FelCor Lodging Trust Beneish M-Score Historical Data
The historical data trend for FelCor Lodging Trust'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.
FelCor Lodging Trust Beneish M-Score Chart
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FelCor Lodging Trust Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.78 |
-2.43 |
-2.80 |
-3.11 |
-2.36 |
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FelCor Lodging Trust Quarterly Data
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Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
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Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
| Beneish M-Score |
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-3.28 |
-2.81 |
-2.36 |
-2.79 |
-1.86 |
Competitive Comparison of FelCor Lodging Trust's Beneish M-Score
For the REIT - Hotel & Motel subindustry, FelCor Lodging Trust'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.
FelCor Lodging Trust's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, FelCor Lodging Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FelCor Lodging Trust's Beneish M-Score falls into.
FelCor Lodging Trust 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 FelCor Lodging Trust 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 * 1.2079 | + | 0.528 * 0.9819 | + | 0.404 * 3.4861 | + | 0.892 * 0.9408 | + | 0.115 * 0.9028 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9708 | + | 4.679 * -0.103957 | - | 0.327 * 1.0519 |
| = | -1.86 |
* 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 (Jun17) TTM: | Last Year (Jun16) TTM: |
Total Receivables was $43.9 Mil.
Revenue was 220.44 + 188.104 + 195.923 + 222.981 = $827.4 Mil.
Gross Profit was 92.509 + 66.816 + 77.037 + 94.027 = $330.4 Mil.
Total Current Assets was $126.3 Mil.
Total Assets was $1,684.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,448.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $111.1 Mil.
Selling, General, & Admin. Expense(SGA) was $56.3 Mil.
Total Current Liabilities was $150.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,360.1 Mil.
Net Income was -1.759 + -35.911 + 0.128 + -5.099 = $-42.6 Mil.
Non Operating Income was 0.748 + -0.13 + 0.389 + 0.814 = $1.8 Mil.
Cash Flow from Operations was 41.285 + 25.964 + 20.876 + 42.479 = $130.6 Mil.
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Total Receivables was $38.7 Mil.
Revenue was 237.906 + 210.144 + 206.304 + 225.152 = $879.5 Mil.
Gross Profit was 100.52 + 77.14 + 76.398 + 90.745 = $344.8 Mil.
Total Current Assets was $120.5 Mil.
Total Assets was $1,847.4 Mil.
Property, Plant and Equipment(Net PPE) was $1,692.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $116.3 Mil.
Selling, General, & Admin. Expense(SGA) was $61.6 Mil.
Total Current Liabilities was $141.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,433.7 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) |
| = | (43.923 / 827.448) | / | (38.65 / 879.506) |
| = | 0.053082 | / | 0.043945 |
| | = | 1.2079 |
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) |
| = | (344.803 / 879.506) | / | (330.389 / 827.448) |
| = | 0.392042 | / | 0.399287 |
| | = | 0.9819 |
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 - (126.257 + 1448.346) / 1684.028) | / | (1 - (120.544 + 1692.419) / 1847.396) |
| = | 0.064978 | / | 0.018639 |
| | = | 3.4861 |
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 |
| = | 827.448 | / | 879.506 |
| | = | 0.9408 |
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)) |
| = | (116.29 / (116.29 + 1692.419)) | / | (111.06 / (111.06 + 1448.346)) |
| = | 0.064294 | / | 0.071219 |
| | = | 0.9028 |
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) |
| = | (56.296 / 827.448) | / | (61.638 / 879.506) |
| = | 0.068036 | / | 0.070083 |
| | = | 0.9708 |
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) |
| = | ((1360.071 + 150.679) / 1684.028) | / | ((1433.703 + 141.9) / 1847.396) |
| = | 0.897105 | / | 0.852878 |
| | = | 1.0519 |
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 |
| = | (-42.641 - 1.821 | - | 130.604) | / | 1684.028 |
| | = | -0.103957 |
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.
FelCor Lodging Trust has a M-score of -1.86 suggests that the company is unlikely to be a manipulator.
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