American Shared Hospital Services
AMS Healthcare Medical Care Facilities
American Shared Hospital Services' revenue for fiscal 2025 (year ended December 2025) was $28.1 million, down 0.91% from fiscal 2024. In the quarter to June 2026, revenue grew 19.2%, EPS fell 75.0%, free cash flow grew 195.8% and total debt fell 32.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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American Shared Hospital Services (AMS) Beneish M-score
American Shared Hospital Services's Beneish M-score for fiscal 2025 is −2.06; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.06 | (1.09) |
| FY2024 | −0.97 | 2.01 |
| FY2023 | −2.98 | 0.29 |
| FY2022 | −3.27 | (0.03) |
| FY2021 | −3.24 | 1.37 |
| FY2020 | −4.61 | (2.04) |
| FY2019 | −2.57 | (0.15) |
| FY2018 | −2.42 | 0.41 |
| FY2017 | −2.83 | (0.25) |
| FY2016 | −2.58 | 0.99 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.02 | — | 0.94 | |
| Gross margin index | 1.80 | — | 0.95 | |
| Asset quality index | 2.07 | — | 0.84 | |
| Sales growth index | 0.99 | — | 0.88 | |
| Depreciation index | 1.10 | — | 0.13 | |
| SG&A index | 0.96 | — | −0.17 | |
| Total accruals to total assets | (0.10) | — | −0.49 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Elevated | −2.06 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| DCGO DocGo Inc. compare | −8.3× |
| CANOQ Cano Health, Inc. compare | −7.9× |
| CCM Concord Medical Services Holdings Limited compare | −5.0× |
| CCEL Cryo-Cell International Inc. compare | −3.2× |
| MODVQ ModivCare Inc. compare | −3.1× |
| PAIYY Aesthetic Medical International Hldngs Group Ltd Sponsored ADR compare | −2.3× |
| AMS American Shared Hospital Services | −2.1× |
| RHEP Adcare Health Systems Inc compare | −0.2× |
| BMGL Basel Medical Group Ltd compare | 8.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI