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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 12 years, the highest Beneish M-Score of Medical Properties Trust Inc was 6.03. The lowest was -2.65. And the median was -2.26.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Medical Properties Trust Inc 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 * 0.9958||+||0.528 * 1.0047||+||0.404 * 0.9314||+||0.892 * 1.4338||+||0.115 * 1.0772|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7861||+||4.679 * 0.0093||-||0.327 * 1.1853|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $90.8 Mil.|
Revenue was 134.999 + 131.545 + 114.57 + 99.801 = $480.9 Mil.
Gross Profit was 134.098 + 130.361 + 112.843 + 99.271 = $476.6 Mil.
Total Current Assets was $347.7 Mil.
Total Assets was $5,710.4 Mil.
Property, Plant and Equipment(Net PPE) was $3,115.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $78.4 Mil.
Selling, General & Admin. Expense(SGA) was $44.2 Mil.
Total Current Liabilities was $161.0 Mil.
Long-Term Debt was $3,413.2 Mil.
Net Income was 57.927 + 58.237 + 23.057 + 22.407 = $161.6 Mil.
Non Operating Income was -38.402 + -34.672 + -26.751 + -25.77 = $-125.6 Mil.
Cash Flow from Operations was 69.336 + 74.812 + 44.74 + 45.418 = $234.3 Mil.
|Accounts Receivable was $63.6 Mil.
Revenue was 95.961 + 82.106 + 80.777 + 76.56 = $335.4 Mil.
Gross Profit was 95.61 + 81.656 + 80.077 + 76.598 = $333.9 Mil.
Total Current Assets was $137.6 Mil.
Total Assets was $3,823.0 Mil.
Property, Plant and Equipment(Net PPE) was $2,070.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $56.3 Mil.
Selling, General & Admin. Expense(SGA) was $39.2 Mil.
Total Current Liabilities was $136.5 Mil.
Long-Term Debt was $1,882.3 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(90.791 / 480.915)||/||(63.59 / 335.404)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(130.361 / 335.404)||/||(134.098 / 480.915)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (347.668 + 3115.737) / 5710.395)||/||(1 - (137.602 + 2070.395) / 3823.049)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(56.264 / (56.264 + 2070.395))||/||(78.447 / (78.447 + 3115.737))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(44.205 / 480.915)||/||(39.221 / 335.404)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((3413.219 + 161.028) / 5710.395)||/||((1882.319 + 136.549) / 3823.049)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(161.628 - -125.595||-||234.306)||/||5710.395|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Medical Properties Trust Inc has a M-score of -2.09 signals that the company is likely to be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Medical Properties Trust Inc Annual Data
Medical Properties Trust Inc Quarterly Data