Aesthetic Medical International Hldngs Group Ltd Sponsored ADR
PAIYY Healthcare Medical Care Facilities
In the quarter to June 2025, revenue grew 25,427.4% and EPS grew 76.8%, each against the same quarter a year earlier.
Follow PAIYY
Aesthetic Medical International Hldngs Group Ltd Sponsored ADR (PAIYY) Beneish M-score
Aesthetic Medical International Hldngs Group Ltd Sponsored ADR's Beneish M-score for fiscal 2025 is −2.30; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.30 | 1.26 |
| FY2024 | −3.56 | (0.18) |
| FY2023 | −3.39 | (0.91) |
| FY2022 | −2.48 | 7.08 |
| FY2021 | −9.56 | (6.27) |
| FY2020 | −3.29 | (0.71) |
| FY2019 | −2.58 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.79 | — | 1.65 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 0.70 | — | 0.28 | |
| Sales growth index | 0.96 | — | 0.85 | |
| Depreciation index | 1.14 | — | 0.13 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | (0.08) | — | −0.38 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.30 | ||
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× |
| BTMD biote Corp. compare | −2.7× |
| PAIYY Aesthetic Medical International Hldngs Group Ltd Sponsored ADR | −2.3× |
| AMS American Shared Hospital Services compare | −2.1× |
| PIII P3 Health Partners Inc. compare | — |
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