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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.
Boston Properties Inc has a M-score of -3.42 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Boston Properties Inc was 2.26. The lowest was -3.42. And the median was -2.53.
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 Boston Properties Inc 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 * 0.1126||+||0.528 * 0.9996||+||0.404 * 0.6845||+||0.892 * 1.1558||+||0.115 * 1.0598|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1344||+||4.679 * -0.0244||-||0.327 * 1.0074|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $59 Mil.|
Revenue was 568.705 + 574.082 + 515.32 + 483.014 = $2,141 Mil.
Gross Profit was 365.473 + 367.152 + 328.148 + 303.35 = $1,364 Mil.
Total Current Assets was $3,150 Mil.
Total Assets was $20,162 Mil.
Property, Plant and Equipment(Net PPE) was $15,817 Mil.
Depreciation, Depletion and Amortization(DDA) was $565 Mil.
Selling, General & Admin. Expense(SGA) was $110 Mil.
Total Current Liabilities was $867 Mil.
Long-Term Debt was $11,342 Mil.
Net Income was 91.539 + 155.324 + 455.035 + 48 = $750 Mil.
Non Operating Income was 3.873 + 13.852 + 436.917 + 9.456 = $464 Mil.
Cash Flow from Operations was 227.505 + 215.583 + 97.409 + 237.429 = $778 Mil.
|Accounts Receivable was $457 Mil.
Revenue was 470.738 + 466.68 + 471.349 + 443.693 = $1,852 Mil.
Gross Profit was 300.38 + 294.101 + 303.561 + 281.752 = $1,180 Mil.
Total Current Assets was $2,164 Mil.
Total Assets was $15,462 Mil.
Property, Plant and Equipment(Net PPE) was $11,959 Mil.
Depreciation, Depletion and Amortization(DDA) was $454 Mil.
Selling, General & Admin. Expense(SGA) was $84 Mil.
Total Current Liabilities was $382 Mil.
Long-Term Debt was $8,912 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)|
|=||(59.464 / 2141.121)||/||(456.862 / 1852.46)|
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)|
|=||(367.152 / 1852.46)||/||(365.473 / 2141.121)|
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 - (3150.046 + 15817.194) / 20162.251)||/||(1 - (2164.392 + 11959.168) / 15462.321)|
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))|
|=||(454.044 / (454.044 + 11959.168))||/||(565.397 / (565.397 + 15817.194))|
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)|
|=||(110.284 / 2141.121)||/||(84.111 / 1852.46)|
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)|
|=||((11341.508 + 867.235) / 20162.251)||/||((8912.369 + 382.051) / 15462.321)|
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|
|=||(749.898 - 464.098||-||777.926)||/||20162.251|
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.
Boston Properties Inc has a M-score of -3.42 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
Boston Properties Inc Annual Data
Boston Properties Inc Quarterly Data