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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 -2.59. And the median was -1.95.
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 * 0.9827||+||0.528 * 1.0027||+||0.404 * 1.0311||+||0.892 * 1.4139||+||0.115 * 1.1415|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.828||+||4.679 * 0.0081||-||0.327 * 0.9999|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $82.2 Mil.|
Revenue was 131.546 + 114.57 + 99.801 + 95.961 = $441.9 Mil.
Gross Profit was 130.362 + 112.843 + 99.271 + 95.61 = $438.1 Mil.
Total Current Assets was $324.6 Mil.
Total Assets was $5,609.4 Mil.
Property, Plant and Equipment(Net PPE) was $2,808.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $71.8 Mil.
Selling, General & Admin. Expense(SGA) was $43.6 Mil.
Total Current Liabilities was $166.7 Mil.
Long-Term Debt was $3,322.5 Mil.
Net Income was 58.238 + 23.057 + 22.407 + 35.897 = $139.6 Mil.
Non Operating Income was -34.261 + -26.751 + -25.77 + -26.271 = $-113.1 Mil.
Cash Flow from Operations was 74.812 + 44.74 + 45.418 + 42.026 = $207.0 Mil.
|Accounts Receivable was $59.1 Mil.
Revenue was 82.106 + 80.777 + 76.56 + 73.089 = $312.5 Mil.
Gross Profit was 81.656 + 80.077 + 76.598 + 72.351 = $310.7 Mil.
Total Current Assets was $244.8 Mil.
Total Assets was $3,720.3 Mil.
Property, Plant and Equipment(Net PPE) was $1,882.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $55.2 Mil.
Selling, General & Admin. Expense(SGA) was $37.3 Mil.
Total Current Liabilities was $139.8 Mil.
Long-Term Debt was $2,174.6 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)|
|=||(82.155 / 441.878)||/||(59.128 / 312.532)|
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)|
|=||(112.843 / 312.532)||/||(130.362 / 441.878)|
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 - (324.635 + 2808.08) / 5609.351)||/||(1 - (244.806 + 1882.449) / 3720.33)|
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))|
|=||(55.162 / (55.162 + 1882.449))||/||(71.827 / (71.827 + 2808.08))|
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)|
|=||(43.639 / 441.878)||/||(37.275 / 312.532)|
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)|
|=||((3322.541 + 166.714) / 5609.351)||/||((2174.648 + 139.83) / 3720.33)|
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|
|=||(139.599 - -113.053||-||206.996)||/||5609.351|
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 -2.03 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