DHTRF (DRI Healthcare Trust) Beneish M-Score: -3.60 (As of Jul. 04, 2026)


DHTRF DRI Healthcare Trust DHTRF
33 GF Score
Price $12.70
GF Value $13.28
Valuation Fairly Valued
! 4 Warning Signs
View Full Analysis

What is DRI Healthcare Trust Beneish M-Score?

DRI Healthcare Trust DHTRF 33 Beneish M-Score is -3.60 as of Jul. 04, 2026. GuruFocus rates DHTRF with a GF Score™ of 33/100 and a GF Value™ of $13.28 (Fairly Valued). The stock has 4 warning signs investors should review. Among 909 Drug Manufacturers companies, DRI Healthcare Trust ranks better than 92.96% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

Good Sign:

Beneish M-Score -3.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for DRI Healthcare Trust's Beneish M-Score or its related term are showing as below:

DHTRF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.81   Med: -3.31   Max: -2.28
Current: -3.6

During the past 5 years, the highest Beneish M-Score of DRI Healthcare Trust was -2.28. The lowest was -3.81. And the median was -3.31.

DHTRF
33GF Score
DRI Healthcare Trust DHTRF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

DRI 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 DRI 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 * 1.0373+0.528 * 1+0.404 * 1+0.892 * 1.1632+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 2.8336+4.679 * -0.172349-0.327 * 1.5599
=-3.60

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $54.3 Mil.
Revenue was 40.652 + 52.251 + 38.908 + 31.961 = $163.8 Mil.
Gross Profit was 40.652 + 52.251 + 38.908 + 31.961 = $163.8 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $916.4 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $102.3 Mil.
Selling, General, & Admin. Expense(SGA) was $64.1 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $456.1 Mil.
Net Income was -0.984 + 8.765 + -57.86 + 0.376 = $-49.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 47.107 + 45.352 + -11.144 + 26.92 = $108.2 Mil.
 Total Receivables was $45.0 Mil.
Revenue was 30.247 + 45.672 + 32.139 + 32.733 = $140.8 Mil.
Gross Profit was 30.247 + 45.672 + 32.139 + 32.733 = $140.8 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $962.0 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $102.6 Mil.
Selling, General, & Admin. Expense(SGA) was $19.5 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt & Capital Lease Obligation was $306.9 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)
=(54.306 / 163.772) / (45.006 / 140.791)
=0.331595 / 0.319665
=1.0373

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)
=(140.791 / 140.791) / (163.772 / 163.772)
=1 / 1
=1

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 - (0 + 0) / 916.384) / (1 - (0 + 0) / 962.045)
=1 / 1
=1

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
=163.772 / 140.791
=1.1632

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))
=(102.568 / (102.568 + 0)) / (102.257 / (102.257 + 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)
=(64.12 / 163.772) / (19.453 / 140.791)
=0.39152 / 0.138169
=2.8336

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)
=((456.056 + 0) / 916.384) / ((306.929 + 0) / 962.045)
=0.497669 / 0.319038
=1.5599

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
=(-49.703 - 0 - 108.235) / 916.384
=-0.172349

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.

DRI Healthcare Trust has a M-score of -3.60 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.60 mean?
DRI Healthcare Trust (DHTRF) has a Beneish M-Score of -3.60 as of Jul. 04, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DRI Healthcare Trust and its competitors. According to the industry distribution chart, DRI Healthcare Trust ranks #64 out of 909 companies in the Drug Manufacturers industry, placing it in the top 7%.
Is DRI Healthcare Trust's Beneish M-Score too high?
DRI Healthcare Trust's current Beneish M-Score is -3.60. Based on the distribution chart, DRI Healthcare Trust ranks #64 out of 909 companies in the Drug Manufacturers industry, which is in the top quartile — a strong position relative to peers. Overall, DRI Healthcare Trust has a GF Score™ of 33/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does DRI Healthcare Trust's Beneish M-Score compare to ZTS and UTHR?
According to the Drug Manufacturers industry distribution chart, DRI Healthcare Trust ranks #64 out of 909 companies for Beneish M-Score. This places DRI Healthcare Trust in the top 7% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on DRI Healthcare Trust and its competitors. DRI Healthcare Trust's current Beneish M-Score is -3.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DRI Healthcare Trust stock overvalued right now?
Based on GuruFocus' analysis, DRI Healthcare Trust (DHTRF) is currently considered Fairly Valued. The stock's GF Value™ is $13.28, compared to a current price of $12.70 — trading 4.4% below its estimated fair value. The current Beneish M-Score is -3.60. DRI Healthcare Trust's overall GF Score™ is 33/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For DRI Healthcare Trust (DHTRF), the current Beneish M-Score is -3.60 as of Jul. 04, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is DRI Healthcare Trust (DHTRF) Overvalued in 2026?

Based on GuruFocus' analysis, DRI Healthcare Trust stock appears to be undervalued. The current stock price of $12.70 is trading 4.4% below its estimated GF Value™ of $13.28. GuruFocus considers DRI Healthcare Trust to be Fairly Valued.

Key valuation signals for DHTRF:

  • Beneish M-Score: -3.60
  • GF Value™: $13.28 vs. price of $12.70 (4.4% below fair value)
  • GF Score™: 33/100 with 4 warning signs

No single metric tells the full story. See the DHTRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

DRI Healthcare Trust Business Description

Other Exchanges DHT.UN:CanadaDHT.U:Canada
Address 100 King Street West, 1 First Canadian Place, Suite 6200, Toronto, ON, CAN, M5X 1B8
DRI Healthcare Trust is an open-ended trust that purchases royalty entitlements on products that address unmet medical needs, providing its unitholders with top-line exposure to a portfolio of therapeutics. Its portfolio comprises several royalty streams on products that treat conditions in a number of therapeutic areas, including oncology, neurology, ophthalmology, endocrinology, hematology, dermatology, as well as lysosomal storage disorders (LSD) and immunology. The Trust has concluded that it operates as one segment, focused on acquiring royalty assets. Geographically, it generates maximum royalty income from the sale of products underlying its royalty agreements in the United States, followed by other markets such as Japan, the European Union, and the rest of the world.
33GF Score

Get the complete analysis for DHTRF

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$12.70
Price
$13.28
GF Value