AvalonBay Communities Beneish M-Score Historical Data
The historical data trend for AvalonBay Communities'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.
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AvalonBay Communities Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.66 |
-2.70 |
-2.57 |
-2.60 |
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AvalonBay Communities Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.57 |
-2.58 |
-2.58 |
-2.62 |
-2.60 |
Competitive Comparison
For the REIT - Residential subindustry, AvalonBay Communities'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.
AvalonBay Communities Beneish M-Score Distribution
For the REITs industry and Real Estate sector, AvalonBay Communities's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AvalonBay Communities's Beneish M-Score falls into.
AvalonBay Communities 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 AvalonBay Communities 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 * 1.004 | + | 0.404 * 1.0112 | + | 0.892 * 1.0673 | + | 0.115 * 0.9906 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9682 | + | 4.679 * -0.043017 | - | 0.327 * 0.956 |
| = | -2.60 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $0 Mil.
Revenue was 704.705 + 697.635 + 690.86 + 674.708 = $2,768 Mil.
Gross Profit was 454.326 + 444.045 + 446.025 + 435.381 = $1,780 Mil.
Total Current Assets was $531 Mil.
Total Assets was $20,678 Mil.
Property, Plant and Equipment(Net PPE) was $135 Mil.
Depreciation, Depletion and Amortization(DDA) was $817 Mil.
Selling, General, & Admin. Expense(SGA) was $77 Mil.
Total Current Liabilities was $695 Mil.
Long-Term Debt & Capital Lease Obligation was $8,135 Mil.
Net Income was 241.969 + 172.031 + 367.923 + 146.902 = $929 Mil.
Non Operating Income was 68.335 + 1.68 + 191.372 + -3.082 = $258 Mil.
Cash Flow from Operations was 346.187 + 471.263 + 346.461 + 396.118 = $1,560 Mil.
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Total Receivables was $0 Mil.
Revenue was 669.671 + 665.288 + 644.559 + 613.927 = $2,593 Mil.
Gross Profit was 440.533 + 424.617 + 417.305 + 391.877 = $1,674 Mil.
Total Current Assets was $734 Mil.
Total Assets was $20,458 Mil.
Property, Plant and Equipment(Net PPE) was $143 Mil.
Depreciation, Depletion and Amortization(DDA) was $815 Mil.
Selling, General, & Admin. Expense(SGA) was $74 Mil.
Total Current Liabilities was $659 Mil.
Long-Term Debt & Capital Lease Obligation was $8,479 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) |
| = | (0 / 2767.908) | / | (0 / 2593.445) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1674.332 / 2593.445) | / | (1779.777 / 2767.908) |
| = | 0.645602 | / | 0.643004 |
| | = | 1.004 |
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 - (530.96 + 134.674) / 20678.214) | / | (1 - (734.245 + 143.331) / 20457.764) |
| = | 0.96781 | / | 0.957103 |
| | = | 1.0112 |
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 |
| = | 2767.908 | / | 2593.445 |
| | = | 1.0673 |
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)) |
| = | (814.978 / (814.978 + 143.331)) | / | (816.965 / (816.965 + 134.674)) |
| = | 0.850433 | / | 0.858482 |
| | = | 0.9906 |
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) |
| = | (76.534 / 2767.908) | / | (74.064 / 2593.445) |
| = | 0.02765 | / | 0.028558 |
| | = | 0.9682 |
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) |
| = | ((8135.054 + 694.554) / 20678.214) | / | ((8478.716 + 659.11) / 20457.764) |
| = | 0.427001 | / | 0.446668 |
| | = | 0.956 |
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 |
| = | (928.825 - 258.305 | - | 1560.029) | / | 20678.214 |
| | = | -0.043017 |
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.
AvalonBay Communities has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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