Apartment Investment & Management Co Beneish M-Score Historical Data
The historical data trend for Apartment Investment & Management Co'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.
Apartment Investment & Management Co Beneish M-Score Chart
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Apartment Investment & Management Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.68 |
-3.35 |
-2.30 |
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Apartment Investment & Management Co Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.35 |
-3.31 |
-3.79 |
-2.37 |
-2.30 |
Competitive Comparison of Apartment Investment & Management Co's Beneish M-Score
For the REIT - Residential subindustry, Apartment Investment & Management Co'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.
Apartment Investment & Management Co's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Apartment Investment & Management Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Apartment Investment & Management Co's Beneish M-Score falls into.
Apartment Investment & Management Co 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 Apartment Investment & Management 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 * 1.2809 | + | 0.528 * 1.0278 | + | 0.404 * 1.0333 | + | 0.892 * 0.9824 | + | 0.115 * 1.5681 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8434 | + | 4.679 * -0.030134 | - | 0.327 * 1.1156 |
| = | -2.30 |
* 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 $76.4 Mil.
Revenue was 49.352 + 47.701 + 45.674 + 44.268 = $187.0 Mil.
Gross Profit was 30.288 + 29.373 + 26.891 + 26.764 = $113.3 Mil.
Total Current Assets was $215.7 Mil.
Total Assets was $2,089.5 Mil.
Property, Plant and Equipment(Net PPE) was $119.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $68.8 Mil.
Selling, General, & Admin. Expense(SGA) was $32.9 Mil.
Total Current Liabilities was $90.1 Mil.
Long-Term Debt & Capital Lease Obligation was $1,266.4 Mil.
Net Income was -151.499 + -2.26 + -3.602 + -8.817 = $-166.2 Mil.
Non Operating Income was -152.102 + -2.141 + 4.935 + -4.372 = $-153.7 Mil.
Cash Flow from Operations was 7.916 + 24.866 + 12.086 + 5.599 = $50.5 Mil.
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Total Receivables was $60.7 Mil.
Revenue was 41.969 + 47.683 + 50.697 + 49.994 = $190.3 Mil.
Gross Profit was 26.561 + 30.228 + 30.989 + 30.773 = $118.6 Mil.
Total Current Assets was $290.5 Mil.
Total Assets was $2,181.2 Mil.
Property, Plant and Equipment(Net PPE) was $118.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $159.0 Mil.
Selling, General, & Admin. Expense(SGA) was $39.7 Mil.
Total Current Liabilities was $106.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,162.8 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) |
| = | (76.42 / 186.995) | / | (60.73 / 190.343) |
| = | 0.408674 | / | 0.319056 |
| | = | 1.2809 |
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) |
| = | (118.551 / 190.343) | / | (113.316 / 186.995) |
| = | 0.622828 | / | 0.605984 |
| | = | 1.0278 |
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 - (215.687 + 119.661) / 2089.475) | / | (1 - (290.496 + 118.64) / 2181.223) |
| = | 0.839506 | / | 0.812428 |
| | = | 1.0333 |
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 |
| = | 186.995 | / | 190.343 |
| | = | 0.9824 |
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)) |
| = | (158.967 / (158.967 + 118.64)) | / | (68.834 / (68.834 + 119.661)) |
| = | 0.572633 | / | 0.365177 |
| | = | 1.5681 |
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) |
| = | (32.869 / 186.995) | / | (39.672 / 190.343) |
| = | 0.175775 | / | 0.208424 |
| | = | 0.8434 |
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) |
| = | ((1266.438 + 90.125) / 2089.475) | / | ((1162.824 + 106.6) / 2181.223) |
| = | 0.649236 | / | 0.581978 |
| | = | 1.1156 |
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 |
| = | (-166.178 - -153.68 | - | 50.467) | / | 2089.475 |
| | = | -0.030134 |
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.
Apartment Investment & Management Co has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
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