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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Apartment Investment & Management Co was -2.44. The lowest was -36.83. And the median was -2.94.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Apartment Investment & Management Co 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||+||0.528 * 0.9759||+||0.404 * 0.9209||+||0.892 * 1.0166||+||0.115 * 1.0369|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0627||+||4.679 * -0.0416||-||0.327 * 0.9518|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $0.0 Mil.|
Revenue was 246.387 + 244.783 + 244.265 + 242.178 = $977.6 Mil.
Gross Profit was 155.861 + 155.767 + 147.17 + 153.92 = $612.7 Mil.
Total Current Assets was $138.5 Mil.
Total Assets was $6,217.7 Mil.
Property, Plant and Equipment(Net PPE) was $5,580.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $298.3 Mil.
Selling, General & Admin. Expense(SGA) was $46.6 Mil.
Total Current Liabilities was $427.8 Mil.
Long-Term Debt was $3,935.9 Mil.
Net Income was 21.925 + 63.869 + 93.26 + 39.252 = $218.3 Mil.
Non Operating Income was -1.983 + 45.131 + 87.957 + -0.772 = $130.3 Mil.
Cash Flow from Operations was 101.14 + 92.653 + 64.651 + 88.035 = $346.5 Mil.
|Accounts Receivable was $0.0 Mil.
Revenue was 246.843 + 246.418 + 248.924 + 219.483 = $961.7 Mil.
Gross Profit was 150.39 + 150.959 + 148.402 + 138.465 = $588.2 Mil.
Total Current Assets was $195.2 Mil.
Total Assets was $5,937.5 Mil.
Property, Plant and Equipment(Net PPE) was $5,224.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $290.2 Mil.
Selling, General & Admin. Expense(SGA) was $43.1 Mil.
Total Current Liabilities was $415.7 Mil.
Long-Term Debt was $3,962.2 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(0 / 977.613)||/||(0 / 961.668)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(155.767 / 961.668)||/||(155.861 / 977.613)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (138.471 + 5580.271) / 6217.662)||/||(1 - (195.21 + 5224.875) / 5937.463)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(290.155 / (290.155 + 5224.875))||/||(298.284 / (298.284 + 5580.271))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(46.6 / 977.613)||/||(43.136 / 961.668)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((3935.899 + 427.751) / 6217.662)||/||((3962.236 + 415.707) / 5937.463)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(218.306 - 130.333||-||346.479)||/||6217.662|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Apartment Investment & Management Co has a M-score of -2.70 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Apartment Investment & Management Co Annual Data
Apartment Investment & Management Co Quarterly Data