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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Invitation Homes's Beneish M-Score or its related term are showing as below:
During the past 10 years, the highest Beneish M-Score of Invitation Homes was -1.21. The lowest was -2.79. And the median was -2.43.
The historical data trend for Invitation Homes'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.
Invitation Homes Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.79 | -2.24 | -2.62 | -2.24 | -2.57 |
Invitation Homes Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.12 | -2.14 | -2.29 | -2.57 | -2.54 |
For the REIT - Residential subindustry, Invitation Homes'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.
For the REITs industry and Real Estate sector, Invitation Homes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Invitation Homes's Beneish M-Score falls into.
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 Invitation Homes 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 * 1.0708 | + | 0.528 * 1.018 | + | 0.404 * 0.9776 | + | 0.892 * 1.084 | + | 0.115 * 1.0035 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1037 | + | 4.679 * -0.03604 | - | 0.327 * 1.0584 | |||||||
= | -2.54 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $70 Mil. Revenue was 646.039 + 624.321 + 617.695 + 600.372 = $2,488 Mil. Gross Profit was 384.405 + 370.533 + 364.808 + 362.984 = $1,483 Mil. Total Current Assets was $1,206 Mil. Total Assets was $19,210 Mil. Property, Plant and Equipment(Net PPE) was $45 Mil. Depreciation, Depletion and Amortization(DDA) was $685 Mil. Selling, General, & Admin. Expense(SGA) was $88 Mil. Total Current Liabilities was $241 Mil. Long-Term Debt & Capital Lease Obligation was $8,544 Mil. Net Income was 142.35 + 129.546 + 131.818 + 137.864 = $542 Mil. Non Operating Income was 46.987 + 45.003 + 47.559 + 39.473 = $179 Mil. Cash Flow from Operations was 265.585 + 87.544 + 420.803 + 280.95 = $1,055 Mil. |
Total Receivables was $61 Mil. Revenue was 589.89 + 579.836 + 568.675 + 557.3 = $2,296 Mil. Gross Profit was 357.809 + 347.451 + 342.503 + 344.806 = $1,393 Mil. Total Current Assets was $768 Mil. Total Assets was $18,503 Mil. Property, Plant and Equipment(Net PPE) was $40 Mil. Depreciation, Depletion and Amortization(DDA) was $647 Mil. Selling, General, & Admin. Expense(SGA) was $74 Mil. Total Current Liabilities was $226 Mil. Long-Term Debt & Capital Lease Obligation was $7,768 Mil. |
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) |
= | (70.393 / 2488.427) | / | (60.646 / 2295.701) | |
= | 0.028288 | / | 0.026417 | |
= | 1.0708 |
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) | |
= | (1392.569 / 2295.701) | / | (1482.73 / 2488.427) | |
= | 0.606599 | / | 0.59585 | |
= | 1.018 |
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 - (1206.043 + 45.194) / 19209.938) | / | (1 - (767.978 + 40.3) / 18503.206) | |
= | 0.934865 | / | 0.956317 | |
= | 0.9776 |
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 | |
= | 2488.427 | / | 2295.701 | |
= | 1.084 |
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)) |
= | (646.991 / (646.991 + 40.3)) | / | (684.927 / (684.927 + 45.194)) | |
= | 0.941364 | / | 0.938101 | |
= | 1.0035 |
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) |
= | (88.34 / 2488.427) | / | (73.838 / 2295.701) | |
= | 0.0355 | / | 0.032164 | |
= | 1.1037 |
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) |
= | ((8544.382 + 240.538) / 19209.938) | / | ((7768.053 + 226.412) / 18503.206) | |
= | 0.457311 | / | 0.432058 | |
= | 1.0584 |
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 | |
= | (541.578 - 179.022 | - | 1054.882) | / | 19209.938 | |
= | -0.03604 |
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.
Invitation Homes has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Invitation Homes's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Scott G. Eisen | officer: EVP, Chief Investment Officer | 1717 MAIN STREET, SUITE 2000, DALLAS TX 75201 |
Jonathan S. Olsen | officer: EVP & CFO | 1717 MAIN STREET, SUITE 2000, DALLAS TX 75201 |
Keith D Taylor | director | 301 VELOCITY WAY, 5TH FLOOR, FOSTER CITY CA 94404 |
Frances Aldrich Sevilla-sacasa | director | 3 GREENWAY PLAZA, SUITE 1300, HOUSTON TX 77046 |
Dallas B Tanner | officer: See Remarks | C/O INVITATION HOMES INC., 1717 MAIN STREET, SUITE 2000, DALLAS TX 75201 |
Janice L. Sears | director | 1100 PARK PLACE, SUITE 200, SAN MATEO CA 94403 |
Charles D. Young | officer: Chief Operating Officer | C/O STARWOOD WAYPOINT RESIDENTIAL TRUST, 1999 HARRISON STREET, 24TH FLOOR, OAKLAND CA 94612 |
Bryce Blair | director | |
Ernest Michael Freedman | officer: See Remarks | 1717 MAIN STREET, SUITE 2000, DALLAS TX 75201 |
Kimberly K Norrell | officer: See Remarks | C/O INVITATION HOMES INC., 1717 MAIN STREET, SUITE 2000, DALLAS TX 75201 |
Roizen Jo Ann Heidi | director | |
Joseph D Margolis | director | C/O ARSENAL REAL ESTATE FUNDS, 117 ON THE GREEN, 67 PARK PLACE EAST, MORRISTOWN NJ 07960 |
Brep Ih6 Holdings Llc | 10 percent owner | C/O THE BLACKSTONE GROUP L.P., 345 PARK AVE., NEW YORK NY 10154 |
Ih3 Holdco Gp Llc | 10 percent owner | C/O THE BLACKSTONE GROUP L.P., 345 PARK AVE., NEW YORK NY 10154 |
Brep Vii-nq Side-by-side Gp L.l.c. | 10 percent owner | C/O THE BLACKSTONE GROUP L.P., 345 PARK AVE., NEW YORK NY 10154 |
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