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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 5.08. The lowest was -3.54. 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 * 1||+||0.528 * 0.9664||+||0.404 * 0.8698||+||0.892 * 1.3083||+||0.115 * 0.8726|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7533||+||4.679 * -0.0359||-||0.327 * 1.1043|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 606.3 + 643.201 + 580.622 + 510.404 = $2,341 Mil.
Gross Profit was 434.426 + 466.197 + 419.003 + 364.69 = $1,684 Mil.
Total Current Assets was $370 Mil.
Total Assets was $31,376 Mil.
Property, Plant and Equipment(Net PPE) was $24,205 Mil.
Depreciation, Depletion and Amortization(DDA) was $961 Mil.
Selling, General & Admin. Expense(SGA) was $232 Mil.
Total Current Liabilities was $699 Mil.
Long-Term Debt was $11,687 Mil.
Net Income was 209.73 + 119.995 + 260.65 + 141.918 = $732 Mil.
Non Operating Income was 192.553 + 99.54 + 292.92 + 124.818 = $710 Mil.
Cash Flow from Operations was 266.27 + 313.595 + 293.926 + 274.357 = $1,148 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 462.847 + 450.865 + 415.151 + 460.089 = $1,789 Mil.
Gross Profit was 310.57 + 320.441 + 290.385 + 322.676 = $1,244 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 $236 Mil.
Total Current Liabilities was $460 Mil.
Long-Term Debt was $8,641 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 / 2340.527)||/||(0 / 1788.952)|
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)|
|=||(466.197 / 1788.952)||/||(434.426 / 2340.527)|
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 - (369.737 + 24204.537) / 31375.748)||/||(1 - (192.013 + 18923.021) / 25460.821)|
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))|
|=||(651.989 / (651.989 + 18923.021))||/||(960.565 / (960.565 + 24204.537))|
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)|
|=||(232.454 / 2340.527)||/||(235.871 / 1788.952)|
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)|
|=||((11687.171 + 698.678) / 31375.748)||/||((8641.421 + 459.845) / 25460.821)|
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|
|=||(732.293 - 709.831||-||1148.148)||/||31375.748|
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 -2.45 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