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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.
Prologis Inc has a M-score of -2.48 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Prologis Inc was 2.00. The lowest was -2.93. And the median was -2.48.
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 * 0.8388||+||0.528 * 1.0378||+||0.404 * 1.7879||+||0.892 * 0.8933||+||0.115 * 0.9075|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1251||+||4.679 * -0.0223||-||0.327 * 0.865|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $128 Mil.|
Revenue was 416.746 + 430.185 + 419.474 + 490.616 = $1,757 Mil.
Gross Profit was 295.739 + 299.25 + 281.887 + 336.788 = $1,214 Mil.
Total Current Assets was $634 Mil.
Total Assets was $24,572 Mil.
Property, Plant and Equipment(Net PPE) was $18,255 Mil.
Depreciation, Depletion and Amortization(DDA) was $664 Mil.
Selling, General & Admin. Expense(SGA) was $229 Mil.
Total Current Liabilities was $641 Mil.
Long-Term Debt was $9,011 Mil.
Net Income was 61.192 + -5.399 + 2.299 + 284.829 = $343 Mil.
Non Operating Income was 42.861 + -34.882 + 29.104 + 368.317 = $405 Mil.
Cash Flow from Operations was 152.741 + 128.68 + 74.428 + 129.14 = $485 Mil.
|Accounts Receivable was $171 Mil.
Revenue was 486.888 + 499.462 + 501.181 + 479.43 = $1,967 Mil.
Gross Profit was 348.799 + 357.301 + 360.188 + 343.818 = $1,410 Mil.
Total Current Assets was $449 Mil.
Total Assets was $27,310 Mil.
Property, Plant and Equipment(Net PPE) was $23,328 Mil.
Depreciation, Depletion and Amortization(DDA) was $767 Mil.
Selling, General & Admin. Expense(SGA) was $228 Mil.
Total Current Liabilities was $612 Mil.
Long-Term Debt was $11,791 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)|
|=||(128.196 / 1757.021)||/||(171.084 / 1966.961)|
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)|
|=||(299.25 / 1966.961)||/||(295.739 / 1757.021)|
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 - (633.535 + 18255.479) / 24572.307)||/||(1 - (448.82 + 23328.463) / 27310.145)|
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))|
|=||(767.459 / (767.459 + 23328.463))||/||(664.007 / (664.007 + 18255.479))|
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)|
|=||(229.207 / 1757.021)||/||(228.068 / 1966.961)|
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)|
|=||((9011.216 + 641.011) / 24572.307)||/||((11790.794 + 611.77) / 27310.145)|
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|
|=||(342.921 - 405.4||-||484.989)||/||24572.307|
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 -2.48 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