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The zones of discrimination for M-Score is as such:
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.
Warning Sign:
Beneish M-Score 193.72 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for CareTrust REIT's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of CareTrust REIT was 193.72. The lowest was -3.43. And the median was -2.58.
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 Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.91 | -2.54 | -3.39 | -2.62 | 193.72 |
CareTrust REIT Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.62 | -2.63 | -1.04 | -1.42 | 193.72 |
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.
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.
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. |
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. |
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.
Thank you for viewing the detailed overview of CareTrust REIT's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
William M Wagner | officer: See Remarks | 903 CALLE AMANECER, SUITE 100, SAN CLEMENTE CA 92673 |
James Callister | officer: Executive Vice President | 905 CALLE AMANECER, SUITE 300, SAN CLEMENTE CA 92673 |
Anne Olson | director | 800 LASALLE AVENUE, SUITE 1600, MINNEAPOLIS MN 55402 |
Careina D. Williams | director | 905 CALLE AMANECER, SUITE 300, SAN CLEMENTE CA 92673 |
Spencer G Plumb | director | 17140 BERNARDO CENTER DRIVE, SUITE 300, SAN DIEGO CA 92128 |
Diana Laing | director | THE MACERICH COMPANY, 401 WILSHIRE BVLD., STE. 700, SANTA MONICA CA 90401 |
Mark D Lamb | officer: Chief Investment Officer | 905 CALLE AMANECER, SUITE 300, SAN CLEMENTE CA 92673 |
Gary B Sabin | director | 16955 VIA DEL CAMPO SUITE 110, SAN DIEGO CA 92127 |
Jon D Kline | director | 903 CALLE AMANECER, SUITE 100, SAN CLEMENTE CA 92673 |
David M. Sedgwick | officer: Vice President of Operations | 27101 PUERTA REAL, SUITE 450, MISSION VIEJO CA 92691 |
Gregory K. Stapley | director, officer: President and CEO | 27101 PUERTA REAL, SUITE 450, MISSION VIEJO CA 92691 |
Allen Barbieri | director | |
David G. Lindahl | director | 27101 PUERTA REAL, SUITE 400, MISSION VIEJO CA 92691 |
Christopher R. Christensen | director | 27101 PUERTA REAL, SUITE 450, MISSION VIEJO CA 92691 |
Ensign Group, Inc | 10 percent owner | 29222 RANCHO VIEJO RD., SUITE 127, SAN JUAN CAPISTRANO CA 92675 |
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