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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.
During the past 13 years, the highest Beneish M-Score of Kimco Realty Corp was -1.15. The lowest was -3.98. And the median was -2.65.
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 * 0.8993||+||0.528 * 1.0016||+||0.404 * 0.779||+||0.892 * 1.2028||+||0.115 * 1.0471|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7675||+||4.679 * 0.004||-||0.327 * 1.0383|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $201 Mil.|
Revenue was 294.061 + 283.456 + 243.761 + 262.046 = $1,083 Mil.
Gross Profit was 218.24 + 209.928 + 178.109 + 194.791 = $801 Mil.
Total Current Assets was $371 Mil.
Total Assets was $11,467 Mil.
Property, Plant and Equipment(Net PPE) was $9,427 Mil.
Depreciation, Depletion and Amortization(DDA) was $299 Mil.
Selling, General & Admin. Expense(SGA) was $118 Mil.
Total Current Liabilities was $111 Mil.
Long-Term Debt was $5,538 Mil.
Net Income was 127 + 310.342 + 52.781 + 194.708 = $685 Mil.
Non Operating Income was 1.386 + 0.151 + -4.163 + -0.821 = $-3 Mil.
Cash Flow from Operations was 122.905 + 216.54 + 119.338 + 183.908 = $643 Mil.
|Accounts Receivable was $186 Mil.
Revenue was 245.958 + 228.193 + 205.084 + 221.463 = $901 Mil.
Gross Profit was 182.757 + 169.462 + 148.664 + 166.225 = $667 Mil.
Total Current Assets was $453 Mil.
Total Assets was $10,190 Mil.
Property, Plant and Equipment(Net PPE) was $7,833 Mil.
Depreciation, Depletion and Amortization(DDA) was $260 Mil.
Selling, General & Admin. Expense(SGA) was $128 Mil.
Total Current Liabilities was $105 Mil.
Long-Term Debt was $4,730 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)|
|=||(200.758 / 1083.324)||/||(185.615 / 900.698)|
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)|
|=||(209.928 / 900.698)||/||(218.24 / 1083.324)|
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 - (370.841 + 9426.682) / 11467.304)||/||(1 - (452.817 + 7832.657) / 10190.372)|
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))|
|=||(260.109 / (260.109 + 7832.657))||/||(298.521 / (298.521 + 9426.682))|
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)|
|=||(118.205 / 1083.324)||/||(128.044 / 900.698)|
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)|
|=||((5537.772 + 111.455) / 11467.304)||/||((4730.371 + 104.786) / 10190.372)|
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|
|=||(684.831 - -3.447||-||642.691)||/||11467.304|
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 -2.43 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