F

LTC Properties, Inc. — Earnings Quality Grade F

LTC · Real Estate

Major red flags

Revenue
$263M
2025
Net Income
$118M
2025
Gross Margin
75.3%
Free Cash Flow
$136M
01

Screening Summary

13
Passed
2
Watch
1
Failed
-2.33
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 29 days, change -8 days YoY

A2AR vs Revenue Growth

AR growth -2.0% vs revenue growth 25.3%

A3Revenue vs CFFO

Revenue 25.3%, CFFO 8.0%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

Insufficient data

B3SG&A Ratio

SG&A/Gross Profit = 15.7%, excellent (<30%)

!
B4Gross Margin

Gross margin swung -18.5pp (93.8% → 75.3%)

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.15. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 1.15

C3Accruals Ratio

Accruals ratio = -0.9%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 2% of debt $0.8B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 1% of equity. Manageable

!
D2Leverage

Debt/EBITDA = 4.3x (>4x). Financial stress

D3Soft Asset Growth

Insufficient data

D4Asset Impairment

Write-offs normal

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -10% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.33 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.33
-4.0 Clean-2.22 Grey-1.78 Danger0
0.783
DSRI
AR growing faster than revenue?
1.246
GMI
Gross margin declining?
1.099
AQI
Asset quality deteriorating?
1.253
SGI
Revenue growth rate
0.993
DEPI
Depreciation slowing?
0.912
SGAI
SG&A ratio changing?
-0.0087
TATA
Accruals level
1.063
LVGI
Leverage increasing?

Altman Z-Score — Not Applicable

LTC Properties, Inc. is a financial company. Z-Score is designed for non-financial companies.

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25