Medical Properties Trust Beneish M-Score Historical Data
The historical data trend for Medical Properties 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.
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Medical Properties Trust Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.16 |
-2.07 |
-2.76 |
-2.17 |
-2.73 |
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Medical Properties Trust Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.17 |
-1.98 |
-2.42 |
-2.35 |
-2.73 |
Competitive Comparison
For the REIT - Healthcare Facilities subindustry, Medical Properties 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.
Medical Properties Trust Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Medical Properties Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Medical Properties Trust's Beneish M-Score falls into.
Medical Properties 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 Medical Properties 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 * 1.4578 | + | 0.528 * 1.019 | + | 0.404 * 1.0124 | + | 0.892 * 0.5651 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6054 | + | 4.679 * -0.038519 | - | 0.327 * 1.0358 |
| = | -2.73 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $973.7 Mil.
Revenue was -122.383 + 306.576 + 337.395 + 350.211 = $871.8 Mil.
Gross Profit was -125.681 + 300.093 + 312.719 + 343.101 = $830.2 Mil.
Total Current Assets was $1,397.4 Mil.
Total Assets was $18,304.8 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $616.1 Mil.
Selling, General, & Admin. Expense(SGA) was $145.6 Mil.
Total Current Liabilities was $1,964.6 Mil.
Long-Term Debt & Capital Lease Obligation was $8,706.4 Mil.
Net Income was -663.943 + 116.71 + -42.037 + 32.794 = $-556.5 Mil.
Non Operating Income was -324.377 + 48.619 + 1.879 + -83.29 = $-357.2 Mil.
Cash Flow from Operations was 135.418 + 158.191 + 76.529 + 135.648 = $505.8 Mil.
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Total Receivables was $1,182.0 Mil.
Revenue was 380.486 + 352.339 + 400.226 + 409.8 = $1,542.9 Mil.
Gross Profit was 372.787 + 344.074 + 379.091 + 401.202 = $1,497.2 Mil.
Total Current Assets was $1,722.2 Mil.
Total Assets was $19,658.0 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $345.6 Mil.
Selling, General, & Admin. Expense(SGA) was $160.5 Mil.
Total Current Liabilities was $1,578.6 Mil.
Long-Term Debt & Capital Lease Obligation was $9,485.0 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) |
| = | (973.661 / 871.799) | / | (1182.04 / 1542.851) |
| = | 1.116841 | / | 0.76614 |
| | = | 1.4578 |
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) |
| = | (1497.154 / 1542.851) | / | (830.232 / 871.799) |
| = | 0.970381 | / | 0.95232 |
| | = | 1.019 |
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 - (1397.387 + 0) / 18304.844) | / | (1 - (1722.224 + 0) / 19658) |
| = | 0.92366 | / | 0.912391 |
| | = | 1.0124 |
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 |
| = | 871.799 | / | 1542.851 |
| | = | 0.5651 |
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)) |
| = | (345.577 / (345.577 + 0)) | / | (616.127 / (616.127 + 0)) |
| = | 1 | / | 1 |
| | = | 1 |
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) |
| = | (145.588 / 871.799) | / | (160.494 / 1542.851) |
| = | 0.166997 | / | 0.104024 |
| | = | 1.6054 |
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) |
| = | ((8706.419 + 1964.56) / 18304.844) | / | ((9484.958 + 1578.635) / 19658) |
| = | 0.582959 | / | 0.562804 |
| | = | 1.0358 |
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 |
| = | (-556.476 - -357.169 | - | 505.786) | / | 18304.844 |
| | = | -0.038519 |
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.
Medical Properties Trust has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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