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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 Prologis Inc was 11.08. The lowest was -3.51. And the median was -2.54.
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 Prologis Inc 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||+||0.528 * 0.996||+||0.404 * 0.7933||+||0.892 * 1.056||+||0.115 * 1.3443|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9306||+||4.679 * -0.0224||-||0.327 * 1.057|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 510.404 + 462.847 + 450.865 + 415.151 = $1,839 Mil.
Gross Profit was 364.69 + 315.552 + 320.441 + 290.385 = $1,291 Mil.
Total Current Assets was $351 Mil.
Total Assets was $31,602 Mil.
Property, Plant and Equipment(Net PPE) was $24,388 Mil.
Depreciation, Depletion and Amortization(DDA) was $681 Mil.
Selling, General & Admin. Expense(SGA) was $238 Mil.
Total Current Liabilities was $537 Mil.
Long-Term Debt was $12,121 Mil.
Net Income was 141.918 + 346.876 + 410.287 + 137.915 = $1,037 Mil.
Non Operating Income was 124.818 + 333.434 + 418.363 + 114.287 = $991 Mil.
Cash Flow from Operations was 274.357 + 81.532 + 253.744 + 144.921 = $755 Mil.
|Accounts Receivable was $124 Mil.
Revenue was 460.089 + 434.682 + 416.746 + 430.185 = $1,742 Mil.
Gross Profit was 322.676 + 300.002 + 295.739 + 299.25 = $1,218 Mil.
Total Current Assets was $391 Mil.
Total Assets was $24,132 Mil.
Property, Plant and Equipment(Net PPE) was $17,133 Mil.
Depreciation, Depletion and Amortization(DDA) was $649 Mil.
Selling, General & Admin. Expense(SGA) was $242 Mil.
Total Current Liabilities was $616 Mil.
Long-Term Debt was $8,529 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)|
|=||(0 / 1839.267)||/||(123.961 / 1741.702)|
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)|
|=||(315.552 / 1741.702)||/||(364.69 / 1839.267)|
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 - (351.025 + 24387.611) / 31602.397)||/||(1 - (391.388 + 17133.057) / 24131.562)|
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))|
|=||(649.021 / (649.021 + 17133.057))||/||(680.6 / (680.6 + 24387.611))|
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)|
|=||(237.505 / 1839.267)||/||(241.679 / 1741.702)|
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)|
|=||((12121.305 + 537.432) / 31602.397)||/||((8529.453 + 615.849) / 24131.562)|
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|
|=||(1036.996 - 990.902||-||754.554)||/||31602.397|
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.
Prologis Inc has a M-score of -3.51 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
Prologis Inc Annual Data
Prologis Inc Quarterly Data