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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 1.02. The lowest was -3.39. And the median was -2.49.
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 * 0.9118||+||0.528 * 0.9905||+||0.404 * 0.8354||+||0.892 * 1.0735||+||0.115 * 0.8436|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.965||+||4.679 * 0.033||-||0.327 * 0.9454|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $197 Mil.|
Revenue was 291.488 + 297.202 + 300.87 + 288.382 = $1,178 Mil.
Gross Profit was 219.746 + 225.359 + 220.141 + 213.983 = $879 Mil.
Total Current Assets was $541 Mil.
Total Assets was $11,392 Mil.
Property, Plant and Equipment(Net PPE) was $9,465 Mil.
Depreciation, Depletion and Amortization(DDA) was $357 Mil.
Selling, General & Admin. Expense(SGA) was $123 Mil.
Total Current Liabilities was $117 Mil.
Long-Term Debt was $5,189 Mil.
Net Income was 203.409 + 140.713 + 379.201 + 77.572 = $801 Mil.
Non Operating Income was -1.656 + -0.17 + 2.577 + 1.06 = $2 Mil.
Cash Flow from Operations was 78.891 + 136.956 + -23.583 + 231.289 = $424 Mil.
|Accounts Receivable was $201 Mil.
Revenue was 294.061 + 283.456 + 264.513 + 255.234 = $1,097 Mil.
Gross Profit was 218.24 + 209.928 + 193.418 + 189.644 = $811 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.
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)|
|=||(196.517 / 1177.942)||/||(200.758 / 1097.264)|
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)|
|=||(811.23 / 1097.264)||/||(879.229 / 1177.942)|
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 - (541.338 + 9465.294) / 11392.432)||/||(1 - (370.841 + 9426.682) / 11467.304)|
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))|
|=||(298.521 / (298.521 + 9426.682))||/||(357.412 / (357.412 + 9465.294))|
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)|
|=||(122.58 / 1177.942)||/||(118.32 / 1097.264)|
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)|
|=||((5188.817 + 116.857) / 11392.432)||/||((5537.772 + 111.455) / 11467.304)|
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|
|=||(800.895 - 1.811||-||423.553)||/||11392.432|
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 -2.41 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