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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for BRT Apartments's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of BRT Apartments was -1.35. The lowest was -3.54. And the median was -2.43.
The historical data trend for BRT Apartments'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.
BRT Apartments Annual Data | |||||||||||||||||||||
Trend | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.35 | -3.54 | -2.47 | -1.57 | -2.38 |
BRT Apartments Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.57 | -1.55 | -1.71 | -2.13 | -2.38 |
For the REIT - Residential subindustry, BRT Apartments'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.
For the REITs industry and Real Estate sector, BRT Apartments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BRT Apartments's Beneish M-Score falls into.
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 BRT Apartments 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 | + | 0.528 * 1.0243 | + | 0.404 * 0.9947 | + | 0.892 * 1.3274 | + | 0.115 * 1 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7934 | + | 4.679 * -0.048008 | - | 0.327 * 1.0297 | |||||||
= | -2.38 |
* 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 $0.00 Mil. Revenue was 23.508 + 23.852 + 23.318 + 22.939 = $93.62 Mil. Gross Profit was 13.252 + 13.269 + 12.77 + 12.505 = $51.80 Mil. Total Current Assets was $24.14 Mil. Total Assets was $709.96 Mil. Property, Plant and Equipment(Net PPE) was $0.00 Mil. Depreciation, Depletion and Amortization(DDA) was $28.48 Mil. Selling, General, & Admin. Expense(SGA) was $15.43 Mil. Total Current Liabilities was $21.95 Mil. Long-Term Debt & Capital Lease Obligation was $459.57 Mil. Net Income was -1.737 + -1.494 + 11.202 + -4.098 = $3.87 Mil. Non Operating Income was 0.582 + 1.291 + 15.423 + 1.055 = $18.35 Mil. Cash Flow from Operations was 5.998 + 6.748 + 3.92 + 2.94 = $19.61 Mil. |
Total Receivables was $0.00 Mil. Revenue was 22.711 + 21.697 + 14.685 + 11.434 = $70.53 Mil. Gross Profit was 12.449 + 12.502 + 8.337 + 6.681 = $39.97 Mil. Total Current Assets was $21.15 Mil. Total Assets was $732.62 Mil. Property, Plant and Equipment(Net PPE) was $0.00 Mil. Depreciation, Depletion and Amortization(DDA) was $24.81 Mil. Selling, General, & Admin. Expense(SGA) was $14.65 Mil. Total Current Liabilities was $41.63 Mil. Long-Term Debt & Capital Lease Obligation was $440.92 Mil. |
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) |
= | (0 / 93.617) | / | (0 / 70.527) | |
= | 0 | / | 0 | |
= | 1 |
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) | |
= | (39.969 / 70.527) | / | (51.796 / 93.617) | |
= | 0.566719 | / | 0.553276 | |
= | 1.0243 |
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 - (24.144 + 0) / 709.963) | / | (1 - (21.153 + 0) / 732.616) | |
= | 0.965993 | / | 0.971127 | |
= | 0.9947 |
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 | |
= | 93.617 | / | 70.527 | |
= | 1.3274 |
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)) |
= | (24.812 / (24.812 + 0)) | / | (28.484 / (28.484 + 0)) | |
= | 1 | / | 1 | |
= | 1 |
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) |
= | (15.433 / 93.617) | / | (14.654 / 70.527) | |
= | 0.164853 | / | 0.207779 | |
= | 0.7934 |
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) |
= | ((459.57 + 21.948) / 709.963) | / | ((440.915 + 41.631) / 732.616) | |
= | 0.67823 | / | 0.658662 | |
= | 1.0297 |
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 | |
= | (3.873 - 18.351 | - | 19.606) | / | 709.963 | |
= | -0.048008 |
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.
BRT Apartments has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of BRT Apartments's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Ryan Baltimore | officer: Senior Vice President | 60 CUTTER MILL ROAD, SUITE 303, GREAT NECK NY 11021 |
Mitchell Gould | officer: VICE PRESIDENT | |
Gould Investors L P | 10 percent owner | 60 CUTTER MILL RD, STE 303, GREAT NECK NY 11021-3190 |
Jeffrey Gould | officer: PRESIDENT AND CE0 | |
Matthew J Gould | director, officer: Senior Vice President | |
Mark H Lundy | officer: VICE PRESIDENT | |
Isaac Kalish | officer: Assistant Treasurer | 60 CUTTER MILL ROAD, SUITE 303, GREAT NECK NY 11021 |
Louis C Grassi | director | 220 RXR PLAZA, UNIONDALE NY 11556 |
Carol Cicero | director | 516 TOWER TRACE, CANTON GA 30115 |
George Zweier | officer: VICE PRESIDENT - CFO | |
Jonathan H Simon | director | 1020 PARK AVENUE, APARTMENT 10D, NEW YORK NY 10028 |
Jeffrey Rubin | director | 40 CUTTER MILL ROAD, SUITE 302, GREAT NECK NY 11021 |
Fredric H Gould | director, officer: Chairman of Board | 60 CUTTER MILL ROAD, SUITE 303, GREAT NECK NY 11021 |
Steven Rosenzweig | officer: Vice President | 60 CUTTER MILL ROAD, SUITE 303, GREAT NECK NY 11021 |
Alysa Block | officer: Treasurer | 60 CUTTER MILL ROAD, SUITE 303, GREAT NECK NY 11021 |
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