Healthpeak Properties Beneish M-Score Historical Data
The historical data trend for Healthpeak Properties'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.
Healthpeak Properties Beneish M-Score Chart
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Healthpeak Properties Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.87 |
-2.31 |
-1.74 |
-2.79 |
-2.97 |
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Healthpeak Properties Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.06 |
-3.14 |
-3.09 |
-2.97 |
-2.47 |
Competitive Comparison of Healthpeak Properties's Beneish M-Score
For the REIT - Healthcare Facilities subindustry, Healthpeak Properties'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.
Healthpeak Properties's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Healthpeak Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Healthpeak Properties's Beneish M-Score falls into.
Healthpeak Properties 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 Healthpeak Properties 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 * 1.0319 | + | 0.528 * 0.9779 | + | 0.404 * 0.9966 | + | 0.892 * 1.0835 | + | 0.115 * 1.1643 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6577 | + | 4.679 * -0.034245 | - | 0.327 * 0.9879 |
| = | -2.47 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $336 Mil.
Revenue was 600.809 + 553.652 + 556.243 + 545.43 = $2,256 Mil.
Gross Profit was 357.08 + 329.251 + 323.509 + 323.593 = $1,333 Mil.
Total Current Assets was $494 Mil.
Total Assets was $20,542 Mil.
Property, Plant and Equipment(Net PPE) was $434 Mil.
Depreciation, Depletion and Amortization(DDA) was $790 Mil.
Selling, General, & Admin. Expense(SGA) was $94 Mil.
Total Current Liabilities was $1,824 Mil.
Long-Term Debt & Capital Lease Obligation was $8,880 Mil.
Net Income was 6.676 + 70.944 + 64.214 + 51.899 = $194 Mil.
Non Operating Income was -36.907 + -6.372 + 1.995 + 3.596 = $-38 Mil.
Cash Flow from Operations was 152.564 + 231.248 + 253.257 + 297.816 = $935 Mil.
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Total Receivables was $301 Mil.
Revenue was 519.515 + 524.468 + 520.406 + 517.932 = $2,082 Mil.
Gross Profit was 296.427 + 303.976 + 300.198 + 302.888 = $1,203 Mil.
Total Current Assets was $418 Mil.
Total Assets was $15,602 Mil.
Property, Plant and Equipment(Net PPE) was $236 Mil.
Depreciation, Depletion and Amortization(DDA) was $712 Mil.
Selling, General, & Admin. Expense(SGA) was $132 Mil.
Total Current Liabilities was $2,123 Mil.
Long-Term Debt & Capital Lease Obligation was $6,106 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) |
| = | (336.365 / 2256.134) | / | (300.854 / 2082.321) |
| = | 0.149089 | / | 0.14448 |
| | = | 1.0319 |
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) |
| = | (1203.489 / 2082.321) | / | (1333.433 / 2256.134) |
| = | 0.577956 | / | 0.591026 |
| | = | 0.9779 |
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 - (493.523 + 434.01) / 20542.04) | / | (1 - (418.079 + 235.591) / 15602.289) |
| = | 0.954847 | / | 0.958104 |
| | = | 0.9966 |
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 |
| = | 2256.134 | / | 2082.321 |
| | = | 1.0835 |
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)) |
| = | (712.061 / (712.061 + 235.591)) | / | (789.895 / (789.895 + 434.01)) |
| = | 0.751395 | / | 0.645389 |
| | = | 1.1643 |
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) |
| = | (93.884 / 2256.134) | / | (131.749 / 2082.321) |
| = | 0.041613 | / | 0.06327 |
| | = | 0.6577 |
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) |
| = | ((8879.914 + 1823.867) / 20542.04) | / | ((6105.612 + 2123.438) / 15602.289) |
| = | 0.521067 | / | 0.527426 |
| | = | 0.9879 |
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 |
| = | (193.733 - -37.688 | - | 934.885) | / | 20542.04 |
| | = | -0.034245 |
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.
Healthpeak Properties has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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