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The zones of discrimination for M-Score is as such:
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.
Warning Sign:
Beneish M-Score -1.09 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Agilon Health's Beneish M-Score or its related term are showing as below:
During the past 5 years, the highest Beneish M-Score of Agilon Health was -1.09. The lowest was -2.28. And the median was -1.75.
The historical data trend for Agilon 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.
Agilon Health Annual Data | |||||||||||
Trend | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | ||||||
Beneish M-Score | - | - | -2.28 | -1.88 | -1.26 |
Agilon Health Quarterly Data | ||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.74 | -1.76 | -1.74 | -1.26 | -1.09 |
For the Medical Care Facilities subindustry, Agilon 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.
For the Healthcare Providers & Services industry and Healthcare sector, Agilon Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Agilon Health's Beneish M-Score falls into.
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 Agilon 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 * 0.9114 | + | 0.528 * 3.6113 | + | 0.404 * 0.8686 | + | 0.892 * 1.7155 | + | 0.115 * 0.825 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7243 | + | 4.679 * -0.081137 | - | 0.327 * 1.4389 | |||||||
= | -1.09 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,571 Mil. Revenue was 1604.354 + 815.504 + 1215.66 + 1149.052 = $4,785 Mil. Gross Profit was 75.088 + -95.296 + 30.477 + 57.193 = $67 Mil. Total Current Assets was $2,037 Mil. Total Assets was $2,316 Mil. Property, Plant and Equipment(Net PPE) was $41 Mil. Depreciation, Depletion and Amortization(DDA) was $22 Mil. Selling, General, & Admin. Expense(SGA) was $295 Mil. Total Current Liabilities was $1,527 Mil. Long-Term Debt & Capital Lease Obligation was $40 Mil. Net Income was -6.064 + -230.433 + -31.436 + -16.749 = $-285 Mil. Non Operating Income was 11.576 + -1.179 + 20.349 + 15.687 = $46 Mil. Cash Flow from Operations was -47.776 + -61.166 + -13.018 + -21.204 = $-143 Mil. |
Total Receivables was $1,005 Mil. Revenue was 1054.312 + 369.783 + 694.858 + 670.134 = $2,789 Mil. Gross Profit was 73.123 + 9.07 + 25.912 + 33.914 = $142 Mil. Total Current Assets was $1,876 Mil. Total Assets was $2,170 Mil. Property, Plant and Equipment(Net PPE) was $36 Mil. Depreciation, Depletion and Amortization(DDA) was $15 Mil. Selling, General, & Admin. Expense(SGA) was $238 Mil. Total Current Liabilities was $973 Mil. Long-Term Debt & Capital Lease Obligation was $48 Mil. |
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) |
= | (1571.143 / 4784.57) | / | (1004.856 / 2789.087) | |
= | 0.328377 | / | 0.360281 | |
= | 0.9114 |
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) | |
= | (142.019 / 2789.087) | / | (67.462 / 4784.57) | |
= | 0.05092 | / | 0.0141 | |
= | 3.6113 |
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 - (2036.809 + 40.631) / 2316.463) | / | (1 - (1876.439 + 36.025) / 2170.269) | |
= | 0.103184 | / | 0.118789 | |
= | 0.8686 |
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 | |
= | 4784.57 | / | 2789.087 | |
= | 1.7155 |
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)) |
= | (14.588 / (14.588 + 36.025)) | / | (21.816 / (21.816 + 40.631)) | |
= | 0.288226 | / | 0.349352 | |
= | 0.825 |
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) |
= | (295.336 / 4784.57) | / | (237.707 / 2789.087) | |
= | 0.061727 | / | 0.085228 | |
= | 0.7243 |
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) |
= | ((40.452 + 1526.648) / 2316.463) | / | ((47.722 + 972.609) / 2170.269) | |
= | 0.676506 | / | 0.47014 | |
= | 1.4389 |
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 | |
= | (-284.682 - 46.433 | - | -143.164) | / | 2316.463 | |
= | -0.081137 |
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.
Agilon Health has a M-score of -1.09 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Agilon Health's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jeffrey A. Schwaneke | director | C/O AGILON HEALTH, INC., 6210 E HWY 290, SUITE 450, AUSTIN TX 78723 |
Steven Sell | director, officer: CEO & President | C/O AGILON HEALTH, INC., 6210 E HWY 290, SUITE 450, AUSTIN TX 78723 |
Benjamin Shaker | officer: Chief Markets Officer | C/O AGILON HEALTH, INC., 6210 E HWY 290, SUITE 450, AUSTIN TX 78723 |
Timothy Gertsch | officer: Chief Accounting Officer | C/O AGILON HEALTH, INC., 6210 E HWY 290, SUITE 450, AUSTIN TX 78723 |
Silvana Battaglia | director | 227 WASHINGTON STREET, CONSHOHOCKEN PA 19428 |
Cd&r Investment Associates Ix, Ltd. | 10 percent owner | MAPLES CORPORATE SERVICES LIMITED, UGLAND HOUSE, GRAND CAYMAN E9 KY101194 |
Veeral Desai | officer: Chief Strategy & Dev. Officer | C/O AGILON HEALTH, INC., 6210 E HWY 290, SUITE 450, AUSTIN TX 78723 |
Benjamin Kornitzer | officer: Chief Med. & Quality Officer | C/O AGILON HEALTH, INC., 6210 E HWY 290, SUITE 450, AUSTIN TX 78723 |
John William Wulf | director | C/O AGILON HEALTH, INC., 6210 E HWY 290, SUITE 450, AUSTIN TX 78723 |
Diana Mckenzie | director | METLIFE, 200 PARK AVENUE, NEW YORK NY 10166 |
Priscilla Kasenchak | officer: Chief Accounting Officer | 1111 MARCUS AVENUE, LAKE SUCCESS NY 11042 |
Michael L Smith | director | C/O AGILON HEALTH, INC., 6210 E HWY 290, SUITE 450, AUSTIN TX 78723 |
Theodore Halkias | officer: Chief Business Officer | C/O AGILON HEALTH, INC., 1 WORLD TRADE CENTER, SUITE 2000, LONG BEACH CA 90831 |
Joan Danieley | officer: Chief Administrative Officer | C/O AGILON HEALTH, INC., 1 WORLD TRADE CENTER, SUITE 2000, LONG BEACH CA 90831 |
Glenn Sobotka | officer: Chief Accounting Officer | C/O AGILON HEALTH, INC., 6210 E HWY 290, SUITE 450, AUSTIN TX 78723 |
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