CareTrust REIT Beneish M-Score Historical Data
The historical data trend for CareTrust REIT'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.
CareTrust REIT Beneish M-Score Chart
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CareTrust REIT Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.43 |
-2.91 |
-2.54 |
-3.39 |
-2.61 |
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CareTrust REIT Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.13 |
-3.07 |
-2.96 |
-2.61 |
-2.62 |
Competitive Comparison of CareTrust REIT's Beneish M-Score
For the REIT - Healthcare Facilities subindustry, CareTrust REIT'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.
CareTrust REIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, CareTrust REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CareTrust REIT's Beneish M-Score falls into.
CareTrust REIT 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 CareTrust REIT 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 * 0.8306 | + | 0.528 * 0.9998 | + | 0.404 * 0.8416 | + | 0.892 * 1.0974 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0712 | + | 4.679 * -0.027129 | - | 0.327 * 0.594 |
| = | -2.62 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $0.4 Mil.
Revenue was 53.502 + 53.473 + 51.218 + 47.745 = $205.9 Mil.
Gross Profit was 51.041 + 51.177 + 47.812 + 45.697 = $195.7 Mil.
Total Current Assets was $464.1 Mil.
Total Assets was $2,348.4 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $51.5 Mil.
Selling, General, & Admin. Expense(SGA) was $22.5 Mil.
Total Current Liabilities was $76.5 Mil.
Long-Term Debt & Capital Lease Obligation was $595.9 Mil.
Net Income was 28.746 + 26.296 + 8.696 + -0.484 = $63.3 Mil.
Non Operating Income was -3.345 + -3.16 + -13.483 + -21.515 = $-41.5 Mil.
Cash Flow from Operations was 48.82 + 42.671 + 45.11 + 31.866 = $168.5 Mil.
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Total Receivables was $0.4 Mil.
Revenue was 46.163 + 47.675 + 47.018 + 46.806 = $187.7 Mil.
Gross Profit was 44.32 + 46.012 + 42.519 + 45.463 = $178.3 Mil.
Total Current Assets was $75.5 Mil.
Total Assets was $1,622.2 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $49.0 Mil.
Selling, General, & Admin. Expense(SGA) was $19.1 Mil.
Total Current Liabilities was $187.1 Mil.
Long-Term Debt & Capital Lease Obligation was $594.8 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) |
| = | (0.402 / 205.938) | / | (0.441 / 187.662) |
| = | 0.001952 | / | 0.00235 |
| | = | 0.8306 |
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) |
| = | (178.314 / 187.662) | / | (195.727 / 205.938) |
| = | 0.950187 | / | 0.950417 |
| | = | 0.9998 |
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 - (464.058 + 0) / 2348.436) | / | (1 - (75.508 + 0) / 1622.2) |
| = | 0.802397 | / | 0.953453 |
| | = | 0.8416 |
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 |
| = | 205.938 | / | 187.662 |
| | = | 1.0974 |
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)) |
| = | (49.036 / (49.036 + 0)) | / | (51.508 / (51.508 + 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
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) |
| = | (22.469 / 205.938) | / | (19.114 / 187.662) |
| = | 0.109106 | / | 0.101853 |
| | = | 1.0712 |
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) |
| = | ((595.873 + 76.467) / 2348.436) | / | ((594.773 + 187.108) / 1622.2) |
| = | 0.286293 | / | 0.481988 |
| | = | 0.594 |
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 |
| = | (63.254 - -41.503 | - | 168.467) | / | 2348.436 |
| | = | -0.027129 |
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.
CareTrust REIT has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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