CareTrust REIT Beneish M-Score Historical Data
The historical data trend for CareTrust REIT'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.
CareTrust REIT Beneish M-Score Chart
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CareTrust REIT Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.91 |
-2.54 |
-3.39 |
-2.62 |
193.72 |
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CareTrust REIT Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.62 |
-2.63 |
-1.04 |
-1.42 |
193.72 |
Competitive Comparison of CareTrust REIT's Beneish M-Score
For the REIT - Healthcare Facilities subindustry, CareTrust REIT'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.
CareTrust REIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, CareTrust REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CareTrust REIT's Beneish M-Score falls into.
CareTrust REIT 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 CareTrust REIT 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 * 214.0432 | + | 0.528 * 1.0118 | + | 0.404 * 1.0487 | + | 0.892 * 1.1494 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1239 | + | 4.679 * -0.024186 | - | 0.327 * 0.4623 |
| = | 193.72 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $97.2 Mil.
Revenue was 62.199 + 57.153 + 55.407 + 53.502 = $228.3 Mil.
Gross Profit was 58.931 + 51.561 + 53.176 + 51.041 = $214.7 Mil.
Total Current Assets was $368.3 Mil.
Total Assets was $3,437.0 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $54.1 Mil.
Selling, General, & Admin. Expense(SGA) was $27.9 Mil.
Total Current Liabilities was $110.7 Mil.
Long-Term Debt & Capital Lease Obligation was $396.9 Mil.
Net Income was 52.135 + 33.441 + 10.758 + 28.746 = $125.1 Mil.
Non Operating Income was 4.427 + -9.56 + -27.567 + -3.345 = $-36.0 Mil.
Cash Flow from Operations was 75.208 + 67.248 + 52.975 + 48.82 = $244.3 Mil.
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Total Receivables was $0.4 Mil.
Revenue was 53.473 + 51.218 + 47.745 + 46.163 = $198.6 Mil.
Gross Profit was 51.177 + 47.812 + 45.697 + 44.32 = $189.0 Mil.
Total Current Assets was $309.9 Mil.
Total Assets was $2,084.8 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $50.9 Mil.
Selling, General, & Admin. Expense(SGA) was $21.6 Mil.
Total Current Liabilities was $70.5 Mil.
Long-Term Debt & Capital Lease Obligation was $595.6 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) |
| = | (97.178 / 228.261) | / | (0.395 / 198.599) |
| = | 0.425732 | / | 0.001989 |
| | = | 214.0432 |
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) |
| = | (189.006 / 198.599) | / | (214.709 / 228.261) |
| = | 0.951697 | / | 0.940629 |
| | = | 1.0118 |
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 - (368.261 + 0) / 3437.016) | / | (1 - (309.854 + 0) / 2084.838) |
| = | 0.892854 | / | 0.851377 |
| | = | 1.0487 |
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 |
| = | 228.261 | / | 198.599 |
| | = | 1.1494 |
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)) |
| = | (50.873 / (50.873 + 0)) | / | (54.069 / (54.069 + 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) |
| = | (27.904 / 228.261) | / | (21.601 / 198.599) |
| = | 0.122246 | / | 0.108767 |
| | = | 1.1239 |
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) |
| = | ((396.927 + 110.706) / 3437.016) | / | ((595.598 + 70.523) / 2084.838) |
| = | 0.147696 | / | 0.319507 |
| | = | 0.4623 |
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 |
| = | (125.08 - -36.045 | - | 244.251) | / | 3437.016 |
| | = | -0.024186 |
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.
CareTrust REIT has a M-score of 193.72 signals that the company is likely to be a manipulator.
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