Resource America Beneish M-Score Historical Data
The historical data trend for Resource America'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.
Resource America Beneish M-Score Chart
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Resource America Annual Data
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Trend |
Sep06 |
Sep07 |
Sep08 |
Sep09 |
Sep10 |
Sep11 |
Sep12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.50 |
-2.82 |
-2.16 |
-2.51 |
-39.82 |
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Resource America Quarterly Data
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Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
| Beneish M-Score |
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-2.85 |
-3.89 |
-39.82 |
-0.24 |
-1.27 |
Competitive Comparison of Resource America's Beneish M-Score
For the Real Estate Services subindustry, Resource America'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.
Resource America's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Resource America's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Resource America's Beneish M-Score falls into.
Resource America Beneish M-Score Calculation
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 Resource America 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 * 0.7273 | + | 0.528 * 3.781 | + | 0.404 * 0.792 | + | 0.892 * 1.2758 | + | 0.115 * 0.8398 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0901 | + | 4.679 * -0.071628 | - | 0.327 * 0.379 |
| = | -1.27 |
* 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 (Jun16) TTM: | Last Year (Jun15) TTM: |
Total Receivables was $25.59 Mil.
Revenue was 26.139 + 25.968 + -29.007 + 40.677 = $63.78 Mil.
Gross Profit was 6.67 + 10.878 + -46.185 + 25.651 = $-2.99 Mil.
Total Current Assets was $53.34 Mil.
Total Assets was $211.22 Mil.
Property, Plant and Equipment(Net PPE) was $4.71 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.08 Mil.
Selling, General, & Admin. Expense(SGA) was $17.68 Mil.
Total Current Liabilities was $30.73 Mil.
Long-Term Debt & Capital Lease Obligation was $20.27 Mil.
Net Income was -0.272 + 3.037 + 8.605 + -1.1 = $10.27 Mil.
Non Operating Income was -0.434 + 0.693 + -31.279 + 5.012 = $-26.01 Mil.
Cash Flow from Operations was 15.253 + 2.714 + 10.331 + 23.109 = $51.41 Mil.
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Total Receivables was $27.58 Mil.
Revenue was 27.285 + 23.839 + -42.64 + 41.504 = $49.99 Mil.
Gross Profit was 11.507 + 8.698 + -58.237 + 29.183 = $-8.85 Mil.
Total Current Assets was $242.99 Mil.
Total Assets was $2,942.71 Mil.
Property, Plant and Equipment(Net PPE) was $5.62 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.95 Mil.
Selling, General, & Admin. Expense(SGA) was $12.71 Mil.
Total Current Liabilities was $25.99 Mil.
Long-Term Debt & Capital Lease Obligation was $1,848.82 Mil.
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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) |
| = | (25.594 / 63.777) | / | (27.581 / 49.988) |
| = | 0.401305 | / | 0.551752 |
| | = | 0.7273 |
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) |
| = | (-8.849 / 49.988) | / | (-2.986 / 63.777) |
| = | -0.177022 | / | -0.046819 |
| | = | 3.781 |
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 - (53.344 + 4.712) / 211.215) | / | (1 - (242.992 + 5.622) / 2942.705) |
| = | 0.725133 | / | 0.915515 |
| | = | 0.792 |
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 |
| = | 63.777 | / | 49.988 |
| | = | 1.2758 |
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)) |
| = | (1.949 / (1.949 + 5.622)) | / | (2.083 / (2.083 + 4.712)) |
| = | 0.25743 | / | 0.306549 |
| | = | 0.8398 |
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) |
| = | (17.682 / 63.777) | / | (12.713 / 49.988) |
| = | 0.277247 | / | 0.254321 |
| | = | 1.0901 |
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) |
| = | ((20.272 + 30.725) / 211.215) | / | ((1848.822 + 25.989) / 2942.705) |
| = | 0.241446 | / | 0.637105 |
| | = | 0.379 |
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 |
| = | (10.27 - -26.008 | - | 51.407) | / | 211.215 |
| | = | -0.071628 |
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.
Resource America has a M-score of -1.27 signals that the company is likely to be a manipulator.
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