155.773) / 7215.249) |
| = | 0.741564 | / | 0.662481 |
| | = | 1.1194 |
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 |
| = | (-631.595 - -499.267 | - | 157.221) | / | 6366.695 |
| | = | -0.045479 |
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.
MultiPlan has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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