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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 Boston Properties Inc was -1.51. The lowest was -3.00. And the median was -2.45.
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 * 2.0212||+||0.528 * 1.0038||+||0.404 * 1.0489||+||0.892 * 1.0391||+||0.115 * 0.9755|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9199||+||4.679 * -0.0118||-||0.327 * 0.9499|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $98 Mil.|
Revenue was 624.24 + 629.884 + 618.221 + 618.476 = $2,491 Mil.
Gross Profit was 399.71 + 401.963 + 395.262 + 389.55 = $1,586 Mil.
Total Current Assets was $1,671 Mil.
Total Assets was $18,379 Mil.
Property, Plant and Equipment(Net PPE) was $15,556 Mil.
Depreciation, Depletion and Amortization(DDA) was $640 Mil.
Selling, General & Admin. Expense(SGA) was $98 Mil.
Total Current Liabilities was $792 Mil.
Long-Term Debt was $9,037 Mil.
Net Income was 140.55 + 186.729 + 82.078 + 173.771 = $583 Mil.
Non Operating Income was -19.336 + 1.132 + 3.054 + 15.227 = $0 Mil.
Cash Flow from Operations was 190.533 + 165.802 + 241.63 + 201.446 = $799 Mil.
|Accounts Receivable was $47 Mil.
Revenue was 613.707 + 618.803 + 589.794 + 574.694 = $2,397 Mil.
Gross Profit was 395.091 + 396.039 + 379.833 + 361.509 = $1,532 Mil.
Total Current Assets was $3,008 Mil.
Total Assets was $19,887 Mil.
Property, Plant and Equipment(Net PPE) was $15,689 Mil.
Depreciation, Depletion and Amortization(DDA) was $629 Mil.
Selling, General & Admin. Expense(SGA) was $102 Mil.
Total Current Liabilities was $1,289 Mil.
Long-Term Debt was $9,907 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)|
|=||(97.865 / 2490.821)||/||(46.595 / 2396.998)|
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)|
|=||(401.963 / 2396.998)||/||(399.71 / 2490.821)|
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 - (1670.636 + 15555.641) / 18379.456)||/||(1 - (3008.453 + 15688.744) / 19886.767)|
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))|
|=||(628.573 / (628.573 + 15688.744))||/||(639.542 / (639.542 + 15555.641))|
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)|
|=||(97.578 / 2490.821)||/||(102.077 / 2396.998)|
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)|
|=||((9036.513 + 792.415) / 18379.456)||/||((9906.984 + 1289.267) / 19886.767)|
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|
|=||(583.128 - 0.077||-||799.411)||/||18379.456|
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 -1.51 signals that the company is likely to 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