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Invesco Mortgage Capital Beneish M-Score

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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.

The historical rank and industry rank for Invesco Mortgage Capital's Beneish M-Score or its related term are showing as below:

During the past 12 years, the highest Beneish M-Score of Invesco Mortgage Capital was 98.75. The lowest was -33.95. And the median was -2.25.


Invesco Mortgage Capital Beneish M-Score Historical Data

The historical data trend for Invesco Mortgage Capital'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.

* Premium members only.

Invesco Mortgage Capital Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.49 -2.01 -3.64 -1.89 -

Invesco Mortgage Capital Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -33.95 -15.86 - - -

Competitive Comparison

For the REIT - Mortgage subindustry, Invesco Mortgage Capital'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.

   

Invesco Mortgage Capital Beneish M-Score Distribution

For the REITs industry and Real Estate sector, Invesco Mortgage Capital's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Invesco Mortgage Capital's Beneish M-Score falls into.



Invesco Mortgage Capital 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 Invesco Mortgage Capital 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun21) TTM:Last Year (Jun20) TTM:
Accounts Receivable was $ Mil.
Revenue was + + + = $ Mil.
Gross Profit was + + + = $ Mil.
Total Current Assets was $ Mil.
Total Assets was $ Mil.
Property, Plant and Equipment(Net PPE) was $ Mil.
Depreciation, Depletion and Amortization(DDA) was $ Mil.
Selling, General, & Admin. Expense(SGA) was $ Mil.
Total Current Liabilities was $ Mil.
Long-Term Debt & Capital Lease Obligation was $ Mil.
Net Income was + + + = $ Mil.
Non Operating Income was + + + = $ Mil.
Cash Flow from Operations was + + + = $ Mil.
Accounts Receivable was $ Mil.
Revenue was -278.985 + -1597.5 + 129.956 + 99.202 = $ Mil.
Gross Profit was + + + = $ Mil.
Total Current Assets was $ Mil.
Total Assets was $ Mil.
Property, Plant and Equipment(Net PPE) was $ Mil.
Depreciation, Depletion and Amortization(DDA) was $ Mil.
Selling, General, & Admin. Expense(SGA) was $ Mil.
Total Current Liabilities was $ Mil.
Long-Term Debt & Capital Lease Obligation was $ Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=( / ) / ( / -1647.327)
= /
=

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)
=( / -1647.327) / ( / )
= /
=

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

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
= / -1647.327
=

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))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=

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)
=( / ) / ( / -1647.327)
= /
=

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)
=(( + ) / ) / (( + ) / )
= /
=

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
=( - - ) /
=

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.


Invesco Mortgage Capital Beneish M-Score Related Terms

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Invesco Mortgage Capital Business Description

Invesco Mortgage Capital logo
Industry
Real Estate » REITs NAICS : 531190 SIC : 6798
Address
1555 Peachtree Street, N.E., Suite 1800, Two Peachtree Pointe, Atlanta, GA, USA, 30309
Invesco Mortgage Capital Inc is an REIT that invests, finances, and manages residential and commercial mortgage-backed securities and mortgage loans. The company's portfolio consists of residential mortgage-backed securities for which a U.S. government agency or a federally chartered corporation guarantees payment of principal and interest, or Agency RMBS; residential mortgage-backed securities that are not issued or guaranteed by an agency, or nonagency RMBS; commercial mortgage-backed securities, or CMBS; and residential and commercial mortgage loans. The asset manager for the company is Invesco Advisers, a subsidiary of Invesco.
Executives
Hardin Edward J director 5430 LBJ FREEWAY SUIT 1700 DALLAS TX 75240
Lockhart Dennis P director 100 GOLF ROAD GOLF IL 60029
Handlon Carolyn B director 1555 PEACHTREE ST. NE, SUITE 1800 ATLANTA GA 30309
Day John director 1520 OLD TROLLEY ROAD SUMMERVILLE SC 29485
Lientz James R Jr director GEORGIA POSER CO BIN 10240 241 RALPH MCGILL BLVD ATLANTA GA 30308
Starr Loren M director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: STARR LOREN M a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Lyle David B officer: Chief Operating Officer 1555 PEACHTREE ST. NE SUITE 1800 ATLANTA GA 30309
Collins Kevin M officer: President 1555 PEACHTREE STREET NE SUITE 1800 ATLANTA GA 30309
Clemente Mario other: Officer of Manager 1555 PEACHTREE STREET, NE, SUITE 1800 ATLANTA GA 30309
Norris Brian officer: CIO 1555 PEACHTREE STREET, NE, SUITE 1800 ATLANTA GA 30309
Phegley Richard Lee Jr. officer: Chief Financial Officer 1555 PEACHTREE ST. NE SUITE 1800 ATLANTA GA 30309
Anzalone John officer: CEO INVESCO LTD. 1555 PEACHTREE STREET NE ATLANTA GA 30309
Perlis Roseann officer: Chief Accounting Officer 1555 PEACHTREE ST. NE SUITE 1800 ATLANTA GA 30309
Morris Sheri officer: Chief Investment Officer INVESCO LTD., 1555 PEACHTREE STREET NE SUITE 100 ATLANTA GA 30309
Marshall Jason officer: Chief Investment Officer 1555 PEACHTREE STREET, NE, SUITE 1800 ATLANTA GA 30309

Invesco Mortgage Capital Headlines

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