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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 -3.33 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Boston Properties Inc was 5.84. The lowest was -3.48. And the median was -2.54.
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 * 0.0688||+||0.528 * 0.9983||+||0.404 * 0.7407||+||0.892 * 1.1835||+||0.115 * 1.0049|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8004||+||4.679 * -0.0192||-||0.327 * 0.9823|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $38 Mil.|
Revenue was 574.694 + 568.705 + 574.082 + 515.32 = $2,233 Mil.
Gross Profit was 361.509 + 365.473 + 367.152 + 328.148 = $1,422 Mil.
Total Current Assets was $1,951 Mil.
Total Assets was $18,980 Mil.
Property, Plant and Equipment(Net PPE) was $15,861 Mil.
Depreciation, Depletion and Amortization(DDA) was $598 Mil.
Selling, General & Admin. Expense(SGA) was $97 Mil.
Total Current Liabilities was $511 Mil.
Long-Term Debt was $10,577 Mil.
Net Income was 56.623 + 91.539 + 155.324 + 455.035 = $759 Mil.
Non Operating Income was 3.102 + 3.873 + 13.852 + 436.917 = $458 Mil.
Cash Flow from Operations was 124.209 + 227.505 + 215.583 + 97.409 = $665 Mil.
|Accounts Receivable was $464 Mil.
Revenue was 477.826 + 470.738 + 466.68 + 471.349 = $1,887 Mil.
Gross Profit was 301.72 + 300.38 + 294.101 + 303.561 = $1,200 Mil.
Total Current Assets was $2,055 Mil.
Total Assets was $15,623 Mil.
Property, Plant and Equipment(Net PPE) was $12,271 Mil.
Depreciation, Depletion and Amortization(DDA) was $465 Mil.
Selling, General & Admin. Expense(SGA) was $102 Mil.
Total Current Liabilities was $421 Mil.
Long-Term Debt was $8,872 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)|
|=||(37.812 / 2232.801)||/||(464.469 / 1886.593)|
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)|
|=||(365.473 / 1886.593)||/||(361.509 / 2232.801)|
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 - (1951.381 + 15860.776) / 18979.568)||/||(1 - (2055.121 + 12270.705) / 15623.279)|
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))|
|=||(465.37 / (465.37 + 12270.705))||/||(598.476 / (598.476 + 15860.776))|
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)|
|=||(97.055 / 2232.801)||/||(102.451 / 1886.593)|
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)|
|=||((10577.135 + 511.478) / 18979.568)||/||((8871.518 + 420.736) / 15623.279)|
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|
|=||(758.521 - 457.744||-||664.706)||/||18979.568|
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 -3.33 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