BrightSpire Capital Beneish M-Score Historical Data
The historical data trend for BrightSpire Capital'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.
BrightSpire Capital Beneish M-Score Chart
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BrightSpire Capital Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.93 |
-1.93 |
-2.43 |
-2.65 |
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BrightSpire Capital Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.49 |
-2.65 |
-2.74 |
-2.87 |
-2.84 |
Competitive Comparison of BrightSpire Capital's Beneish M-Score
For the REIT - Mortgage subindustry, BrightSpire Capital'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.
BrightSpire Capital's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, BrightSpire Capital's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BrightSpire Capital's Beneish M-Score falls into.
BrightSpire Capital 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 BrightSpire Capital 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 * 0.8695 | + | 0.528 * 1.0448 | + | 0.404 * 1.1153 | + | 0.892 * 0.9249 | + | 0.115 * 0.9635 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0132 | + | 4.679 * -0.049158 | - | 0.327 * 1.0278 |
| = | -2.84 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $2,532.7 Mil.
Revenue was 85.638 + 88.496 + 92.668 + 97.996 = $364.8 Mil.
Gross Profit was 38.345 + 42.527 + 43.89 + 47.138 = $171.9 Mil.
Total Current Assets was $2,981.4 Mil.
Total Assets was $3,838.4 Mil.
Property, Plant and Equipment(Net PPE) was $24.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $38.3 Mil.
Selling, General, & Admin. Expense(SGA) was $35.9 Mil.
Total Current Liabilities was $151.7 Mil.
Long-Term Debt & Capital Lease Obligation was $2,595.6 Mil.
Net Income was 12.729 + -67.86 + -57.103 + -16.324 = $-128.6 Mil.
Non Operating Income was 2.325 + -42.828 + 2.808 + -17.283 = $-55.0 Mil.
Cash Flow from Operations was 31.274 + 22.85 + 24.577 + 36.407 = $115.1 Mil.
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Total Receivables was $3,149.2 Mil.
Revenue was 99.877 + 96.066 + 98.167 + 100.305 = $394.4 Mil.
Gross Profit was 48.838 + 46.528 + 49.653 + 49.169 = $194.2 Mil.
Total Current Assets was $3,482.8 Mil.
Total Assets was $4,352.7 Mil.
Property, Plant and Equipment(Net PPE) was $22.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $33.2 Mil.
Selling, General, & Admin. Expense(SGA) was $38.3 Mil.
Total Current Liabilities was $162.7 Mil.
Long-Term Debt & Capital Lease Obligation was $2,868.5 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) |
| = | (2532.702 / 364.798) | / | (3149.217 / 394.415) |
| = | 6.942752 | / | 7.984526 |
| | = | 0.8695 |
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) |
| = | (194.188 / 394.415) | / | (171.9 / 364.798) |
| = | 0.492344 | / | 0.47122 |
| | = | 1.0448 |
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 - (2981.445 + 24.066) / 3838.425) | / | (1 - (3482.846 + 22.947) / 4352.676) |
| = | 0.216994 | / | 0.194566 |
| | = | 1.1153 |
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 |
| = | 364.798 | / | 394.415 |
| | = | 0.9249 |
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)) |
| = | (33.231 / (33.231 + 22.947)) | / | (38.269 / (38.269 + 24.066)) |
| = | 0.59153 | / | 0.613925 |
| | = | 0.9635 |
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) |
| = | (35.897 / 364.798) | / | (38.307 / 394.415) |
| = | 0.098402 | / | 0.097124 |
| | = | 1.0132 |
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) |
| = | ((2595.579 + 151.735) / 3838.425) | / | ((2868.505 + 162.652) / 4352.676) |
| = | 0.71574 | / | 0.696389 |
| | = | 1.0278 |
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 |
| = | (-128.558 - -54.978 | - | 115.108) | / | 3838.425 |
| | = | -0.049158 |
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.
BrightSpire Capital has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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