Trulieve Cannabis Beneish M-Score Historical Data
The historical data trend for Trulieve Cannabis'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.
Trulieve Cannabis Beneish M-Score Chart
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Trulieve Cannabis Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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0.70 |
-1.05 |
4.88 |
-3.17 |
-2.39 |
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Trulieve Cannabis 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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-3.17 |
-3.22 |
-3.35 |
-3.47 |
-2.39 |
Competitive Comparison of Trulieve Cannabis's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Trulieve Cannabis'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.
Trulieve Cannabis's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Trulieve Cannabis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Trulieve Cannabis's Beneish M-Score falls into.
Trulieve Cannabis 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 Trulieve Cannabis 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 * 1.9338 | + | 0.528 * 1.0839 | + | 0.404 * 0.9347 | + | 0.892 * 0.9246 | + | 0.115 * 0.9446 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.935 | + | 4.679 * -0.146288 | - | 0.327 * 0.9557 |
| = | -2.34 |
* 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 $13 Mil.
Revenue was 286.974 + 275.21 + 281.795 + 289.089 = $1,133 Mil.
Gross Profit was 153.853 + 142.946 + 141.607 + 149.938 = $588 Mil.
Total Current Assets was $477 Mil.
Total Assets was $2,729 Mil.
Property, Plant and Equipment(Net PPE) was $831 Mil.
Depreciation, Depletion and Amortization(DDA) was $181 Mil.
Selling, General, & Admin. Expense(SGA) was $388 Mil.
Total Current Liabilities was $115 Mil.
Long-Term Debt & Capital Lease Obligation was $770 Mil.
Net Income was -33.431 + -25.392 + -403.849 + -64.124 = $-527 Mil.
Non Operating Income was -7.063 + 12.423 + -308.924 + -25.845 = $-329 Mil.
Cash Flow from Operations was 131.464 + 93.439 + -23.472 + 0.41 = $202 Mil.
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Total Receivables was $7 Mil.
Revenue was 298.476 + 295.353 + 313.839 + 317.747 = $1,225 Mil.
Gross Profit was 157.11 + 168.712 + 183.373 + 180.456 = $690 Mil.
Total Current Assets was $594 Mil.
Total Assets was $3,400 Mil.
Property, Plant and Equipment(Net PPE) was $913 Mil.
Depreciation, Depletion and Amortization(DDA) was $186 Mil.
Selling, General, & Admin. Expense(SGA) was $449 Mil.
Total Current Liabilities was $210 Mil.
Long-Term Debt & Capital Lease Obligation was $943 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) |
| = | (12.936 / 1133.068) | / | (7.235 / 1225.415) |
| = | 0.011417 | / | 0.005904 |
| | = | 1.9338 |
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) |
| = | (689.651 / 1225.415) | / | (588.344 / 1133.068) |
| = | 0.56279 | / | 0.519249 |
| | = | 1.0839 |
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 - (477.348 + 830.799) / 2729.055) | / | (1 - (593.543 + 912.681) / 3400.405) |
| = | 0.520659 | / | 0.557046 |
| | = | 0.9347 |
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 |
| = | 1133.068 | / | 1225.415 |
| | = | 0.9246 |
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)) |
| = | (185.569 / (185.569 + 912.681)) | / | (180.99 / (180.99 + 830.799)) |
| = | 0.168968 | / | 0.178881 |
| | = | 0.9446 |
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) |
| = | (387.812 / 1133.068) | / | (448.554 / 1225.415) |
| = | 0.342267 | / | 0.366043 |
| | = | 0.935 |
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) |
| = | ((769.64 + 114.849) / 2729.055) | / | ((942.854 + 210.295) / 3400.405) |
| = | 0.324101 | / | 0.339121 |
| | = | 0.9557 |
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 |
| = | (-526.796 - -329.409 | - | 201.841) | / | 2729.055 |
| | = | -0.146288 |
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.
Trulieve Cannabis has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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