Federal Realty Investment Trust Beneish M-Score Historical Data
The historical data trend for Federal Realty Investment 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.
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Federal Realty Investment Trust Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.60 |
-2.71 |
-2.49 |
-2.67 |
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Federal Realty Investment Trust Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.58 |
-2.62 |
-2.64 |
-2.67 |
Competitive Comparison
For the REIT - Retail subindustry, Federal Realty Investment 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.
Federal Realty Investment Trust Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Federal Realty Investment Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Federal Realty Investment Trust's Beneish M-Score falls into.
Federal Realty Investment 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 Federal Realty Investment 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 * 0.9665 | + | 0.528 * 0.9833 | + | 0.404 * 0.986 | + | 0.892 * 1.0538 | + | 0.115 * 0.8828 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9142 | + | 4.679 * -0.039423 | - | 0.327 * 1.0171 |
| = | -2.67 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $211 Mil.
Revenue was 291.812 + 286.604 + 280.679 + 273.059 = $1,132 Mil.
Gross Profit was 196.119 + 194.964 + 192.688 + 185.288 = $769 Mil.
Total Current Assets was $462 Mil.
Total Assets was $8,437 Mil.
Property, Plant and Equipment(Net PPE) was $94 Mil.
Depreciation, Depletion and Amortization(DDA) was $322 Mil.
Selling, General, & Admin. Expense(SGA) was $51 Mil.
Total Current Liabilities was $298 Mil.
Long-Term Debt & Capital Lease Obligation was $4,688 Mil.
Net Income was 64.103 + 57.048 + 60.499 + 55.335 = $237 Mil.
Non Operating Income was 8.554 + 1.313 + 1.665 + 2.218 = $14 Mil.
Cash Flow from Operations was 112.615 + 150.939 + 149.269 + 143.007 = $556 Mil.
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Total Receivables was $207 Mil.
Revenue was 280.057 + 273.451 + 264.099 + 256.771 = $1,074 Mil.
Gross Profit was 184.092 + 181.839 + 181.665 + 170 = $718 Mil.
Total Current Assets was $293 Mil.
Total Assets was $8,234 Mil.
Property, Plant and Equipment(Net PPE) was $140 Mil.
Depreciation, Depletion and Amortization(DDA) was $302 Mil.
Selling, General, & Admin. Expense(SGA) was $53 Mil.
Total Current Liabilities was $309 Mil.
Long-Term Debt & Capital Lease Obligation was $4,475 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) |
| = | (210.929 / 1132.154) | / | (207.104 / 1074.378) |
| = | 0.186308 | / | 0.192766 |
| | = | 0.9665 |
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) |
| = | (717.596 / 1074.378) | / | (769.059 / 1132.154) |
| = | 0.667918 | / | 0.679288 |
| | = | 0.9833 |
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 - (461.754 + 93.843) / 8436.512) | / | (1 - (292.662 + 140.036) / 8233.991) |
| = | 0.934144 | / | 0.94745 |
| | = | 0.986 |
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 |
| = | 1132.154 | / | 1074.378 |
| | = | 1.0538 |
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)) |
| = | (302.409 / (302.409 + 140.036)) | / | (321.763 / (321.763 + 93.843)) |
| = | 0.683495 | / | 0.774202 |
| | = | 0.8828 |
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) |
| = | (50.707 / 1132.154) | / | (52.636 / 1074.378) |
| = | 0.044788 | / | 0.048992 |
| | = | 0.9142 |
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) |
| = | ((4687.717 + 297.83) / 8436.512) | / | ((4474.796 + 309.111) / 8233.991) |
| = | 0.590949 | / | 0.580995 |
| | = | 1.0171 |
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 |
| = | (236.985 - 13.75 | - | 555.83) | / | 8436.512 |
| | = | -0.039423 |
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.
Federal Realty Investment Trust has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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