RNI Negocios Imobiliarios Beneish M-Score Historical Data
The historical data trend for RNI Negocios Imobiliarios'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.
RNI Negocios Imobiliarios Beneish M-Score Chart
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RNI Negocios Imobiliarios Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.06 |
-2.11 |
-1.87 |
-1.54 |
-2.68 |
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RNI Negocios Imobiliarios Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
Sep25 |
| Beneish M-Score |
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-1.22 |
-2.68 |
-3.02 |
-3.24 |
-3.45 |
RNI Negocios Imobiliarios Beneish M-Score Competitor Comparison
For the Real Estate - Development subindustry, RNI Negocios Imobiliarios'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.
RNI Negocios Imobiliarios Beneish M-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, RNI Negocios Imobiliarios's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where RNI Negocios Imobiliarios's Beneish M-Score falls into.
RNI Negocios Imobiliarios 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 RNI Negocios Imobiliarios 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 * 1.079 | + | 0.528 * 0.427 | + | 0.404 * 0.7893 | + | 0.892 * 0.8304 | + | 0.115 * 0.939 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.892 | + | 4.679 * -0.092653 | - | 0.327 * 1.2616 |
| = | -3.45 |
* 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 (Sep25) TTM: | Last Year (Sep24) TTM: |
Total Receivables was R$346.5 Mil.
Revenue was 123.128 + 60.339 + 92.621 + 92.865 = R$369.0 Mil.
Gross Profit was 24.824 + 12.184 + 14.275 + 4.618 = R$55.9 Mil.
Total Current Assets was R$620.2 Mil.
Total Assets was R$1,178.1 Mil.
Property, Plant and Equipment(Net PPE) was R$10.2 Mil.
Depreciation, Depletion and Amortization(DDA) was R$5.1 Mil.
Selling, General, & Admin. Expense(SGA) was R$87.2 Mil.
Total Current Liabilities was R$386.0 Mil.
Long-Term Debt & Capital Lease Obligation was R$335.2 Mil.
Net Income was -28.608 + -25.96 + -47.906 + -54.404 = R$-156.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0.0 Mil.
Cash Flow from Operations was -5.025 + -30.397 + -5.301 + -6.996 = R$-47.7 Mil.
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Total Receivables was R$386.7 Mil.
Revenue was 175.803 + 123.738 + 148.906 + -4.142 = R$444.3 Mil.
Gross Profit was 38.788 + 17.967 + 22.486 + -50.493 = R$28.7 Mil.
Total Current Assets was R$668.7 Mil.
Total Assets was R$1,660.8 Mil.
Property, Plant and Equipment(Net PPE) was R$13.9 Mil.
Depreciation, Depletion and Amortization(DDA) was R$6.3 Mil.
Selling, General, & Admin. Expense(SGA) was R$117.7 Mil.
Total Current Liabilities was R$464.7 Mil.
Long-Term Debt & Capital Lease Obligation was R$341.2 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) |
| = | (346.454 / 368.953) | / | (386.675 / 444.305) |
| = | 0.939019 | / | 0.870292 |
| | = | 1.079 |
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) |
| = | (28.748 / 444.305) | / | (55.901 / 368.953) |
| = | 0.064703 | / | 0.151513 |
| | = | 0.427 |
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 - (620.193 + 10.2) / 1178.144) | / | (1 - (668.652 + 13.891) / 1660.837) |
| = | 0.464927 | / | 0.589037 |
| | = | 0.7893 |
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 |
| = | 368.953 | / | 444.305 |
| | = | 0.8304 |
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)) |
| = | (6.308 / (6.308 + 13.891)) | / | (5.083 / (5.083 + 10.2)) |
| = | 0.312293 | / | 0.332592 |
| | = | 0.939 |
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) |
| = | (87.21 / 368.953) | / | (117.735 / 444.305) |
| = | 0.236372 | / | 0.264987 |
| | = | 0.892 |
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) |
| = | ((335.181 + 386.049) / 1178.144) | / | ((341.193 + 464.736) / 1660.837) |
| = | 0.612175 | / | 0.485255 |
| | = | 1.2616 |
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 |
| = | (-156.878 - 0 | - | -47.719) | / | 1178.144 |
| | = | -0.092653 |
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.
RNI Negocios Imobiliarios has a M-score of -3.45 suggests that the company is unlikely to be a manipulator.
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