MTGE Investment Beneish M-Score Historical Data
The historical data trend for MTGE Investment'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.
MTGE Investment Beneish M-Score Chart
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MTGE Investment Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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- |
- |
- |
- |
-3.92 |
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MTGE Investment Quarterly Data
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Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
| Beneish M-Score |
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36.35 |
-4.41 |
-3.92 |
-4.87 |
-3.57 |
Competitive Comparison of MTGE Investment's Beneish M-Score
For the REIT - Diversified subindustry, MTGE Investment'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.
MTGE Investment's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, MTGE Investment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MTGE Investment's Beneish M-Score falls into.
MTGE Investment 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 MTGE Investment 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 * 0.6361 | + | 0.528 * -0.1693 | + | 0.404 * 1.0021 | + | 0.892 * 1.4599 | + | 0.115 * 0.3416 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7597 | + | 4.679 * -0.003249 | - | 0.327 * 0.7415 |
| = | -2.99 |
* 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 (Jun18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was $906.00 Mil.
Revenue was 8.411 + 7.76 + 7.843 + 7.675 = $31.69 Mil.
Gross Profit was 1.84 + 1.965 + 1.941 + 0.808 = $6.55 Mil.
Total Current Assets was $1,074.02 Mil.
Total Assets was $5,659.16 Mil.
Property, Plant and Equipment(Net PPE) was $280.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.79 Mil.
Selling, General, & Admin. Expense(SGA) was $23.29 Mil.
Total Current Liabilities was $73.50 Mil.
Long-Term Debt & Capital Lease Obligation was $201.81 Mil.
Net Income was 7.961 + -21.362 + 30.067 + 49.85 = $66.52 Mil.
Non Operating Income was -5.215 + -40.942 + 10.063 + 32.923 = $-3.17 Mil.
Cash Flow from Operations was 19.266 + 25.895 + 24.691 + 18.222 = $88.07 Mil.
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Total Receivables was $975.69 Mil.
Revenue was 5.754 + 3.315 + 6.31 + 6.328 = $21.71 Mil.
Gross Profit was 1.381 + 0.662 + -0.663 + -2.14 = $-0.76 Mil.
Total Current Assets was $1,187.17 Mil.
Total Assets was $6,010.90 Mil.
Property, Plant and Equipment(Net PPE) was $260.80 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.74 Mil.
Selling, General, & Admin. Expense(SGA) was $21.00 Mil.
Total Current Liabilities was $207.45 Mil.
Long-Term Debt & Capital Lease Obligation was $186.92 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) |
| = | (905.996 / 31.689) | / | (975.691 / 21.707) |
| = | 28.590236 | / | 44.948219 |
| | = | 0.6361 |
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) |
| = | (-0.76 / 21.707) | / | (6.554 / 31.689) |
| = | -0.035012 | / | 0.206823 |
| | = | -0.1693 |
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 - (1074.017 + 280.137) / 5659.156) | / | (1 - (1187.174 + 260.8) / 6010.901) |
| = | 0.760714 | / | 0.759109 |
| | = | 1.0021 |
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 |
| = | 31.689 | / | 21.707 |
| | = | 1.4599 |
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)) |
| = | (2.737 / (2.737 + 260.8)) | / | (8.785 / (8.785 + 280.137)) |
| = | 0.010386 | / | 0.030406 |
| | = | 0.3416 |
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) |
| = | (23.285 / 31.689) | / | (20.996 / 21.707) |
| = | 0.734798 | / | 0.967246 |
| | = | 0.7597 |
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) |
| = | ((201.812 + 73.496) / 5659.156) | / | ((186.924 + 207.451) / 6010.901) |
| = | 0.048648 | / | 0.06561 |
| | = | 0.7415 |
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 |
| = | (66.516 - -3.171 | - | 88.074) | / | 5659.156 |
| | = | -0.003249 |
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.
MTGE Investment has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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