Enhabit Beneish M-Score Historical Data
The historical data trend for Enhabit'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.
Enhabit Beneish M-Score Chart
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Enhabit Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-4.07 |
-2.58 |
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Enhabit Quarterly Data
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Dec19 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-4.07 |
-4.09 |
-2.89 |
-2.83 |
-2.58 |
Competitive Comparison of Enhabit's Beneish M-Score
For the Medical Care Facilities subindustry, Enhabit'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.
Enhabit's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Enhabit's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enhabit's Beneish M-Score falls into.
Enhabit 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 Enhabit 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 * 1.0663 | + | 0.528 * 1.0434 | + | 0.404 * 0.9752 | + | 0.892 * 0.9768 | + | 0.115 * 1.2023 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0896 | + | 4.679 * -0.030204 | - | 0.327 * 1.0539 |
| = | -2.58 |
* 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 $168 Mil.
Revenue was 260.6 + 258.3 + 262.3 + 265.1 = $1,046 Mil.
Gross Profit was 127.1 + 124.3 + 126.8 + 132.5 = $511 Mil.
Total Current Assets was $210 Mil.
Total Assets was $1,434 Mil.
Property, Plant and Equipment(Net PPE) was $77 Mil.
Depreciation, Depletion and Amortization(DDA) was $31 Mil.
Selling, General, & Admin. Expense(SGA) was $442 Mil.
Total Current Liabilities was $138 Mil.
Long-Term Debt & Capital Lease Obligation was $576 Mil.
Net Income was -6.4 + -2.4 + -74.4 + 2.7 = $-81 Mil.
Non Operating Income was 0 + 0.1 + -85.7 + 0 = $-86 Mil.
Cash Flow from Operations was 2.9 + 6.3 + 9.6 + 29.6 = $48 Mil.
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Total Receivables was $161 Mil.
Revenue was 263.1 + 265.7 + 268 + 274.3 = $1,071 Mil.
Gross Profit was 129.8 + 133.4 + 137.7 + 144.6 = $546 Mil.
Total Current Assets was $212 Mil.
Total Assets was $1,527 Mil.
Property, Plant and Equipment(Net PPE) was $62 Mil.
Depreciation, Depletion and Amortization(DDA) was $33 Mil.
Selling, General, & Admin. Expense(SGA) was $415 Mil.
Total Current Liabilities was $133 Mil.
Long-Term Debt & Capital Lease Obligation was $588 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) |
| = | (167.7 / 1046.3) | / | (161 / 1071.1) |
| = | 0.160279 | / | 0.150313 |
| | = | 1.0663 |
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) |
| = | (545.5 / 1071.1) | / | (510.7 / 1046.3) |
| = | 0.50929 | / | 0.488101 |
| | = | 1.0434 |
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 - (210.1 + 76.5) / 1433.6) | / | (1 - (211.8 + 62.4) / 1526.8) |
| = | 0.800084 | / | 0.820409 |
| | = | 0.9752 |
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 |
| = | 1046.3 | / | 1071.1 |
| | = | 0.9768 |
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)) |
| = | (33 / (33 + 62.4)) | / | (30.9 / (30.9 + 76.5)) |
| = | 0.345912 | / | 0.287709 |
| | = | 1.2023 |
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) |
| = | (441.6 / 1046.3) | / | (414.9 / 1071.1) |
| = | 0.422059 | / | 0.387359 |
| | = | 1.0896 |
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) |
| = | ((575.8 + 137.7) / 1433.6) | / | ((588.1 + 132.9) / 1526.8) |
| = | 0.497698 | / | 0.472229 |
| | = | 1.0539 |
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 |
| = | (-80.5 - -85.6 | - | 48.4) | / | 1433.6 |
| | = | -0.030204 |
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.
Enhabit has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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