Education Realty Trust Beneish M-Score Historical Data
The historical data trend for Education Realty Trust's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Education Realty Trust Beneish M-Score Chart
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Education Realty Trust Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-0.08 |
-2.86 |
-2.62 |
-1.67 |
-2.47 |
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Education Realty Trust Quarterly Data
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Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
| Beneish M-Score |
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-2.65 |
-2.68 |
-2.47 |
12.52 |
14.22 |
Competitive Comparison of Education Realty Trust's Beneish M-Score
For the REIT - Residential subindustry, Education Realty Trust's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Education Realty Trust's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Education Realty Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Education Realty Trust's Beneish M-Score falls into.
Education Realty Trust Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Education Realty Trust 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 * 1.0094 | + | 0.404 * 42.6861 | + | 0.892 * 1.0904 | + | 0.115 * 0.0418 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2065 | + | 4.679 * -0.018439 | - | 0.327 * 0.9934 |
| = | 14.22 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Jun18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was $0.0 Mil.
Revenue was 76.382 + 90.728 + 95.866 + 75.36 = $338.3 Mil.
Gross Profit was 39.64 + 53.629 + 63.799 + 38.284 = $195.4 Mil.
Total Current Assets was $18.3 Mil.
Total Assets was $3,334.7 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $91.5 Mil.
Selling, General, & Admin. Expense(SGA) was $33.0 Mil.
Total Current Liabilities was $171.7 Mil.
Long-Term Debt & Capital Lease Obligation was $992.0 Mil.
Net Income was 63.414 + 40.958 + 25.378 + -0.155 = $129.6 Mil.
Non Operating Income was 41.148 + -0.058 + 2.327 + -1.14 = $42.3 Mil.
Cash Flow from Operations was 35.617 + 30.962 + 30.562 + 51.664 = $148.8 Mil.
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Total Receivables was $0.0 Mil.
Revenue was 74.042 + 85.798 + 84.224 + 66.225 = $310.3 Mil.
Gross Profit was 38.945 + 51.767 + 56.413 + 33.713 = $180.8 Mil.
Total Current Assets was $558.6 Mil.
Total Assets was $2,802.9 Mil.
Property, Plant and Equipment(Net PPE) was $2,179.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $95.2 Mil.
Selling, General, & Admin. Expense(SGA) was $25.1 Mil.
Total Current Liabilities was $175.4 Mil.
Long-Term Debt & Capital Lease Obligation was $809.2 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (0 / 338.336) | / | (0 / 310.289) |
| = | 0 | / | 0 |
| | = | 1 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (180.838 / 310.289) | / | (195.352 / 338.336) |
| = | 0.582805 | / | 0.577391 |
| | = | 1.0094 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (18.341 + 0) / 3334.679) | / | (1 - (558.58 + 2179.06) / 2802.943) |
| = | 0.9945 | / | 0.023298 |
| | = | 42.6861 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 338.336 | / | 310.289 |
| | = | 1.0904 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (95.157 / (95.157 + 2179.06)) | / | (91.528 / (91.528 + 0)) |
| = | 0.041842 | / | 1 |
| | = | 0.0418 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (32.965 / 338.336) | / | (25.059 / 310.289) |
| = | 0.097433 | / | 0.08076 |
| | = | 1.2065 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((992 + 171.658) / 3334.679) | / | ((809.205 + 175.379) / 2802.943) |
| = | 0.348957 | / | 0.351268 |
| | = | 0.9934 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (129.595 - 42.277 | - | 148.805) | / | 3334.679 |
| | = | -0.018439 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Education Realty Trust has a M-score of 14.22 signals that the company is likely to be a manipulator.
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