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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 Macerich Co was 11.40. The lowest was -3.63. And the median was -2.55.
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 Macerich Co 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 * 0.9867||+||0.528 * 0.9886||+||0.404 * 1.4992||+||0.892 * 0.9474||+||0.115 * 0.7569|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9551||+||4.679 * -0.0426||-||0.327 * 0.967|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $111 Mil.|
Revenue was 259.904 + 256 + 320.758 + 326.262 = $1,163 Mil.
Gross Profit was 161.695 + 148.776 + 206.813 + 210.3 = $728 Mil.
Total Current Assets was $229 Mil.
Total Assets was $9,998 Mil.
Property, Plant and Equipment(Net PPE) was $7,443 Mil.
Depreciation, Depletion and Amortization(DDA) was $392 Mil.
Selling, General & Admin. Expense(SGA) was $30 Mil.
Total Current Liabilities was $426 Mil.
Long-Term Debt was $4,913 Mil.
Net Income was 45.222 + 420.915 + 414.959 + 33.597 = $915 Mil.
Non Operating Income was 22.319 + 439.252 + 399.276 + 4.494 = $865 Mil.
Cash Flow from Operations was 99.84 + 107.841 + 126.726 + 140.772 = $475 Mil.
|Accounts Receivable was $118 Mil.
Revenue was 322.794 + 318.335 + 322.909 + 263.492 = $1,228 Mil.
Gross Profit was 208.678 + 190.203 + 203.748 + 156.632 = $759 Mil.
Total Current Assets was $241 Mil.
Total Assets was $13,360 Mil.
Property, Plant and Equipment(Net PPE) was $11,046 Mil.
Depreciation, Depletion and Amortization(DDA) was $435 Mil.
Selling, General & Admin. Expense(SGA) was $33 Mil.
Total Current Liabilities was $638 Mil.
Long-Term Debt was $6,739 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)|
|=||(110.67 / 1162.924)||/||(118.398 / 1227.53)|
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)|
|=||(759.261 / 1227.53)||/||(727.584 / 1162.924)|
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 - (228.805 + 7442.988) / 9997.679)||/||(1 - (240.729 + 11046.427) / 13360.376)|
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))|
|=||(434.789 / (434.789 + 11046.427))||/||(391.98 / (391.98 + 7442.988))|
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)|
|=||(30.208 / 1162.924)||/||(33.384 / 1227.53)|
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)|
|=||((4912.512 + 425.79) / 9997.679)||/||((6739.208 + 637.803) / 13360.376)|
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|
|=||(914.693 - 865.341||-||475.179)||/||9997.679|
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.
Macerich Co has a M-score of -2.55 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
Macerich Co Annual Data
Macerich Co Quarterly Data