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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 6 years, the highest Beneish M-Score of Colony Capital Inc was -1.67. The lowest was -2.71. 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 Colony Capital 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||+||0.528 * 1||+||0.404 * 0.5565||+||0.892 * 2.5088||+||0.115 * 0.9401|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.508||+||4.679 * -0.0258||-||0.327 * 1.4318|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $4,048.6 Mil.|
Revenue was 262.978 + 220.904 + 116.612 + 85.597 = $686.1 Mil.
Gross Profit was 262.978 + 220.904 + 116.612 + 85.597 = $686.1 Mil.
Total Current Assets was $4,356.6 Mil.
Total Assets was $9,704.6 Mil.
Property, Plant and Equipment(Net PPE) was $3,042.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $106.7 Mil.
Selling, General & Admin. Expense(SGA) was $249.7 Mil.
Total Current Liabilities was $830.9 Mil.
Long-Term Debt was $3,497.1 Mil.
Net Income was 49.297 + 59.316 + 10.529 + 24.816 = $144.0 Mil.
Non Operating Income was -0.759 + 40.271 + -0.286 + -0.022 = $39.2 Mil.
Cash Flow from Operations was 194.161 + 70.075 + 57.921 + 33.158 = $355.3 Mil.
|Accounts Receivable was $0.0 Mil.
Revenue was 77.282 + 78.563 + 59.207 + 58.42 = $273.5 Mil.
Gross Profit was 77.282 + 78.563 + 59.207 + 58.42 = $273.5 Mil.
Total Current Assets was $2,131.6 Mil.
Total Assets was $3,953.7 Mil.
Property, Plant and Equipment(Net PPE) was $133.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.4 Mil.
Selling, General & Admin. Expense(SGA) was $66.0 Mil.
Total Current Liabilities was $139.6 Mil.
Long-Term Debt was $1,091.8 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)|
|=||(4048.649 / 686.091)||/||(0 / 273.472)|
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)|
|=||(220.904 / 273.472)||/||(262.978 / 686.091)|
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 - (4356.612 + 3042.047) / 9704.61)||/||(1 - (2131.584 + 133.945) / 3953.65)|
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))|
|=||(4.407 / (4.407 + 133.945))||/||(106.689 / (106.689 + 3042.047))|
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)|
|=||(249.695 / 686.091)||/||(66 / 273.472)|
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)|
|=||((3497.062 + 830.896) / 9704.61)||/||((1091.83 + 139.597) / 3953.65)|
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|
|=||(143.958 - 39.204||-||355.315)||/||9704.61|
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.
Colony Capital Inc has a M-score of -1.67 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
Colony Capital Inc Annual Data
Colony Capital Inc Quarterly Data