LifeStance Health Group Beneish M-Score Historical Data
The historical data trend for LifeStance Health Group'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.
LifeStance Health Group Beneish M-Score Chart
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LifeStance Health Group Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.56 |
-3.12 |
-2.71 |
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LifeStance Health Group Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.12 |
-2.89 |
-2.87 |
-2.86 |
-2.71 |
Competitive Comparison of LifeStance Health Group's Beneish M-Score
For the Medical Care Facilities subindustry, LifeStance Health Group'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.
LifeStance Health Group's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, LifeStance Health Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LifeStance Health Group's Beneish M-Score falls into.
LifeStance Health Group 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 LifeStance Health Group 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 * 1.0078 | + | 0.528 * 0.9636 | + | 0.404 * 1.0158 | + | 0.892 * 1.2282 | + | 0.115 * 0.8167 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8849 | + | 4.679 * -0.082062 | - | 0.327 * 1.1157 |
| = | -2.71 |
* 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 $126 Mil.
Revenue was 280.603 + 262.895 + 259.578 + 252.589 = $1,056 Mil.
Gross Profit was 83.314 + 76.209 + 72.971 + 69.602 = $302 Mil.
Total Current Assets was $226 Mil.
Total Assets was $2,110 Mil.
Property, Plant and Equipment(Net PPE) was $359 Mil.
Depreciation, Depletion and Amortization(DDA) was $80 Mil.
Selling, General, & Admin. Expense(SGA) was $411 Mil.
Total Current Liabilities was $203 Mil.
Long-Term Debt & Capital Lease Obligation was $462 Mil.
Net Income was -44.959 + -61.583 + -45.478 + -34.242 = $-186 Mil.
Non Operating Income was -0.513 + 1.866 + 1.512 + 0.906 = $4 Mil.
Cash Flow from Operations was 16.795 + -25.355 + -0.434 + -7.89 = $-17 Mil.
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Total Receivables was $102 Mil.
Revenue was 229.36 + 217.56 + 209.527 + 203.095 = $860 Mil.
Gross Profit was 62.692 + 60.293 + 59.83 + 54.202 = $237 Mil.
Total Current Assets was $233 Mil.
Total Assets was $2,174 Mil.
Property, Plant and Equipment(Net PPE) was $394 Mil.
Depreciation, Depletion and Amortization(DDA) was $69 Mil.
Selling, General, & Admin. Expense(SGA) was $378 Mil.
Total Current Liabilities was $176 Mil.
Long-Term Debt & Capital Lease Obligation was $438 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) |
| = | (125.64 / 1055.665) | / | (101.508 / 859.542) |
| = | 0.119015 | / | 0.118095 |
| | = | 1.0078 |
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) |
| = | (237.017 / 859.542) | / | (302.096 / 1055.665) |
| = | 0.275748 | / | 0.286167 |
| | = | 0.9636 |
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 - (225.731 + 358.925) / 2109.969) | / | (1 - (233.223 + 393.62) / 2173.871) |
| = | 0.722908 | / | 0.711647 |
| | = | 1.0158 |
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 |
| = | 1055.665 | / | 859.542 |
| | = | 1.2282 |
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)) |
| = | (69.198 / (69.198 + 393.62)) | / | (80.437 / (80.437 + 358.925)) |
| = | 0.149514 | / | 0.183077 |
| | = | 0.8167 |
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) |
| = | (410.793 / 1055.665) | / | (377.993 / 859.542) |
| = | 0.389132 | / | 0.439761 |
| | = | 0.8849 |
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) |
| = | ((461.642 + 202.873) / 2109.969) | / | ((437.665 + 175.999) / 2173.871) |
| = | 0.314941 | / | 0.282291 |
| | = | 1.1157 |
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 |
| = | (-186.262 - 3.771 | - | -16.884) | / | 2109.969 |
| | = | -0.082062 |
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.
LifeStance Health Group has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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