UnitedHealth Group Beneish M-Score Historical Data
The historical data trend for UnitedHealth 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.
UnitedHealth Group Beneish M-Score Chart
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UnitedHealth Group Annual Data
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Dec20 |
Dec21 |
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Dec23 |
Dec24 |
| Beneish M-Score |
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-1.71 |
-2.47 |
-2.52 |
-2.36 |
-2.26 |
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UnitedHealth Group Quarterly Data
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| Beneish M-Score |
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-2.26 |
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Competitive Comparison of UnitedHealth Group's Beneish M-Score
For the Healthcare Plans subindustry, UnitedHealth 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.
UnitedHealth Group's Beneish M-Score Distribution in the Healthcare Plans Industry
For the Healthcare Plans industry and Healthcare sector, UnitedHealth Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UnitedHealth Group's Beneish M-Score falls into.
UnitedHealth 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 UnitedHealth 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 * 1.1544 | + | 0.528 * 1.0959 | + | 0.404 * 1.0081 | + | 0.892 * 1.0771 | + | 0.115 * 0.9206 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.004992 | - | 0.327 * 1.0274 |
| = | -2.26 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $48,454 Mil.
Revenue was $400,278 Mil.
Gross Profit was $89,399 Mil.
Total Current Assets was $85,779 Mil.
Total Assets was $298,278 Mil.
Property, Plant and Equipment(Net PPE) was $10,553 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,099 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $103,769 Mil.
Long-Term Debt & Capital Lease Obligation was $72,359 Mil.
Net Income was $14,405 Mil.
Gross Profit was $-8,310 Mil.
Cash Flow from Operations was $24,204 Mil.
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Total Receivables was $38,970 Mil.
Revenue was $371,622 Mil.
Gross Profit was $90,958 Mil.
Total Current Assets was $78,437 Mil.
Total Assets was $273,720 Mil.
Property, Plant and Equipment(Net PPE) was $11,450 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,972 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $99,054 Mil.
Long-Term Debt & Capital Lease Obligation was $58,263 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) |
| = | (48454 / 400278) | / | (38970 / 371622) |
| = | 0.121051 | / | 0.104865 |
| | = | 1.1544 |
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) |
| = | (90958 / 371622) | / | (89399 / 400278) |
| = | 0.244759 | / | 0.223342 |
| | = | 1.0959 |
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 - (85779 + 10553) / 298278) | / | (1 - (78437 + 11450) / 273720) |
| = | 0.67704 | / | 0.67161 |
| | = | 1.0081 |
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 |
| = | 400278 | / | 371622 |
| | = | 1.0771 |
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)) |
| = | (3972 / (3972 + 11450)) | / | (4099 / (4099 + 10553)) |
| = | 0.257554 | / | 0.279757 |
| | = | 0.9206 |
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) |
| = | (0 / 400278) | / | (0 / 371622) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((72359 + 103769) / 298278) | / | ((58263 + 99054) / 273720) |
| = | 0.590483 | / | 0.574737 |
| | = | 1.0274 |
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 |
| = | (14405 - -8310 | - | 24204) | / | 298278 |
| | = | -0.004992 |
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.
UnitedHealth Group has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
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