Iron Mountain Beneish M-Score Historical Data
The historical data trend for Iron Mountain'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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Iron Mountain Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.74
[6] => -2.69
[7] => -2.55
[8] => -2.40
[9] => -2.63
)
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|
|
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-2.74 |
-2.69 |
-2.55 |
-2.40 |
-2.63 |
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Iron Mountain 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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|
|
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|
|
|
|
|
|
|
|
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|
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-2.40 |
-2.52 |
-2.62 |
-2.65 |
-2.63 |
Competitive Comparison
For the REIT - Specialty subindustry, Iron Mountain'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.
Iron Mountain Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Iron Mountain's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Iron Mountain's Beneish M-Score falls into.
Iron Mountain 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 Iron Mountain 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 * 0.9986 | + | 0.528 * 1.0023 | + | 0.404 * 0.9013 | + | 0.892 * 1.0738 | + | 0.115 * 1.0916 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0094 | + | 4.679 * -0.036193 | - | 0.327 * 1.0348 |
| = | -2.63 |
* 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 $1,260 Mil.
Revenue was 1419.829 + 1388.175 + 1357.936 + 1314.349 = $5,480 Mil.
Gross Profit was 818.5 + 795.974 + 765.292 + 742.723 = $3,122 Mil.
Total Current Assets was $1,736 Mil.
Total Assets was $17,474 Mil.
Property, Plant and Equipment(Net PPE) was $9,011 Mil.
Depreciation, Depletion and Amortization(DDA) was $793 Mil.
Selling, General, & Admin. Expense(SGA) was $1,236 Mil.
Total Current Liabilities was $2,236 Mil.
Long-Term Debt & Capital Lease Obligation was $14,375 Mil.
Net Income was 28.482 + 91.043 + 0.114 + 64.595 = $184 Mil.
Non Operating Income was -113.631 + -28.083 + -108.544 + -46.647 = $-297 Mil.
Cash Flow from Operations was 447.193 + 220.28 + 317.286 + 128.808 = $1,114 Mil.
|
Total Receivables was $1,175 Mil.
Revenue was 1279.049 + 1286.945 + 1289.534 + 1248.046 = $5,104 Mil.
Gross Profit was 739.068 + 740.904 + 733.058 + 701.424 = $2,914 Mil.
Total Current Assets was $1,547 Mil.
Total Assets was $16,141 Mil.
Property, Plant and Equipment(Net PPE) was $7,699 Mil.
Depreciation, Depletion and Amortization(DDA) was $746 Mil.
Selling, General, & Admin. Expense(SGA) was $1,141 Mil.
Total Current Liabilities was $1,918 Mil.
Long-Term Debt & Capital Lease Obligation was $12,911 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) |
| = | (1259.826 / 5480.289) | / | (1174.915 / 5103.574) |
| = | 0.229883 | / | 0.230214 |
| | = | 0.9986 |
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) |
| = | (2914.454 / 5103.574) | / | (3122.489 / 5480.289) |
| = | 0.571061 | / | 0.569767 |
| | = | 1.0023 |
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 - (1735.545 + 9010.893) / 17473.802) | / | (1 - (1547.145 + 7699.148) / 16140.514) |
| = | 0.384997 | / | 0.427138 |
| | = | 0.9013 |
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 |
| = | 5480.289 | / | 5103.574 |
| | = | 1.0738 |
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)) |
| = | (745.639 / (745.639 + 7699.148)) | / | (793.018 / (793.018 + 9010.893)) |
| = | 0.088296 | / | 0.080888 |
| | = | 1.0916 |
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) |
| = | (1236.287 / 5480.289) | / | (1140.577 / 5103.574) |
| = | 0.225588 | / | 0.223486 |
| | = | 1.0094 |
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) |
| = | ((14374.894 + 2236.188) / 17473.802) | / | ((12910.616 + 1917.564) / 16140.514) |
| = | 0.950628 | / | 0.918693 |
| | = | 1.0348 |
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 |
| = | (184.234 - -296.905 | - | 1113.567) | / | 17473.802 |
| | = | -0.036193 |
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.
Iron Mountain has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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