Cano Health Beneish M-Score Historical Data
The historical data trend for Cano 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.
Cano Health Beneish M-Score Chart
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Cano Health Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.33 |
-0.81 |
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Cano Health Quarterly Data
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Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.33 |
-1.90 |
-2.40 |
-1.50 |
-0.81 |
Competitive Comparison of Cano Health's Beneish M-Score
For the Medical Care Facilities subindustry, Cano 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.
Cano Health's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Cano Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cano Health's Beneish M-Score falls into.
Cano Health 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 Cano 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 * 0.2249 | + | 0.528 * 6.0961 | + | 0.404 * 1.0382 | + | 0.892 * 1.1455 | + | 0.115 * 0.3883 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7499 | + | 4.679 * -0.010851 | - | 0.327 * 2.139 |
| = | -0.81 |
* 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 $76 Mil.
Revenue was 716.028 + 788.073 + 766.746 + 866.909 = $3,138 Mil.
Gross Profit was 33.163 + 15.604 + -59.64 + 90.151 = $79 Mil.
Total Current Assets was $183 Mil.
Total Assets was $1,014 Mil.
Property, Plant and Equipment(Net PPE) was $133 Mil.
Depreciation, Depletion and Amortization(DDA) was $187 Mil.
Selling, General, & Admin. Expense(SGA) was $363 Mil.
Total Current Liabilities was $1,415 Mil.
Long-Term Debt & Capital Lease Obligation was $131 Mil.
Net Income was -165.028 + -260.487 + -140.753 + -28.15 = $-594 Mil.
Non Operating Income was -82.647 + -370.497 + 2.321 + -3.546 = $-454 Mil.
Cash Flow from Operations was -44.383 + -39.711 + -15.485 + -29.47 = $-129 Mil.
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Total Receivables was $294 Mil.
Revenue was 680.373 + 665.028 + 689.373 + 704.337 = $2,739 Mil.
Gross Profit was 107.001 + 111.596 + 95.409 + 107.881 = $422 Mil.
Total Current Assets was $341 Mil.
Total Assets was $1,929 Mil.
Property, Plant and Equipment(Net PPE) was $309 Mil.
Depreciation, Depletion and Amortization(DDA) was $91 Mil.
Selling, General, & Admin. Expense(SGA) was $422 Mil.
Total Current Liabilities was $208 Mil.
Long-Term Debt & Capital Lease Obligation was $1,168 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) |
| = | (75.801 / 3137.756) | / | (294.216 / 2739.111) |
| = | 0.024158 | / | 0.107413 |
| | = | 0.2249 |
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) |
| = | (421.887 / 2739.111) | / | (79.278 / 3137.756) |
| = | 0.154023 | / | 0.025266 |
| | = | 6.0961 |
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 - (182.823 + 133.099) / 1013.739) | / | (1 - (340.748 + 309.217) / 1928.927) |
| = | 0.68836 | / | 0.663043 |
| | = | 1.0382 |
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 |
| = | 3137.756 | / | 2739.111 |
| | = | 1.1455 |
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)) |
| = | (90.64 / (90.64 + 309.217)) | / | (186.64 / (186.64 + 133.099)) |
| = | 0.226681 | / | 0.583726 |
| | = | 0.3883 |
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) |
| = | (362.81 / 3137.756) | / | (422.357 / 2739.111) |
| = | 0.115627 | / | 0.154195 |
| | = | 0.7499 |
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) |
| = | ((131.373 + 1415.426) / 1013.739) | / | ((1167.517 + 208.438) / 1928.927) |
| = | 1.525836 | / | 0.713327 |
| | = | 2.139 |
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 |
| = | (-594.418 - -454.369 | - | -129.049) | / | 1013.739 |
| | = | -0.010851 |
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.
Cano Health has a M-score of -0.81 signals that the company is likely to be a manipulator.
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