EPR Properties Beneish M-Score Historical Data
The historical data trend for EPR Properties'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.
EPR Properties Beneish M-Score Chart
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EPR Properties Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.74 |
-2.43 |
-2.56 |
-2.55 |
-2.46 |
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EPR Properties 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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-2.55 |
-2.49 |
-2.50 |
-2.52 |
-2.46 |
Competitive Comparison of EPR Properties's Beneish M-Score
For the REIT - Specialty subindustry, EPR Properties'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.
EPR Properties's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, EPR Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EPR Properties's Beneish M-Score falls into.
EPR Properties 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 EPR Properties 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 * 1.1483 | + | 0.528 * 0.995 | + | 0.404 * 0.984 | + | 0.892 * 1.0804 | + | 0.115 * 0.9477 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0129 | + | 4.679 * -0.034313 | - | 0.327 * 1.0176 |
| = | -2.46 |
* 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 $637.3 Mil.
Revenue was 159.913 + 174.962 + 162.783 + 162.063 = $659.7 Mil.
Gross Profit was 145.154 + 160.37 + 148.811 + 147.908 = $602.2 Mil.
Total Current Assets was $741.0 Mil.
Total Assets was $5,700.9 Mil.
Property, Plant and Equipment(Net PPE) was $186.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $167.5 Mil.
Selling, General, & Admin. Expense(SGA) was $56.4 Mil.
Total Current Liabilities was $203.7 Mil.
Long-Term Debt & Capital Lease Obligation was $3,043.1 Mil.
Net Income was 45.529 + 56.26 + 13.6 + 57.657 = $173.0 Mil.
Non Operating Income was -11.408 + -18.651 + -45.558 + -2.815 = $-78.4 Mil.
Cash Flow from Operations was 77.002 + 149.204 + 99.358 + 121.53 = $447.1 Mil.
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Total Receivables was $513.7 Mil.
Revenue was 161.947 + 150.05 + 150.485 + 148.167 = $610.6 Mil.
Gross Profit was 148.2 + 135.343 + 136.893 + 134.228 = $554.7 Mil.
Total Current Assets was $657.8 Mil.
Total Assets was $5,758.7 Mil.
Property, Plant and Equipment(Net PPE) was $201.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $163.3 Mil.
Selling, General, & Admin. Expense(SGA) was $51.6 Mil.
Total Current Liabilities was $171.5 Mil.
Long-Term Debt & Capital Lease Obligation was $3,051.5 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) |
| = | (637.302 / 659.721) | / | (513.727 / 610.649) |
| = | 0.966017 | / | 0.84128 |
| | = | 1.1483 |
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) |
| = | (554.664 / 610.649) | / | (602.243 / 659.721) |
| = | 0.908319 | / | 0.912875 |
| | = | 0.995 |
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 - (741.001 + 186.628) / 5700.885) | / | (1 - (657.797 + 200.985) / 5758.701) |
| = | 0.837283 | / | 0.850872 |
| | = | 0.984 |
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 |
| = | 659.721 | / | 610.649 |
| | = | 1.0804 |
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)) |
| = | (163.297 / (163.297 + 200.985)) | / | (167.498 / (167.498 + 186.628)) |
| = | 0.448271 | / | 0.47299 |
| | = | 0.9477 |
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) |
| = | (56.442 / 659.721) | / | (51.579 / 610.649) |
| = | 0.085554 | / | 0.084466 |
| | = | 1.0129 |
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) |
| = | ((3043.056 + 203.674) / 5700.885) | / | ((3051.518 + 171.464) / 5758.701) |
| = | 0.569513 | / | 0.559672 |
| | = | 1.0176 |
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 |
| = | (173.046 - -78.432 | - | 447.094) | / | 5700.885 |
| | = | -0.034313 |
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.
EPR Properties has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
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