Healthcare Realty Trust Beneish M-Score Historical Data
The historical data trend for Healthcare Realty Trust'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.
Healthcare Realty Trust Beneish M-Score Chart
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Healthcare Realty Trust Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.51 |
-2.97 |
-2.63 |
-1.29 |
-2.32 |
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Healthcare Realty Trust Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.29 |
-1.65 |
-1.42 |
-2.87 |
-2.32 |
Competitive Comparison of Healthcare Realty Trust's Beneish M-Score
For the REIT - Healthcare Facilities subindustry, Healthcare Realty Trust'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.
Healthcare Realty Trust's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Healthcare Realty Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Healthcare Realty Trust's Beneish M-Score falls into.
Healthcare Realty 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 Healthcare Realty 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 * 1.0094 | + | 0.528 * 1.0056 | + | 0.404 * 0.9913 | + | 0.892 * 1.4408 | + | 0.115 * 0.795 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7687 | + | 4.679 * -0.054966 | - | 0.327 * 1.0153 |
| = | -2.32 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $354 Mil.
Revenue was 330.441 + 342.26 + 338.143 + 332.925 = $1,344 Mil.
Gross Profit was 209.078 + 210.621 + 212.748 + 210.885 = $843 Mil.
Total Current Assets was $505 Mil.
Total Assets was $12,637 Mil.
Property, Plant and Equipment(Net PPE) was $276 Mil.
Depreciation, Depletion and Amortization(DDA) was $776 Mil.
Selling, General, & Admin. Expense(SGA) was $58 Mil.
Total Current Liabilities was $562 Mil.
Long-Term Debt & Capital Lease Obligation was $4,949 Mil.
Net Income was -40.533 + -67.844 + -82.759 + -87.125 = $-278 Mil.
Non Operating Income was 6.028 + -17.663 + -34.072 + -37.766 = $-83 Mil.
Cash Flow from Operations was 127.316 + 118.182 + 185.132 + 69.19 = $500 Mil.
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Total Receivables was $243 Mil.
Revenue was 338.062 + 306.354 + 145.327 + 142.894 = $933 Mil.
Gross Profit was 220.971 + 193.881 + 88.317 + 85.43 = $589 Mil.
Total Current Assets was $405 Mil.
Total Assets was $13,850 Mil.
Property, Plant and Equipment(Net PPE) was $337 Mil.
Depreciation, Depletion and Amortization(DDA) was $478 Mil.
Selling, General, & Admin. Expense(SGA) was $53 Mil.
Total Current Liabilities was $979 Mil.
Long-Term Debt & Capital Lease Obligation was $4,971 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) |
| = | (353.683 / 1343.769) | / | (243.178 / 932.637) |
| = | 0.263202 | / | 0.260742 |
| | = | 1.0094 |
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) |
| = | (588.599 / 932.637) | / | (843.332 / 1343.769) |
| = | 0.631113 | / | 0.627587 |
| | = | 1.0056 |
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 - (504.671 + 275.975) / 12637.131) | / | (1 - (404.932 + 336.983) / 13849.631) |
| = | 0.938226 | / | 0.946431 |
| | = | 0.9913 |
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 |
| = | 1343.769 | / | 932.637 |
| | = | 1.4408 |
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)) |
| = | (477.777 / (477.777 + 336.983)) | / | (775.89 / (775.89 + 275.975)) |
| = | 0.586402 | / | 0.737633 |
| | = | 0.795 |
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) |
| = | (58.404 / 1343.769) | / | (52.734 / 932.637) |
| = | 0.043463 | / | 0.056543 |
| | = | 0.7687 |
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) |
| = | ((4949.278 + 562.087) / 12637.131) | / | ((4970.547 + 978.584) / 13849.631) |
| = | 0.436125 | / | 0.429552 |
| | = | 1.0153 |
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 |
| = | (-278.261 - -83.473 | - | 499.82) | / | 12637.131 |
| | = | -0.054966 |
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.
Healthcare Realty Trust has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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