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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.
Good Sign:
Beneish M-Score -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for National Health Investors's Beneish M-Score or its related term are showing as below:
MEX:NHI'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.56 Max: -2.12
Current: -2.74
During the past 13 years, the highest Beneish M-Score of National Health Investors was -2.12. The lowest was -2.95. And the median was -2.56.
National Health Investors Beneish M-Score Related Terms
National Health Investors Beneish M-Score Historical Data
* 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.
MEX:NHI vs MPT, SBRA, DHC: Beneish M-Score Comparison
For the REIT - Healthcare Facilities subindustry, National Health Investors'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.
National Health Investors Beneish M-Score vs REITs Industry
For the REITs industry and Real Estate sector, National Health Investors's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Health Investors's Beneish M-Score falls into.
National Health Investors 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 National Health Investors 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 * 0.677
+
0.528 * 0.994
+
0.404 * 1.0836
+
0.892 * 1.0781
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0357
+
4.679 * -0.036949
-
0.327 * 0.9767
=
-2.85
* 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.
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.
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))
=
(1451.778 / (1451.778 + 0))
/
(1562.976 / (1562.976 + 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
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
=
(2709.562 - 178.331
-
4456.707)
/
52112.069
=
-0.036949
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.
National Health Investors has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
National Health Investors (MEX:NHI) has a Beneish M-Score of -2.74 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on National Health Investors and its competitors. According to the industry distribution chart, National Health Investors ranks #180 out of 754 companies in the REITs industry, placing it in the top 23.9%.
Is National Health Investors' Beneish M-Score too high?
National Health Investors' current Beneish M-Score is -2.74. Based on the distribution chart, National Health Investors ranks #180 out of 754 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, National Health Investors has a GF Score™ of 83/100, reflecting its overall financial health beyond just this single metric.
How does National Health Investors' Beneish M-Score compare to MPT and SBRA?
According to the REITs industry distribution chart, National Health Investors ranks #180 out of 754 companies for Beneish M-Score. This places National Health Investors in the top 24% 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 REITs company?
A good Beneish M-Score depends on the REITs 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 National Health Investors and its competitors. National Health Investors's current Beneish M-Score is -2.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Health Investors stock overvalued right now?
National Health Investors (MEX:NHI) has a current Beneish M-Score of -2.74. The stock's GF Value™ is MXN1,502.86, compared to a current price of MXN1,484.43 — trading 1.2% below its estimated fair value. The current Beneish M-Score is -2.74. National Health Investors' overall GF Score™ is 83/100 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 National Health Investors (MEX:NHI), the current Beneish M-Score is -2.74 as of Jul. 25, 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 National Health Investors (MEX:NHI) Overvalued in 2026?
Based on GuruFocus' analysis, National Health Investors stock appears to be undervalued.
The current stock price of MXN1,484.43 is trading 1.2% below its estimated GF Value™ of MXN1,502.86.
Key valuation signals for MEX:NHI:
Beneish M-Score: -2.74
GF Value™: MXN1,502.86 vs. price of MXN1,484.43 (1.2% below fair value)
No single metric tells the full story. See the MEX:NHI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Health Investors Inc is a self-managed REIT that owns, leases, operates, and finances the development of senior housing communities and medical facilities. It operates through two segments: Real Estate Investments and Senior Housing Operating Portfolio (SHOP). The Real Estate Investments segment, which generates the majority of revenue, includes real estate leases, mortgages, and other notes receivable related to independent living facilities, assisted living facilities, entrance fee communities, senior living campuses, skilled nursing facilities, and a hospital. The SHOP segment consists of ventures that own and operate independent living facilities. The company's revenues are derived from rental income, interest and other income, and resident fees and services.
83GF Score
Get the complete analysis for MEX:NHI
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