CoStar Group Beneish M-Score Historical Data
The historical data trend for CoStar Group's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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CoStar Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.80 |
-3.20 |
-2.37 |
-2.35 |
-2.31 |
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CoStar Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.27 |
-2.50 |
-2.34 |
-2.31 |
Competitive Comparison
For the Real Estate Services subindustry, CoStar Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
CoStar Group Beneish M-Score Distribution
For the Real Estate industry and Real Estate sector, CoStar Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CoStar Group's Beneish M-Score falls into.
CoStar Group Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 CoStar Group 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 * 1.0975 | + | 0.528 * 1.0131 | + | 0.404 * 0.9677 | + | 0.892 * 1.1249 | + | 0.115 * 1.5678 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1918 | + | 4.679 * -0.013476 | - | 0.327 * 0.9968 |
| = | -2.31 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $190 Mil.
Revenue was 640.059 + 624.669 + 605.906 + 584.366 = $2,455 Mil.
Gross Profit was 503.783 + 501.003 + 493.544 + 465.17 = $1,964 Mil.
Total Current Assets was $5,476 Mil.
Total Assets was $8,920 Mil.
Property, Plant and Equipment(Net PPE) was $552 Mil.
Depreciation, Depletion and Amortization(DDA) was $108 Mil.
Selling, General, & Admin. Expense(SGA) was $1,371 Mil.
Total Current Liabilities was $456 Mil.
Long-Term Debt & Capital Lease Obligation was $1,070 Mil.
Net Income was 96.475 + 90.574 + 100.52 + 87.131 = $375 Mil.
Non Operating Income was 3.745 + 0.465 + 0.609 + 0.581 = $5 Mil.
Cash Flow from Operations was 148.515 + 42.605 + 175.164 + 123.216 = $490 Mil.
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Total Receivables was $154 Mil.
Revenue was 573.346 + 556.921 + 536.308 + 515.825 = $2,182 Mil.
Gross Profit was 464.16 + 448.557 + 435.337 + 420.346 = $1,768 Mil.
Total Current Assets was $5,186 Mil.
Total Assets was $8,403 Mil.
Property, Plant and Equipment(Net PPE) was $402 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General, & Admin. Expense(SGA) was $1,023 Mil.
Total Current Liabilities was $373 Mil.
Long-Term Debt & Capital Lease Obligation was $1,070 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (190 / 2455) | / | (153.9 / 2182.4) |
| = | 0.077393 | / | 0.070519 |
| | = | 1.0975 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (1768.4 / 2182.4) | / | (1963.5 / 2455) |
| = | 0.810301 | / | 0.799796 |
| | = | 1.0131 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (5476.1 + 552) / 8919.7) | / | (1 - (5185.9 + 401.7) / 8402.5) |
| = | 0.324181 | / | 0.335007 |
| | = | 0.9677 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 2455 | / | 2182.4 |
| | = | 1.1249 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (137.9 / (137.9 + 401.7)) | / | (107.5 / (107.5 + 552)) |
| = | 0.25556 | / | 0.163002 |
| | = | 1.5678 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (1371.4 / 2455) | / | (1022.9 / 2182.4) |
| = | 0.558615 | / | 0.468704 |
| | = | 1.1918 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((1070.4 + 455.8) / 8919.7) | / | ((1069.6 + 372.7) / 8402.5) |
| = | 0.171104 | / | 0.171651 |
| | = | 0.9968 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (374.7 - 5.4 | - | 489.5) | / | 8919.7 |
| | = | -0.013476 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
CoStar Group has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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