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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.
Medical Properties Trust Inc has a M-score of -2.42 suggests that the company is not a manipulator.
During the past 10 years, the highest Beneish M-Score of Medical Properties Trust Inc was 0.10. The lowest was -2.90. And the median was -2.34.
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 * 1.0494||+||0.528 * 1.0031||+||0.404 * 0.838||+||0.892 * 1.1987||+||0.115 * 1.2775|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9059||+||4.679 * -0.019||-||0.327 * 1.174|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $111.2 Mil.|
Revenue was 73.089 + 66.623 + 60.456 + 57.473 = $257.6 Mil.
Gross Profit was 72.351 + 65.693 + 59.998 + 56.824 = $254.9 Mil.
Total Current Assets was $161.5 Mil.
Total Assets was $3,026.6 Mil.
Property, Plant and Equipment(Net PPE) was $1,834.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $43.9 Mil.
Selling, General & Admin. Expense(SGA) was $31.2 Mil.
Total Current Liabilities was $99.6 Mil.
Long-Term Debt was $1,472.0 Mil.
Net Income was 7.241 + 17.839 + 25.648 + 27.348 = $78.1 Mil.
Non Operating Income was 0.17 + 1.288 + 0.846 + 1.153 = $3.5 Mil.
Cash Flow from Operations was 18.282 + 39.237 + 45.319 + 29.194 = $132.0 Mil.
|Accounts Receivable was $88.4 Mil.
Revenue was 57.613 + 55.551 + 52.853 + 48.918 = $214.9 Mil.
Gross Profit was 57.204 + 55.101 + 52.639 + 48.332 = $213.3 Mil.
Total Current Assets was $164.1 Mil.
Total Assets was $2,227.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,158.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.6 Mil.
Selling, General & Admin. Expense(SGA) was $28.7 Mil.
Total Current Liabilities was $85.0 Mil.
Long-Term Debt was $900.1 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)|
|=||(111.197 / 257.641)||/||(88.399 / 214.935)|
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)|
|=||(65.693 / 214.935)||/||(72.351 / 257.641)|
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 - (161.506 + 1834.947) / 3026.592)||/||(1 - (164.074 + 1158.533) / 2227.196)|
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))|
|=||(35.613 / (35.613 + 1158.533))||/||(43.861 / (43.861 + 1834.947))|
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)|
|=||(31.204 / 257.641)||/||(28.736 / 214.935)|
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)|
|=||((1472.045 + 99.603) / 3026.592)||/||((900.133 + 85.005) / 2227.196)|
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|
|=||(78.076 - 3.457||-||132.032)||/||3026.592|
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 -2.42 suggests that the company will not 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