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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 -2.83 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Kimco Realty Corp was -1.69. The lowest was -3.98. And the median was -2.56.
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 * 0.7399||+||0.528 * 0.9946||+||0.404 * 0.9471||+||0.892 * 1.0856||+||0.115 * 1.0241|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9508||+||4.679 * -0.0352||-||0.327 * 1.0197|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $194.6 Mil.|
Revenue was 230.13 + 241.497 + 246.128 + 241.178 = $958.9 Mil.
Gross Profit was 167.426 + 179.731 + 182.445 + 179.149 = $708.8 Mil.
Total Current Assets was $581.8 Mil.
Total Assets was $9,663.6 Mil.
Property, Plant and Equipment(Net PPE) was $7,244.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $257.9 Mil.
Selling, General & Admin. Expense(SGA) was $128.0 Mil.
Total Current Liabilities was $228.8 Mil.
Long-Term Debt was $4,221.4 Mil.
Net Income was 61.609 + 55.763 + 51.139 + 67.77 = $236.3 Mil.
Non Operating Income was 4.178 + 4.473 + -0.541 + -2.096 = $6.0 Mil.
Cash Flow from Operations was 36.194 + 268.313 + 115.643 + 149.885 = $570.0 Mil.
|Accounts Receivable was $242.2 Mil.
Revenue was 209.972 + 222.863 + 226.519 + 223.989 = $883.3 Mil.
Gross Profit was 148.884 + 165.437 + 168.854 + 166.159 = $649.3 Mil.
Total Current Assets was $592.0 Mil.
Total Assets was $9,751.2 Mil.
Property, Plant and Equipment(Net PPE) was $7,201.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $262.7 Mil.
Selling, General & Admin. Expense(SGA) was $124.0 Mil.
Total Current Liabilities was $208.4 Mil.
Long-Term Debt was $4,195.3 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)|
|=||(194.569 / 958.933)||/||(242.244 / 883.343)|
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)|
|=||(179.731 / 883.343)||/||(167.426 / 958.933)|
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 - (581.801 + 7244.663) / 9663.63)||/||(1 - (592.033 + 7201.825) / 9751.234)|
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))|
|=||(262.742 / (262.742 + 7201.825))||/||(257.855 / (257.855 + 7244.663))|
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)|
|=||(127.957 / 958.933)||/||(123.97 / 883.343)|
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)|
|=||((4221.401 + 228.786) / 9663.63)||/||((4195.317 + 208.399) / 9751.234)|
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|
|=||(236.281 - 6.014||-||570.035)||/||9663.63|
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 -2.83 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