Agilon Health Beneish M-Score Historical Data
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 Beneish M-Score Chart
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Agilon Health Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.28 |
-1.88 |
-1.31 |
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Agilon Health 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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-1.88 |
-1.72 |
-1.75 |
-1.73 |
-1.31 |
Competitive Comparison of Agilon Health's Beneish M-Score
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.
Agilon Health's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
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.
Agilon 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 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 * 1.0591 | + | 0.528 * 2.8889 | + | 0.404 * 1.0004 | + | 0.892 * 1.8074 | + | 0.115 * 0.9135 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7609 | + | 4.679 * -0.086581 | - | 0.327 * 1.7076 |
| = | -1.31 |
* 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 $942 Mil.
Revenue was 815.504 + 1215.66 + 1149.052 + 1136.147 = $4,316 Mil.
Gross Profit was -95.296 + 30.477 + 57.193 + 77.296 = $70 Mil.
Total Current Assets was $1,480 Mil.
Total Assets was $1,741 Mil.
Property, Plant and Equipment(Net PPE) was $41 Mil.
Depreciation, Depletion and Amortization(DDA) was $20 Mil.
Selling, General, & Admin. Expense(SGA) was $286 Mil.
Total Current Liabilities was $977 Mil.
Long-Term Debt & Capital Lease Obligation was $43 Mil.
Net Income was -230.433 + -31.436 + -16.749 + 16.022 = $-263 Mil.
Non Operating Income was -1.179 + 20.349 + 15.687 + 9.472 = $44 Mil.
Cash Flow from Operations was -61.166 + -13.018 + -21.204 + -60.811 = $-156 Mil.
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Total Receivables was $492 Mil.
Revenue was 369.783 + 694.858 + 670.134 + 653.445 = $2,388 Mil.
Gross Profit was 9.07 + 25.912 + 33.914 + 42.464 = $111 Mil.
Total Current Assets was $1,451 Mil.
Total Assets was $1,697 Mil.
Property, Plant and Equipment(Net PPE) was $32 Mil.
Depreciation, Depletion and Amortization(DDA) was $14 Mil.
Selling, General, & Admin. Expense(SGA) was $208 Mil.
Total Current Liabilities was $535 Mil.
Long-Term Debt & Capital Lease Obligation was $48 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) |
| = | (942.461 / 4316.363) | / | (492.364 / 2388.22) |
| = | 0.218346 | / | 0.206164 |
| | = | 1.0591 |
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) |
| = | (111.36 / 2388.22) | / | (69.67 / 4316.363) |
| = | 0.046629 | / | 0.016141 |
| | = | 2.8889 |
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 - (1480.076 + 40.987) / 1740.866) | / | (1 - (1451.274 + 31.953) / 1697.468) |
| = | 0.126261 | / | 0.126212 |
| | = | 1.0004 |
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 |
| = | 4316.363 | / | 2388.22 |
| | = | 1.8074 |
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)) |
| = | (13.772 / (13.772 + 31.953)) | / | (20.161 / (20.161 + 40.987)) |
| = | 0.301192 | / | 0.329708 |
| | = | 0.9135 |
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) |
| = | (285.76 / 4316.363) | / | (207.789 / 2388.22) |
| = | 0.066204 | / | 0.087006 |
| | = | 0.7609 |
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) |
| = | ((43.213 + 977.156) / 1740.866) | / | ((47.573 + 535.091) / 1697.468) |
| = | 0.586127 | / | 0.343255 |
| | = | 1.7076 |
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 |
| = | (-262.596 - 44.329 | - | -156.199) | / | 1740.866 |
| | = | -0.086581 |
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 -1.31 signals that the company is likely to be a manipulator.
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