Odontoprev Beneish M-Score Historical Data
The historical data trend for Odontoprev'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.
Odontoprev Beneish M-Score Chart
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Odontoprev Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.43 |
-2.47 |
-3.45 |
-2.70 |
-1.84 |
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Odontoprev Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.70 |
-3.05 |
-2.58 |
-2.83 |
-1.84 |
Competitive Comparison of Odontoprev's Beneish M-Score
For the Healthcare Plans subindustry, Odontoprev'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.
Odontoprev's Beneish M-Score Distribution in the Healthcare Plans Industry
For the Healthcare Plans industry and Healthcare sector, Odontoprev's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Odontoprev's Beneish M-Score falls into.
Odontoprev 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 Odontoprev 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 * 1.5711 | + | 0.528 * 0.8608 | + | 0.404 * 0.9167 | + | 0.892 * 1.1366 | + | 0.115 * 0.8994 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7686 | + | 4.679 * 0.044749 | - | 0.327 * 0.9014 |
| = | -1.84 |
* 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 R$108 Mil.
Revenue was 544.502 + 551.96 + 535.214 + 978.138 = R$2,610 Mil.
Gross Profit was 131.535 + 168.478 + 197.827 + 191.457 = R$689 Mil.
Total Current Assets was R$517 Mil.
Total Assets was R$2,164 Mil.
Property, Plant and Equipment(Net PPE) was R$55 Mil.
Depreciation, Depletion and Amortization(DDA) was R$56 Mil.
Selling, General, & Admin. Expense(SGA) was R$55 Mil.
Total Current Liabilities was R$648 Mil.
Long-Term Debt & Capital Lease Obligation was R$24 Mil.
Net Income was 114.577 + 134.231 + 122.864 + 139.722 = R$511 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 121.424 + 159.342 + -7.14 + 140.932 = R$415 Mil.
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Total Receivables was R$61 Mil.
Revenue was 478.51 + 459.756 + 462.786 + 895.168 = R$2,296 Mil.
Gross Profit was 96.949 + 98.873 + 103.729 + 222.472 = R$522 Mil.
Total Current Assets was R$325 Mil.
Total Assets was R$1,873 Mil.
Property, Plant and Equipment(Net PPE) was R$45 Mil.
Depreciation, Depletion and Amortization(DDA) was R$37 Mil.
Selling, General, & Admin. Expense(SGA) was R$28 Mil.
Total Current Liabilities was R$627 Mil.
Long-Term Debt & Capital Lease Obligation was R$18 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) |
| = | (108.262 / 2609.814) | / | (60.629 / 2296.22) |
| = | 0.041483 | / | 0.026404 |
| | = | 1.5711 |
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) |
| = | (522.023 / 2296.22) | / | (689.297 / 2609.814) |
| = | 0.22734 | / | 0.264117 |
| | = | 0.8608 |
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 - (517.175 + 55.06) / 2163.973) | / | (1 - (325.303 + 44.743) / 1872.893) |
| = | 0.735563 | / | 0.80242 |
| | = | 0.9167 |
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 |
| = | 2609.814 | / | 2296.22 |
| | = | 1.1366 |
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)) |
| = | (37.023 / (37.023 + 44.743)) | / | (55.824 / (55.824 + 55.06)) |
| = | 0.452792 | / | 0.503445 |
| | = | 0.8994 |
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) |
| = | (55.441 / 2609.814) | / | (27.58 / 2296.22) |
| = | 0.021243 | / | 0.012011 |
| | = | 1.7686 |
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) |
| = | ((23.649 + 648.332) / 2163.973) | / | ((18.095 + 627.112) / 1872.893) |
| = | 0.310531 | / | 0.344498 |
| | = | 0.9014 |
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 |
| = | (511.394 - 0 | - | 414.558) | / | 2163.973 |
| | = | 0.044749 |
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.
Odontoprev has a M-score of -1.84 suggests that the company is unlikely to be a manipulator.
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