Doximity Beneish M-Score Historical Data
The historical data trend for Doximity'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.
Doximity Beneish M-Score Chart
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Doximity Annual Data
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Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
- |
-1.74 |
-2.30 |
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Doximity Quarterly Data
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Mar19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-2.30 |
-2.68 |
-2.52 |
-2.35 |
Competitive Comparison of Doximity's Beneish M-Score
For the Health Information Services subindustry, Doximity'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.
Doximity's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Doximity's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Doximity's Beneish M-Score falls into.
Doximity 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 Doximity 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 * 1.1182 | + | 0.528 * 0.98 | + | 0.404 * 1.0097 | + | 0.892 * 1.1658 | + | 0.115 * 0.8641 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9496 | + | 4.679 * -0.020733 | - | 0.327 * 1.0455 |
| = | -2.35 |
* 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 $97.6 Mil.
Revenue was 135.284 + 113.612 + 108.469 + 110.966 = $468.3 Mil.
Gross Profit was 123.094 + 100.853 + 95.316 + 97.289 = $416.6 Mil.
Total Current Assets was $840.9 Mil.
Total Assets was $1,000.6 Mil.
Property, Plant and Equipment(Net PPE) was $24.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.4 Mil.
Selling, General, & Admin. Expense(SGA) was $170.4 Mil.
Total Current Liabilities was $104.8 Mil.
Long-Term Debt & Capital Lease Obligation was $12.9 Mil.
Net Income was 47.956 + 30.602 + 28.406 + 30.668 = $137.6 Mil.
Non Operating Income was -0.315 + -7.855 + -0.179 + -0.064 = $-8.4 Mil.
Cash Flow from Operations was 50.054 + 12.898 + 57.2 + 46.639 = $166.8 Mil.
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Total Receivables was $74.9 Mil.
Revenue was 115.262 + 102.185 + 90.639 + 93.653 = $401.7 Mil.
Gross Profit was 101.736 + 88.975 + 77.562 + 81.888 = $350.2 Mil.
Total Current Assets was $898.5 Mil.
Total Assets was $1,067.1 Mil.
Property, Plant and Equipment(Net PPE) was $25.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.9 Mil.
Selling, General, & Admin. Expense(SGA) was $153.9 Mil.
Total Current Liabilities was $105.9 Mil.
Long-Term Debt & Capital Lease Obligation was $14.2 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) |
| = | (97.584 / 468.331) | / | (74.862 / 401.739) |
| = | 0.208365 | / | 0.186345 |
| | = | 1.1182 |
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) |
| = | (350.161 / 401.739) | / | (416.552 / 468.331) |
| = | 0.871613 | / | 0.889439 |
| | = | 0.98 |
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 - (840.899 + 24.647) / 1000.649) | / | (1 - (898.519 + 25.876) / 1067.087) |
| = | 0.135015 | / | 0.133721 |
| | = | 1.0097 |
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 |
| = | 468.331 | / | 401.739 |
| | = | 1.1658 |
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)) |
| = | (8.943 / (8.943 + 25.876)) | / | (10.425 / (10.425 + 24.647)) |
| = | 0.256843 | / | 0.297246 |
| | = | 0.8641 |
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) |
| = | (170.373 / 468.331) | / | (153.904 / 401.739) |
| = | 0.363788 | / | 0.383094 |
| | = | 0.9496 |
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) |
| = | ((12.947 + 104.762) / 1000.649) | / | ((14.181 + 105.884) / 1067.087) |
| = | 0.117633 | / | 0.112517 |
| | = | 1.0455 |
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 |
| = | (137.632 - -8.413 | - | 166.791) | / | 1000.649 |
| | = | -0.020733 |
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.
Doximity has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
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