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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.
Kimco Realty Corp has a M-score of -2.92 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Kimco Realty Corp was -1.19. The lowest was -4.00. And the median was -2.72.
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 Kimco Realty Corp 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 * 0.7173||+||0.528 * 0.9971||+||0.404 * 0.8703||+||0.892 * 1.1035||+||0.115 * 1.0531|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9389||+||4.679 * -0.0339||-||0.327 * 1.2291|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $185.6 Mil.|
Revenue was 260.249 + 246.878 + 230.13 + 241.497 = $978.8 Mil.
Gross Profit was 192.836 + 182.594 + 167.426 + 179.731 = $722.6 Mil.
Total Current Assets was $452.8 Mil.
Total Assets was $10,190.4 Mil.
Property, Plant and Equipment(Net PPE) was $7,832.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $260.1 Mil.
Selling, General & Admin. Expense(SGA) was $128.5 Mil.
Total Current Liabilities was $104.8 Mil.
Long-Term Debt was $4,730.4 Mil.
Net Income was 89.512 + 87 + 61.609 + 55.763 = $293.9 Mil.
Non Operating Income was 0.106 + -0.519 + 4.178 + 4.473 = $8.2 Mil.
Cash Flow from Operations was 144.584 + 181.513 + 36.194 + 268.313 = $630.6 Mil.
|Accounts Receivable was $234.5 Mil.
Revenue was 227.119 + 227.015 + 209.972 + 222.863 = $887.0 Mil.
Gross Profit was 169.029 + 169.571 + 148.884 + 165.437 = $652.9 Mil.
Total Current Assets was $461.9 Mil.
Total Assets was $9,988.5 Mil.
Property, Plant and Equipment(Net PPE) was $7,381.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $258.6 Mil.
Selling, General & Admin. Expense(SGA) was $124.0 Mil.
Total Current Liabilities was $571.9 Mil.
Long-Term Debt was $3,284.0 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)|
|=||(185.615 / 978.754)||/||(234.486 / 886.969)|
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)|
|=||(182.594 / 886.969)||/||(192.836 / 978.754)|
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 - (452.817 + 7832.657) / 10190.372)||/||(1 - (461.945 + 7381.101) / 9988.471)|
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))|
|=||(258.593 / (258.593 + 7381.101))||/||(260.109 / (260.109 + 7832.657))|
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)|
|=||(128.464 / 978.754)||/||(123.987 / 886.969)|
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)|
|=||((4730.371 + 104.786) / 10190.372)||/||((3284.014 + 571.93) / 9988.471)|
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|
|=||(293.884 - 8.238||-||630.604)||/||10190.372|
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.
Kimco Realty Corp has a M-score of -2.92 suggests that the company will not 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
Kimco Realty Corp Annual Data
Kimco Realty Corp Quarterly Data