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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 5.84. The lowest was -646.69. And the median was -2.51.
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 * 1.4848||+||0.528 * 0.9919||+||0.404 * 0.9129||+||0.892 * 1.04||+||0.115 * 0.9754|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9328||+||4.679 * -0.0177||-||0.327 * 1.015|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $74 Mil.|
Revenue was 665.985 + 624.24 + 629.884 + 618.221 = $2,538 Mil.
Gross Profit was 439.179 + 399.71 + 401.963 + 395.262 = $1,636 Mil.
Total Current Assets was $2,540 Mil.
Total Assets was $19,176 Mil.
Property, Plant and Equipment(Net PPE) was $15,569 Mil.
Depreciation, Depletion and Amortization(DDA) was $645 Mil.
Selling, General & Admin. Expense(SGA) was $98 Mil.
Total Current Liabilities was $587 Mil.
Long-Term Debt was $10,160 Mil.
Net Income was 184.365 + 140.55 + 186.729 + 82.078 = $594 Mil.
Non Operating Income was 2.05 + -19.336 + 1.132 + 3.054 = $-13 Mil.
Cash Flow from Operations was 348.98 + 190.533 + 165.802 + 241.63 = $947 Mil.
|Accounts Receivable was $48 Mil.
Revenue was 618.476 + 613.707 + 618.803 + 589.794 = $2,441 Mil.
Gross Profit was 389.55 + 395.091 + 396.039 + 379.833 = $1,561 Mil.
Total Current Assets was $2,435 Mil.
Total Assets was $19,179 Mil.
Property, Plant and Equipment(Net PPE) was $15,575 Mil.
Depreciation, Depletion and Amortization(DDA) was $629 Mil.
Selling, General & Admin. Expense(SGA) was $101 Mil.
Total Current Liabilities was $524 Mil.
Long-Term Debt was $10,067 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)|
|=||(73.759 / 2538.33)||/||(47.768 / 2440.78)|
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)|
|=||(1560.513 / 2440.78)||/||(1636.114 / 2538.33)|
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 - (2539.727 + 15569.424) / 19175.83)||/||(1 - (2434.992 + 15575.438) / 19179.071)|
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))|
|=||(628.526 / (628.526 + 15575.438))||/||(644.767 / (644.767 + 15569.424))|
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)|
|=||(97.838 / 2538.33)||/||(100.853 / 2440.78)|
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)|
|=||((10160.366 + 587.384) / 19175.83)||/||((10066.696 + 523.512) / 19179.071)|
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|
|=||(593.722 - -13.1||-||946.945)||/||19175.83|
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 -2.12 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