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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 13 years, the highest Beneish M-Score of Universal Health Realty Income Trust was -1.40. The lowest was -3.25. And the median was -2.56.
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 Universal Health Realty Income 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 * 0.9054||+||0.528 * 1||+||0.404 * 0.8883||+||0.892 * 1.1143||+||0.115 * 0.8737|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.971||+||4.679 * -0.0568||-||0.327 * 0.9242|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $6.43 Mil.|
Revenue was 15.686 + 16.049 + 16.202 + 15.923 = $63.86 Mil.
Gross Profit was 15.686 + 16.049 + 16.202 + 15.923 = $63.86 Mil.
Total Current Assets was $10.08 Mil.
Total Assets was $438.65 Mil.
Property, Plant and Equipment(Net PPE) was $393.24 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.94 Mil.
Selling, General & Admin. Expense(SGA) was $3.06 Mil.
Total Current Liabilities was $6.28 Mil.
Long-Term Debt was $230.20 Mil.
Net Income was 3.639 + 12.004 + 3.696 + 16.228 = $35.57 Mil.
Non Operating Income was 0.561 + 9.415 + 0.592 + 13.7 = $24.27 Mil.
Cash Flow from Operations was 9.485 + 9.586 + 8.229 + 8.907 = $36.21 Mil.
|Accounts Receivable was $6.37 Mil.
Revenue was 15.258 + 14.317 + 14.288 + 13.445 = $57.31 Mil.
Gross Profit was 15.258 + 14.317 + 14.288 + 13.445 = $57.31 Mil.
Total Current Assets was $10.11 Mil.
Total Assets was $436.86 Mil.
Property, Plant and Equipment(Net PPE) was $387.13 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.58 Mil.
Selling, General & Admin. Expense(SGA) was $2.83 Mil.
Total Current Liabilities was $10.05 Mil.
Long-Term Debt was $244.77 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)|
|=||(6.429 / 63.86)||/||(6.372 / 57.308)|
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)|
|=||(16.049 / 57.308)||/||(15.686 / 63.86)|
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 - (10.08 + 393.236) / 438.652)||/||(1 - (10.111 + 387.133) / 436.862)|
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))|
|=||(19.584 / (19.584 + 387.133))||/||(22.937 / (22.937 + 393.236))|
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)|
|=||(3.059 / 63.86)||/||(2.827 / 57.308)|
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)|
|=||((230.203 + 6.276) / 438.652)||/||((244.771 + 10.054) / 436.862)|
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|
|=||(35.567 - 24.268||-||36.207)||/||438.652|
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.
Universal Health Realty Income Trust has a M-score of -2.76 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
Universal Health Realty Income Trust Annual Data
Universal Health Realty Income Trust Quarterly Data