Welltower Beneish M-Score Historical Data
The historical data trend for Welltower'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.
Welltower Beneish M-Score Chart
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Welltower Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.53 |
-2.01 |
-2.50 |
-2.44 |
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Welltower 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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-2.50 |
-2.47 |
-2.55 |
-2.55 |
-2.44 |
Competitive Comparison of Welltower's Beneish M-Score
For the REIT - Healthcare Facilities subindustry, Welltower'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.
Welltower's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Welltower's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Welltower's Beneish M-Score falls into.
Welltower 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 Welltower 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 * 1.0566 | + | 0.528 * 0.9691 | + | 0.404 * 0.9677 | + | 0.892 * 1.1326 | + | 0.115 * 1.0007 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0514 | + | 4.679 * -0.025435 | - | 0.327 * 0.919 |
| = | -2.44 |
* 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 $2,817 Mil.
Revenue was 1749.775 + 1662.013 + 1665.478 + 1560.729 = $6,638 Mil.
Gross Profit was 713.697 + 666.74 + 706.806 + 602.976 = $2,690 Mil.
Total Current Assets was $4,893 Mil.
Total Assets was $44,012 Mil.
Property, Plant and Equipment(Net PPE) was $351 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,443 Mil.
Selling, General, & Admin. Expense(SGA) was $179 Mil.
Total Current Liabilities was $1,100 Mil.
Long-Term Debt & Capital Lease Obligation was $16,119 Mil.
Net Income was 83.911 + 127.47 + 103.04 + 25.673 = $340 Mil.
Non Operating Income was -44.086 + -48.494 + -13.436 + -36.309 = $-142 Mil.
Cash Flow from Operations was 370.502 + 439.056 + 416.245 + 376.058 = $1,602 Mil.
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Total Receivables was $2,354 Mil.
Revenue was 1518.531 + 1473.844 + 1472.536 + 1395.704 = $5,861 Mil.
Gross Profit was 579.693 + 561.664 + 618.453 + 542.035 = $2,302 Mil.
Total Current Assets was $3,076 Mil.
Total Assets was $37,893 Mil.
Property, Plant and Equipment(Net PPE) was $324 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,337 Mil.
Selling, General, & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $1,168 Mil.
Long-Term Debt & Capital Lease Obligation was $14,964 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) |
| = | (2816.905 / 6637.995) | / | (2353.855 / 5860.615) |
| = | 0.424361 | / | 0.40164 |
| | = | 1.0566 |
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) |
| = | (2301.845 / 5860.615) | / | (2690.219 / 6637.995) |
| = | 0.392765 | / | 0.405276 |
| | = | 0.9691 |
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 - (4892.988 + 350.969) / 44012.166) | / | (1 - (3076.147 + 323.942) / 37893.233) |
| = | 0.880852 | / | 0.910272 |
| | = | 0.9677 |
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 |
| = | 6637.995 | / | 5860.615 |
| | = | 1.1326 |
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)) |
| = | (1336.909 / (1336.909 + 323.942)) | / | (1443.217 / (1443.217 + 350.969)) |
| = | 0.804954 | / | 0.804385 |
| | = | 1.0007 |
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) |
| = | (179.091 / 6637.995) | / | (150.39 / 5860.615) |
| = | 0.02698 | / | 0.025661 |
| | = | 1.0514 |
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) |
| = | ((16118.779 + 1099.922) / 44012.166) | / | ((14963.912 + 1168.092) / 37893.233) |
| = | 0.391226 | / | 0.425723 |
| | = | 0.919 |
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 |
| = | (340.094 - -142.325 | - | 1601.861) | / | 44012.166 |
| | = | -0.025435 |
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.
Welltower has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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