ModivCare Inc.
MODVQ Healthcare Medical Care Facilities
ModivCare Inc.’s revenue for fiscal 2024 (year ended December 2024) was $2.8 billion, up 1.32% from fiscal 2023. In the quarter to September 2025, revenue fell 3.18%, EPS fell 171.7% and free cash flow fell 3,767.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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ModivCare Inc. (MODVQ) Beneish M-score
ModivCare Inc.'s Beneish M-score for fiscal 2024 is −3.11; 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) |
|---|---|---|
| FY2024 | −3.11 | (0.54) |
| FY2023 | −2.57 | (0.30) |
| FY2022 | −2.26 | 0.54 |
| FY2021 | −2.80 | 1.23 |
| FY2020 | −4.03 | (1.37) |
| FY2019 | −2.66 | (0.61) |
| FY2018 | −2.05 | 0.86 |
| FY2017 | −2.91 | (0.37) |
| FY2016 | −2.54 | (0.59) |
| FY2015 | −1.96 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.94 | — | 0.86 | |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index | 0.90 | — | 0.36 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 1.06 | — | 0.12 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.12) | — | −0.55 | |
| Leverage index | 1.14 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.11 | ||
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× |
| MODVQ ModivCare Inc. | −3.1× |
| PAIYY Aesthetic Medical International Hldngs Group Ltd Sponsored ADR compare | −2.3× |
| AMS American Shared Hospital Services compare | −2.1× |
| RHEP Adcare Health Systems Inc compare | −0.2× |
| NIVF NewGenIvf Group Limited compare | 7.8× |
| 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