Evolent Health Beneish M-Score Historical Data
The historical data trend for Evolent 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.
Evolent Health Beneish M-Score Chart
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Evolent Health Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.22 |
-2.40 |
-2.78 |
-1.49 |
-2.10 |
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Evolent Health Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.49 |
-1.73 |
-0.95 |
-1.81 |
-2.10 |
Competitive Comparison of Evolent Health's Beneish M-Score
For the Health Information Services subindustry, Evolent 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.
Evolent Health's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Evolent Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Evolent Health's Beneish M-Score falls into.
Evolent 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 Evolent 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 * 1.2076 | + | 0.528 * 0.9987 | + | 0.404 * 1.0751 | + | 0.892 * 1.4526 | + | 0.115 * 0.5698 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9156 | + | 4.679 * -0.045973 | - | 0.327 * 0.9837 |
| = | -2.10 |
* 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 $447 Mil.
Revenue was 556.055 + 511.015 + 469.136 + 427.69 = $1,964 Mil.
Gross Profit was 101.627 + 124.43 + 117.198 + 117.215 = $460 Mil.
Total Current Assets was $684 Mil.
Total Assets was $2,680 Mil.
Property, Plant and Equipment(Net PPE) was $90 Mil.
Depreciation, Depletion and Amortization(DDA) was $123 Mil.
Selling, General, & Admin. Expense(SGA) was $358 Mil.
Total Current Liabilities was $674 Mil.
Long-Term Debt & Capital Lease Obligation was $635 Mil.
Net Income was -33.411 + -25.324 + -34.323 + -19.982 = $-113 Mil.
Non Operating Income was -28.947 + -12.79 + -16.114 + -74.55 = $-132 Mil.
Cash Flow from Operations was 89.381 + 60.521 + 0.654 + -7.974 = $143 Mil.
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Total Receivables was $255 Mil.
Revenue was 382.432 + 352.585 + 319.939 + 297.057 = $1,352 Mil.
Gross Profit was 83.064 + 85.968 + 70.234 + 77.318 = $317 Mil.
Total Current Assets was $478 Mil.
Total Assets was $1,817 Mil.
Property, Plant and Equipment(Net PPE) was $137 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $269 Mil.
Total Current Liabilities was $433 Mil.
Long-Term Debt & Capital Lease Obligation was $469 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) |
| = | (446.749 / 1963.896) | / | (254.684 / 1352.013) |
| = | 0.227481 | / | 0.188374 |
| | = | 1.2076 |
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) |
| = | (316.584 / 1352.013) | / | (460.47 / 1963.896) |
| = | 0.234158 | / | 0.234468 |
| | = | 0.9987 |
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 - (683.673 + 90.177) / 2680.308) | / | (1 - (478.054 + 136.901) / 1817.293) |
| = | 0.711283 | / | 0.661609 |
| | = | 1.0751 |
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 |
| = | 1963.896 | / | 1352.013 |
| | = | 1.4526 |
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)) |
| = | (67.195 / (67.195 + 136.901)) | / | (123.415 / (123.415 + 90.177)) |
| = | 0.329232 | / | 0.577807 |
| | = | 0.5698 |
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) |
| = | (358.11 / 1963.896) | / | (269.269 / 1352.013) |
| = | 0.182347 | / | 0.199162 |
| | = | 0.9156 |
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) |
| = | ((635.058 + 674.242) / 2680.308) | / | ((468.996 + 433.442) / 1817.293) |
| = | 0.488489 | / | 0.496584 |
| | = | 0.9837 |
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 |
| = | (-113.04 - -132.401 | - | 142.582) | / | 2680.308 |
| | = | -0.045973 |
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.
Evolent Health has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.
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