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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 11.09. The lowest was -3.45. And the median was -2.49.
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 * 0.9909||+||0.404 * 1.024||+||0.892 * 1.0517||+||0.115 * 1.0228|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9696||+||4.679 * -0.0286||-||0.327 * 0.9333|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 462.847 + 450.865 + 415.151 + 460.089 = $1,789 Mil.
Gross Profit was 315.552 + 320.441 + 290.385 + 322.676 = $1,249 Mil.
Total Current Assets was $192 Mil.
Total Assets was $25,461 Mil.
Property, Plant and Equipment(Net PPE) was $18,923 Mil.
Depreciation, Depletion and Amortization(DDA) was $652 Mil.
Selling, General & Admin. Expense(SGA) was $241 Mil.
Total Current Liabilities was $460 Mil.
Long-Term Debt was $8,641 Mil.
Net Income was 346.876 + 410.287 + 137.915 + 81.18 = $976 Mil.
Non Operating Income was 333.434 + 418.363 + 114.287 + 123.306 = $989 Mil.
Cash Flow from Operations was 81.532 + 253.744 + 144.921 + 233.623 = $714 Mil.
|Accounts Receivable was $115 Mil.
Revenue was 434.682 + 416.746 + 430.185 + 419.474 = $1,701 Mil.
Gross Profit was 300.002 + 295.739 + 299.25 + 281.887 = $1,177 Mil.
Total Current Assets was $314 Mil.
Total Assets was $24,655 Mil.
Property, Plant and Equipment(Net PPE) was $18,341 Mil.
Depreciation, Depletion and Amortization(DDA) was $647 Mil.
Selling, General & Admin. Expense(SGA) was $236 Mil.
Total Current Liabilities was $573 Mil.
Long-Term Debt was $8,871 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 / 1788.952)||/||(114.88 / 1701.087)|
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)|
|=||(320.441 / 1701.087)||/||(315.552 / 1788.952)|
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 - (192.013 + 18923.021) / 25460.821)||/||(1 - (313.516 + 18340.747) / 24655.148)|
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))|
|=||(646.856 / (646.856 + 18340.747))||/||(651.989 / (651.989 + 18923.021))|
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)|
|=||(240.853 / 1788.952)||/||(236.213 / 1701.087)|
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)|
|=||((8641.421 + 459.845) / 25460.821)||/||((8870.635 + 572.754) / 24655.148)|
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|
|=||(976.258 - 989.39||-||713.82)||/||25460.821|
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 -3.45 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