Boston Properties Beneish M-Score Historical Data
The historical data trend for Boston 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.
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Boston 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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-2.56 |
-2.63 |
-2.57 |
-2.58 |
-2.60 |
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Boston 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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-2.58 |
-2.60 |
-2.62 |
-2.58 |
-2.60 |
Competitive Comparison
For the REIT - Office subindustry, Boston 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.
Boston Properties Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Boston Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Boston Properties's Beneish M-Score falls into.
Boston 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 Boston 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 * 1.0364 | + | 0.528 * 1.0099 | + | 0.404 * 0.9644 | + | 0.892 * 1.0531 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1028 | + | 4.679 * -0.033567 | - | 0.327 * 1.0511 |
| = | -2.60 |
* 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 $1,582 Mil.
Revenue was 828.933 + 824.283 + 817.153 + 803.2 = $3,274 Mil.
Gross Profit was 519.149 + 515.071 + 517.956 + 505.221 = $2,057 Mil.
Total Current Assets was $3,194 Mil.
Total Assets was $26,026 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $833 Mil.
Selling, General, & Admin. Expense(SGA) was $188 Mil.
Total Current Liabilities was $763 Mil.
Long-Term Debt & Capital Lease Obligation was $16,625 Mil.
Net Income was 119.925 + -111.826 + 104.299 + 77.89 = $190 Mil.
Non Operating Income was 22.98 + -248.766 + -5.281 + -6.556 = $-238 Mil.
Cash Flow from Operations was 387.148 + 301.189 + 379.173 + 234.01 = $1,302 Mil.
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Total Receivables was $1,449 Mil.
Revenue was 789.824 + 790.523 + 773.927 + 754.307 = $3,109 Mil.
Gross Profit was 499.913 + 500.273 + 493.635 + 479.212 = $1,973 Mil.
Total Current Assets was $2,186 Mil.
Total Assets was $24,208 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $752 Mil.
Selling, General, & Admin. Expense(SGA) was $162 Mil.
Total Current Liabilities was $692 Mil.
Long-Term Debt & Capital Lease Obligation was $14,694 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) |
| = | (1581.816 / 3273.569) | / | (1449.356 / 3108.581) |
| = | 0.483208 | / | 0.466244 |
| | = | 1.0364 |
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) |
| = | (1973.033 / 3108.581) | / | (2057.397 / 3273.569) |
| = | 0.634705 | / | 0.628487 |
| | = | 1.0099 |
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 - (3194.383 + 0) / 26026.149) | / | (1 - (2186.168 + 0) / 24207.669) |
| = | 0.877263 | / | 0.909691 |
| | = | 0.9644 |
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 |
| = | 3273.569 | / | 3108.581 |
| | = | 1.0531 |
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)) |
| = | (752.202 / (752.202 + 0)) | / | (832.753 / (832.753 + 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) |
| = | (187.929 / 3273.569) | / | (161.828 / 3108.581) |
| = | 0.057408 | / | 0.052058 |
| | = | 1.1028 |
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) |
| = | ((16624.649 + 763.189) / 26026.149) | / | ((14694.357 + 691.962) / 24207.669) |
| = | 0.668091 | / | 0.635597 |
| | = | 1.0511 |
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 |
| = | (190.288 - -237.623 | - | 1301.52) | / | 26026.149 |
| | = | -0.033567 |
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.
Boston Properties has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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