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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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Aveanna Healthcare Holdings's Beneish M-Score or its related term are showing as below:
During the past 6 years, the highest Beneish M-Score of Aveanna Healthcare Holdings was -2.17. The lowest was -2.67. And the median was -2.59.
The historical data trend for Aveanna Healthcare Holdings'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.
Aveanna Healthcare Holdings Annual Data | |||||||||||||||
Trend | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | -2.17 | -2.67 | -2.59 |
Aveanna Healthcare Holdings Quarterly Data | ||||||||||||||||||
Dec18 | 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 | -2.67 | -2.77 | -2.66 | -2.59 | -2.59 |
For the Medical Care Facilities subindustry, Aveanna Healthcare Holdings'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, Aveanna Healthcare Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aveanna Healthcare Holdings'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 Aveanna Healthcare Holdings 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 * 1.0276 | + | 0.528 * 0.985 | + | 0.404 * 0.955 | + | 0.892 * 1.0602 | + | 0.115 * 1.1118 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.924 | + | 4.679 * -0.035614 | - | 0.327 * 1.0725 | |||||||
= | -2.59 |
* 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 $246 Mil. Revenue was 478.841 + 478.01 + 471.945 + 466.413 = $1,895 Mil. Gross Profit was 148.448 + 147.264 + 155.255 + 144.465 = $595 Mil. Total Current Assets was $315 Mil. Total Assets was $1,613 Mil. Property, Plant and Equipment(Net PPE) was $70 Mil. Depreciation, Depletion and Amortization(DDA) was $30 Mil. Selling, General, & Admin. Expense(SGA) was $401 Mil. Total Current Liabilities was $355 Mil. Long-Term Debt & Capital Lease Obligation was $1,316 Mil. Net Income was -25.736 + -102.389 + 25.599 + -31.998 = $-135 Mil. Non Operating Income was -21.273 + -91.421 + 25.201 + -12.258 = $-100 Mil. Cash Flow from Operations was -3.005 + 28.7 + -10.518 + 7.495 = $23 Mil. |
Total Receivables was $226 Mil. Revenue was 451.147 + 443.009 + 442.955 + 450.534 = $1,788 Mil. Gross Profit was 128.775 + 134.583 + 145.043 + 144.826 = $553 Mil. Total Current Assets was $270 Mil. Total Assets was $1,712 Mil. Property, Plant and Equipment(Net PPE) was $77 Mil. Depreciation, Depletion and Amortization(DDA) was $39 Mil. Selling, General, & Admin. Expense(SGA) was $410 Mil. Total Current Liabilities was $326 Mil. Long-Term Debt & Capital Lease Obligation was $1,327 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) |
= | (245.808 / 1895.209) | / | (225.632 / 1787.645) | |
= | 0.1297 | / | 0.126217 | |
= | 1.0276 |
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) | |
= | (553.227 / 1787.645) | / | (595.432 / 1895.209) | |
= | 0.309473 | / | 0.314177 | |
= | 0.985 |
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 - (314.886 + 70.047) / 1612.985) | / | (1 - (269.751 + 77.353) / 1711.76) | |
= | 0.761354 | / | 0.797224 | |
= | 0.955 |
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 | |
= | 1895.209 | / | 1787.645 | |
= | 1.0602 |
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)) |
= | (38.816 / (38.816 + 77.353)) | / | (30.098 / (30.098 + 70.047)) | |
= | 0.334134 | / | 0.300544 | |
= | 1.1118 |
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) |
= | (401.479 / 1895.209) | / | (409.827 / 1787.645) | |
= | 0.211839 | / | 0.229255 | |
= | 0.924 |
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) |
= | ((1316.159 + 354.758) / 1612.985) | / | ((1326.9 + 326.497) / 1711.76) | |
= | 1.035916 | / | 0.965905 | |
= | 1.0725 |
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 | |
= | (-134.524 - -99.751 | - | 22.672) | / | 1612.985 | |
= | -0.035614 |
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.
Aveanna Healthcare Holdings has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Aveanna Healthcare Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Deborah Stewart | officer: SVP, Chief Accounting Officer | 400 INTERSTATE NORTH PARKWAY SE, ATLANTA GA 30339 |
Matthew Buckhalter | officer: See Remarks | 400 INTERSTATE NORTH PARKWAY SE, SUITE 1600, ATLANTA GA 30339 |
Victor F Ganzi | director | |
David Afshar | officer: Chief Financial Officer | C/O AVEANNA HEALTHCARE HOLDINGS INC., 400 INTERSTATE NORTH PARKWAY SE STE 1600, ATLANTA GA 30339 |
Patrick A. Cunningham | officer: Chief Compliance Officer | C/O AVEANNA HEALTHCARE HOLDINGS INC., 400 INTERSTATE NORTH PARKWAY SE STE 1600, ATLANTA GA 30339 |
Edwin C. Reisz | officer: Chief Administrative Officer | C/O AVEANNA HEALTHCARE HOLDINGS INC., 400 INTERSTATE NORTH PARKWAY SE STE 1600, ATLANTA GA 30339 |
Jeff Shaner | officer: Chief Operating Officer | 3350 RIVERWOOD PARKWAY SUITE 1400, ATLANTA GA 30339 |
Tony Strange | director, officer: Chief Executive Officer | 3 HUNTINGTON QUADRANGLE 2S, MELVILLE NY 11747 |
Rodney D Windley | director, officer: Executive Chairman | 3 HUNTINGTON QUADRANGLE 2S, MELVILLE NY 11747 |
Steven E Rodgers | director | |
Erica Schwartz | director | 400 INTERSTATE N. PARKWAY SE, SUITE 1600, C/O AVEANNA HEALTHCARE HOLDINGS INC., ATLANTA GA 30339 |
Bcip Associates Iv-b (us), L.p. | 10 percent owner | JOHN HANCOCK TOWER, 200 CLARENDON STREET, BOSTON MA 02116 |
Whitney Strategic Partners Vii, L.p. | 10 percent owner | 130 MAIN STREET, NEW CANAAN CT 06840 |
Bcip T Associates Iv-b (us), L.p. | 10 percent owner | JOHN HANCOCK TOWER, 200 CLARENDON STREET, BOSTON MA 02116 |
Bcip T Associates Iv (us), L.p. | 10 percent owner | JOHN HANCOCK TOWER, 200 CLARENDON STREET, BOSTON MA 02116 |
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