Alignment Healthcare Beneish M-Score Historical Data
The historical data trend for Alignment 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.
Alignment Healthcare Beneish M-Score Chart
|
Alignment Healthcare Annual Data
|
|
Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-2.79 |
-2.81 |
-2.83 |
|
Alignment Healthcare Quarterly Data
|
|
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
-2.81 |
-3.35 |
-3.89 |
-2.99 |
-2.83 |
Competitive Comparison of Alignment Healthcare's Beneish M-Score
For the Healthcare Plans subindustry, Alignment 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.
Alignment Healthcare's Beneish M-Score Distribution in the Healthcare Plans Industry
For the Healthcare Plans industry and Healthcare sector, Alignment Healthcare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alignment Healthcare's Beneish M-Score falls into.
Alignment 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 Alignment 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 * 1.0138 | + | 0.528 * 1.1656 | + | 0.404 * 1.0746 | + | 0.892 * 1.2716 | + | 0.115 * 1.1145 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8178 | + | 4.679 * -0.151522 | - | 0.327 * 1.1775 |
| = | -2.83 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $120 Mil.
Revenue was 465.387 + 456.709 + 462.379 + 439.155 = $1,824 Mil.
Gross Profit was 47.625 + 58.83 + 51.735 + 42.84 = $201 Mil.
Total Current Assets was $484 Mil.
Total Assets was $592 Mil.
Property, Plant and Equipment(Net PPE) was $62 Mil.
Depreciation, Depletion and Amortization(DDA) was $22 Mil.
Selling, General, & Admin. Expense(SGA) was $307 Mil.
Total Current Liabilities was $263 Mil.
Long-Term Debt & Capital Lease Obligation was $171 Mil.
Net Income was -47.209 + -35.047 + -28.477 + -37.284 = $-148 Mil.
Non Operating Income was 0.142 + 0.145 + 0.428 + 0.138 = $1 Mil.
Cash Flow from Operations was -187.466 + 5.992 + 37.177 + 85.11 = $-59 Mil.
|
Total Receivables was $93 Mil.
Revenue was 361.811 + 360.348 + 366.474 + 345.526 = $1,434 Mil.
Gross Profit was 35.809 + 47.498 + 59.205 + 41.768 = $184 Mil.
Total Current Assets was $545 Mil.
Total Assets was $634 Mil.
Property, Plant and Equipment(Net PPE) was $43 Mil.
Depreciation, Depletion and Amortization(DDA) was $17 Mil.
Selling, General, & Admin. Expense(SGA) was $296 Mil.
Total Current Liabilities was $230 Mil.
Long-Term Debt & Capital Lease Obligation was $165 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) |
| = | (119.749 / 1823.63) | / | (92.89 / 1434.159) |
| = | 0.065665 | / | 0.06477 |
| | = | 1.0138 |
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) |
| = | (184.28 / 1434.159) | / | (201.03 / 1823.63) |
| = | 0.128493 | / | 0.110236 |
| | = | 1.1656 |
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 - (483.537 + 61.86) / 591.88) | / | (1 - (544.546 + 42.994) / 633.863) |
| = | 0.078535 | / | 0.07308 |
| | = | 1.0746 |
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 |
| = | 1823.63 | / | 1434.159 |
| | = | 1.2716 |
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)) |
| = | (17.486 / (17.486 + 42.994)) | / | (21.668 / (21.668 + 61.86)) |
| = | 0.28912 | / | 0.25941 |
| | = | 1.1145 |
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) |
| = | (307.433 / 1823.63) | / | (295.646 / 1434.159) |
| = | 0.168583 | / | 0.206146 |
| | = | 0.8178 |
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) |
| = | ((170.787 + 263.022) / 591.88) | / | ((164.6 + 229.961) / 633.863) |
| = | 0.732934 | / | 0.62247 |
| | = | 1.1775 |
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 |
| = | (-148.017 - 0.853 | - | -59.187) | / | 591.88 |
| | = | -0.151522 |
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.
Alignment Healthcare has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ALHC has been successfully added to your