Safehold Beneish M-Score Historical Data
The historical data trend for Safehold'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.
Safehold Beneish M-Score Chart
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Safehold Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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7.36 |
-1.98 |
-2.18 |
-1.89 |
-2.35 |
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Safehold Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.99 |
-2.14 |
-2.23 |
-2.35 |
-2.42 |
Competitive Comparison of Safehold's Beneish M-Score
For the REIT - Diversified subindustry, Safehold'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.
Safehold's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Safehold's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Safehold's Beneish M-Score falls into.
Safehold 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 Safehold 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 * 0.9048 | + | 0.528 * 0.9998 | + | 0.404 * 0.9697 | + | 0.892 * 1.2747 | + | 0.115 * 0.8871 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6955 | + | 4.679 * 0.010764 | - | 0.327 * 1.003 |
| = | -2.42 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,961.0 Mil.
Revenue was 93.213 + 103.027 + 85.561 + 85.661 = $367.5 Mil.
Gross Profit was 92.134 + 101.593 + 84.56 + 84.648 = $362.9 Mil.
Total Current Assets was $2,012.9 Mil.
Total Assets was $6,673.5 Mil.
Property, Plant and Equipment(Net PPE) was $33.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.3 Mil.
Selling, General, & Admin. Expense(SGA) was $69.1 Mil.
Total Current Liabilities was $90.4 Mil.
Long-Term Debt & Capital Lease Obligation was $4,057.3 Mil.
Net Income was 30.728 + 41.184 + -122.969 + 22.13 = $-28.9 Mil.
Non Operating Income was 6.821 + 7.826 + -140.083 + 5.533 = $-119.9 Mil.
Cash Flow from Operations was -3.064 + 23.062 + 1.799 + -2.657 = $19.1 Mil.
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Total Receivables was $1,700.3 Mil.
Revenue was 78.329 + 73.37 + 71.696 + 64.884 = $288.3 Mil.
Gross Profit was 77.123 + 72.532 + 70.83 + 64.185 = $284.7 Mil.
Total Current Assets was $1,754.5 Mil.
Total Assets was $6,290.6 Mil.
Property, Plant and Equipment(Net PPE) was $38.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.9 Mil.
Selling, General, & Admin. Expense(SGA) was $32.0 Mil.
Total Current Liabilities was $76.5 Mil.
Long-Term Debt & Capital Lease Obligation was $3,821.5 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) |
| = | (1960.992 / 367.462) | / | (1700.325 / 288.279) |
| = | 5.336584 | / | 5.898192 |
| | = | 0.9048 |
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) |
| = | (284.67 / 288.279) | / | (362.935 / 367.462) |
| = | 0.987481 | / | 0.98768 |
| | = | 0.9998 |
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 - (2012.882 + 33.818) / 6673.539) | / | (1 - (1754.455 + 38.34) / 6290.562) |
| = | 0.693311 | / | 0.715002 |
| | = | 0.9697 |
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 |
| = | 367.462 | / | 288.279 |
| | = | 1.2747 |
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)) |
| = | (11.913 / (11.913 + 38.34)) | / | (12.332 / (12.332 + 33.818)) |
| = | 0.23706 | / | 0.267216 |
| | = | 0.8871 |
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) |
| = | (69.13 / 367.462) | / | (31.987 / 288.279) |
| = | 0.188128 | / | 0.110958 |
| | = | 1.6955 |
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) |
| = | ((4057.315 + 90.442) / 6673.539) | / | ((3821.474 + 76.528) / 6290.562) |
| = | 0.621523 | / | 0.619659 |
| | = | 1.003 |
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 |
| = | (-28.927 - -119.903 | - | 19.14) | / | 6673.539 |
| | = | 0.010764 |
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.
Safehold has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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