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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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Astrana Health's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Astrana Health was 0.52. The lowest was -6.12. And the median was -2.14.
The historical data trend for Astrana Health'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.
Astrana Health Annual Data | |||||||||||||||||||||
Trend | Jan14 | Mar15 | Mar16 | Mar17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.99 | -2.15 | -2.13 | -2.12 | -2.49 |
Astrana Health Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | 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 | -2.12 | -2.22 | -2.49 | -2.87 | -2.49 |
For the Medical Care Facilities subindustry, Astrana Health'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, Astrana Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Astrana Health'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 Astrana Health 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 * 1.0182 | + | 0.528 * 1.1247 | + | 0.404 * 1.0812 | + | 0.892 * 1.2119 | + | 0.115 * 0.4204 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1962 | + | 4.679 * -0.015672 | - | 0.327 * 1.4284 | |||||||
= | -2.49 |
* 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 $148 Mil. Revenue was 353.036 + 348.173 + 348.209 + 337.244 = $1,387 Mil. Gross Profit was 38.981 + 72.798 + 55.333 + 47.847 = $215 Mil. Total Current Assets was $462 Mil. Total Assets was $933 Mil. Property, Plant and Equipment(Net PPE) was $45 Mil. Depreciation, Depletion and Amortization(DDA) was $18 Mil. Selling, General, & Admin. Expense(SGA) was $113 Mil. Total Current Liabilities was $219 Mil. Long-Term Debt & Capital Lease Obligation was $296 Mil. Net Income was 12.356 + 22.059 + 13.17 + 13.132 = $61 Mil. Non Operating Income was 5.625 + -0.57 + 4.767 + -2.704 = $7 Mil. Cash Flow from Operations was 19.3 + 15.405 + 25.802 + 7.72 = $68 Mil. |
Total Receivables was $120 Mil. Revenue was 294.208 + 317.001 + 269.697 + 263.258 = $1,144 Mil. Gross Profit was 41.089 + 76.233 + 39.627 + 42.528 = $199 Mil. Total Current Assets was $428 Mil. Total Assets was $966 Mil. Property, Plant and Equipment(Net PPE) was $129 Mil. Depreciation, Depletion and Amortization(DDA) was $18 Mil. Selling, General, & Admin. Expense(SGA) was $78 Mil. Total Current Liabilities was $149 Mil. Long-Term Debt & Capital Lease Obligation was $225 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) |
= | (147.752 / 1386.662) | / | (119.733 / 1144.164) | |
= | 0.106552 | / | 0.104647 | |
= | 1.0182 |
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) | |
= | (199.477 / 1144.164) | / | (214.959 / 1386.662) | |
= | 0.174343 | / | 0.155019 | |
= | 1.1247 |
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 - (461.507 + 44.567) / 933.361) | / | (1 - (428.125 + 128.98) / 966.213) | |
= | 0.457794 | / | 0.423414 | |
= | 1.0812 |
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 | |
= | 1386.662 | / | 1144.164 | |
= | 1.2119 |
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)) |
= | (17.543 / (17.543 + 128.98)) | / | (17.748 / (17.748 + 44.567)) | |
= | 0.119729 | / | 0.284811 | |
= | 0.4204 |
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) |
= | (112.597 / 1386.662) | / | (77.671 / 1144.164) | |
= | 0.0812 | / | 0.067884 | |
= | 1.1962 |
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) |
= | ((296.261 + 218.674) / 933.361) | / | ((224.579 + 148.61) / 966.213) | |
= | 0.5517 | / | 0.386239 | |
= | 1.4284 |
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 | |
= | (60.717 - 7.118 | - | 68.227) | / | 933.361 | |
= | -0.015672 |
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.
Astrana Health has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Astrana Health's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Chandan Basho | officer: See Remarks | 1668 S. GARFIELD AVENUE, 2ND FLOOR, ALHAMBRA CA 91801 |
John Vong | officer: SVP-Chief Accounting Officer | 4288 BIRCHWOOD AVENUE, SEAL BEACH CA 90740 |
Linda Marsh | director | 100 N. STONEMAN AVE., ROOM 200, ALHAMBRA CA 91801 |
Allied Physicians Of California, A Profession Medical Corp | 10 percent owner | 1668 S. GARFIELD AVE., 2ND FLOOR, ALHAMBRA CA 91801 |
Weili Dai, | director | 1668 S. GARFIELD AVENUE, 2ND FLOOR, ALHAMBRA CA 91801 |
J. Lorraine Estradas | director | 1668 S. GARFIELD AVENUE, 2ND FLOOR, ALHAMBRA CA 91801 |
David Schmidt | director | 700 N. BRAND BLVD, SUITE 220, GLENDALE CA 91203 |
Albert Waichow Young | officer: Chief Administrative Officer | 1668 S. GARFIELD AVE., 2ND FLOOR, ALHAMBRA CA 91801 |
Adrian Vazquez | officer: Chief Medical Officer | C/O 1668 S. GARFIELD AVENUE, 2ND FLOOR, ALHAMBRA CA 91801 |
Thomas S. Lam | director, officer: President and Co-CEO | 1668 GARFIELD AVE., 2ND FLOOR, ALHAMBRA CA 91801 |
Kenneth T. Sim | director, officer: Executive Chairman and Co-CEO | 1668 S. GARFIELD AVE., 2ND FLOOR, ALHAMBRA CA 91801 |
Brandon Sim | director, officer: See Remarks | C/O APOLLO MEDICAL HOLDINGS, INC., 1668 S. GARFIELD AVENUE, 3RD FLOOR, ALHAMBRA CA 91801 |
Eric Chin | officer: Chief Financial Officer | 1668 S. GARFIELD AVE., 2ND FLOOR, ALHAMBRA CA 91801 |
Michael F. Eng | director | 712 BATAAN PLACE, MONTEREY PARK CA 91755 |
Hing Ang | officer: Chief Operating Officer | 1668 S. GARFIELD AVE., 2ND FLOOR, ALHAMBRA CA 91801 |
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