Diversified Healthcare Trust Beneish M-Score Historical Data
The historical data trend for Diversified Healthcare 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.
Diversified Healthcare Trust Beneish M-Score Chart
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Diversified Healthcare 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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-3.37 |
-2.37 |
-2.78 |
-2.37 |
-3.03 |
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Diversified Healthcare Trust Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.37 |
-2.36 |
-2.52 |
-2.62 |
-3.03 |
Competitive Comparison of Diversified Healthcare Trust's Beneish M-Score
For the REIT - Healthcare Facilities subindustry, Diversified Healthcare 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.
Diversified Healthcare Trust's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Diversified Healthcare Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Diversified Healthcare Trust's Beneish M-Score falls into.
Diversified Healthcare 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 Diversified Healthcare 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 * 0.6351 | + | 0.528 * 0.8119 | + | 0.404 * 1.0769 | + | 0.892 * 1.0987 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8997 | + | 4.679 * -0.051722 | - | 0.327 * 1.0178 |
| = | -3.03 |
* 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 $6 Mil.
Revenue was 361.535 + 356.524 + 346.219 + 346.03 = $1,410 Mil.
Gross Profit was 58.124 + 58.092 + 59.991 + 59.95 = $236 Mil.
Total Current Assets was $262 Mil.
Total Assets was $5,446 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $284 Mil.
Selling, General, & Admin. Expense(SGA) was $26 Mil.
Total Current Liabilities was $30 Mil.
Long-Term Debt & Capital Lease Obligation was $2,817 Mil.
Net Income was -102.564 + -65.779 + -72.571 + -52.658 = $-294 Mil.
Non Operating Income was -2.462 + -4.832 + -17.342 + 2.266 = $-22 Mil.
Cash Flow from Operations was -7.209 + -14.031 + 25.681 + 6.042 = $10 Mil.
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Total Receivables was $9 Mil.
Revenue was 336.885 + 322.92 + 313.028 + 310.733 = $1,284 Mil.
Gross Profit was 51.719 + 33.824 + 46.962 + 41.991 = $174 Mil.
Total Current Assets was $697 Mil.
Total Assets was $6,002 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $240 Mil.
Selling, General, & Admin. Expense(SGA) was $26 Mil.
Total Current Liabilities was $735 Mil.
Long-Term Debt & Capital Lease Obligation was $2,348 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) |
| = | (6.081 / 1410.308) | / | (8.716 / 1283.566) |
| = | 0.004312 | / | 0.00679 |
| | = | 0.6351 |
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) |
| = | (174.496 / 1283.566) | / | (236.157 / 1410.308) |
| = | 0.135946 | / | 0.167451 |
| | = | 0.8119 |
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 - (262.489 + 0) / 5446.136) | / | (1 - (697.403 + 0) / 6002.093) |
| = | 0.951803 | / | 0.883807 |
| | = | 1.0769 |
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 |
| = | 1410.308 | / | 1283.566 |
| | = | 1.0987 |
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)) |
| = | (239.525 / (239.525 + 0)) | / | (283.841 / (283.841 + 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) |
| = | (26.131 / 1410.308) | / | (26.435 / 1283.566) |
| = | 0.018529 | / | 0.020595 |
| | = | 0.8997 |
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) |
| = | ((2816.849 + 29.94) / 5446.136) | / | ((2347.877 + 734.619) / 6002.093) |
| = | 0.522717 | / | 0.51357 |
| | = | 1.0178 |
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 |
| = | (-293.572 - -22.37 | - | 10.483) | / | 5446.136 |
| | = | -0.051722 |
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.
Diversified Healthcare Trust has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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