National Health Investors Beneish M-Score Historical Data
The historical data trend for National Health Investors'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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National Health Investors Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.44 |
-2.64 |
-2.64 |
-2.94 |
-2.48 |
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National Health Investors 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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-2.94 |
-2.86 |
-2.50 |
-2.46 |
-2.48 |
Competitive Comparison
For the REIT - Healthcare Facilities subindustry, National Health Investors'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.
National Health Investors Beneish M-Score Distribution
For the REITs industry and Real Estate sector, National Health Investors's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Health Investors's Beneish M-Score falls into.
National Health Investors 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 National Health Investors 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 * 0.9248 | + | 0.528 * 1.0008 | + | 0.404 * 1.0059 | + | 0.892 * 1.1497 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6807 | + | 4.679 * -0.025164 | - | 0.327 * 1.0051 |
| = | -2.48 |
* 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 $334.9 Mil.
Revenue was 79.465 + 80.106 + 77.876 + 82.388 = $319.8 Mil.
Gross Profit was 76.69 + 77.198 + 74.664 + 79.769 = $308.3 Mil.
Total Current Assets was $364.5 Mil.
Total Assets was $2,488.5 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $70.0 Mil.
Selling, General, & Admin. Expense(SGA) was $19.8 Mil.
Total Current Liabilities was $79.4 Mil.
Long-Term Debt & Capital Lease Obligation was $1,135.1 Mil.
Net Income was 32.046 + 29.346 + 39.779 + 34.484 = $135.7 Mil.
Non Operating Income was 1.903 + -1.02 + 11.127 + 1.815 = $13.8 Mil.
Cash Flow from Operations was 53.203 + 49.703 + 50.496 + 31.048 = $184.5 Mil.
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Total Receivables was $315.0 Mil.
Revenue was 70.67 + 76.298 + 59.899 + 71.327 = $278.2 Mil.
Gross Profit was 68.435 + 73.94 + 57.742 + 68.289 = $268.4 Mil.
Total Current Assets was $379.8 Mil.
Total Assets was $2,507.4 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $70.9 Mil.
Selling, General, & Admin. Expense(SGA) was $25.3 Mil.
Total Current Liabilities was $70.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,147.5 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) |
| = | (334.9 / 319.835) | / | (314.998 / 278.194) |
| = | 1.047102 | / | 1.132296 |
| | = | 0.9248 |
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) |
| = | (268.406 / 278.194) | / | (308.321 / 319.835) |
| = | 0.964816 | / | 0.964 |
| | = | 1.0008 |
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 - (364.521 + 0) / 2488.48) | / | (1 - (379.816 + 0) / 2507.424) |
| = | 0.853517 | / | 0.848523 |
| | = | 1.0059 |
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 |
| = | 319.835 | / | 278.194 |
| | = | 1.1497 |
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)) |
| = | (70.88 / (70.88 + 0)) | / | (69.973 / (69.973 + 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) |
| = | (19.819 / 319.835) | / | (25.324 / 278.194) |
| = | 0.061966 | / | 0.09103 |
| | = | 0.6807 |
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) |
| = | ((1135.051 + 79.382) / 2488.48) | / | ((1147.511 + 70.007) / 2507.424) |
| = | 0.488022 | / | 0.485565 |
| | = | 1.0051 |
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 |
| = | (135.655 - 13.825 | - | 184.45) | / | 2488.48 |
| | = | -0.025164 |
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.
National Health Investors has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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