CBL & Associates Properties Beneish M-Score Historical Data
The historical data trend for CBL & Associates Properties'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.
CBL & Associates Properties Beneish M-Score Chart
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CBL & Associates Properties Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-3.26 |
-3.17 |
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CBL & Associates Properties Quarterly Data
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Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.10 |
-3.17 |
-3.65 |
-3.65 |
-3.64 |
Competitive Comparison of CBL & Associates Properties's Beneish M-Score
For the REIT - Retail subindustry, CBL & Associates Properties'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.
CBL & Associates Properties's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, CBL & Associates Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CBL & Associates Properties's Beneish M-Score falls into.
CBL & Associates Properties 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 CBL & Associates Properties 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 * 0.2566 | + | 0.528 * 0.9813 | + | 0.404 * 1.0463 | + | 0.892 * 0.9604 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0267 | + | 4.679 * -0.095421 | - | 0.327 * 1.0028 |
| = | -3.64 |
* 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 $42.1 Mil.
Revenue was 125.089 + 129.665 + 129.117 + 139.709 = $523.6 Mil.
Gross Profit was 79.592 + 86.718 + 86.083 + 94.377 = $346.8 Mil.
Total Current Assets was $425.5 Mil.
Total Assets was $2,247.6 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $167.6 Mil.
Selling, General, & Admin. Expense(SGA) was $64.9 Mil.
Total Current Liabilities was $174.4 Mil.
Long-Term Debt & Capital Lease Obligation was $1,775.1 Mil.
Net Income was 16.198 + 4.744 + 0.05 + 11.813 = $32.8 Mil.
Non Operating Income was 19.094 + 7.17 + 2.953 + 12.674 = $41.9 Mil.
Cash Flow from Operations was 61.059 + 64.226 + 30.738 + 49.361 = $205.4 Mil.
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Total Receivables was $170.8 Mil.
Revenue was 129.351 + 129.867 + 136.359 + 149.611 = $545.2 Mil.
Gross Profit was 84.449 + 83.888 + 85.433 + 100.564 = $354.3 Mil.
Total Current Assets was $548.7 Mil.
Total Assets was $2,436.4 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $230.0 Mil.
Selling, General, & Admin. Expense(SGA) was $65.8 Mil.
Total Current Liabilities was $120.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,986.6 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) |
| = | (42.077 / 523.58) | / | (170.76 / 545.188) |
| = | 0.080364 | / | 0.313213 |
| | = | 0.2566 |
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) |
| = | (354.334 / 545.188) | / | (346.77 / 523.58) |
| = | 0.64993 | / | 0.662306 |
| | = | 0.9813 |
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 - (425.475 + 0) / 2247.616) | / | (1 - (548.69 + 0) / 2436.351) |
| = | 0.810699 | / | 0.77479 |
| | = | 1.0463 |
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 |
| = | 523.58 | / | 545.188 |
| | = | 0.9604 |
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)) |
| = | (229.992 / (229.992 + 0)) | / | (167.563 / (167.563 + 0)) |
| = | 1 | / | 1 |
| | = | 1 |
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) |
| = | (64.93 / 523.58) | / | (65.849 / 545.188) |
| = | 0.124012 | / | 0.120782 |
| | = | 1.0267 |
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) |
| = | ((1775.119 + 174.402) / 2247.616) | / | ((1986.64 + 120.741) / 2436.351) |
| = | 0.867373 | / | 0.864974 |
| | = | 1.0028 |
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 |
| = | (32.805 - 41.891 | - | 205.384) | / | 2247.616 |
| | = | -0.095421 |
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.
CBL & Associates Properties has a M-score of -3.64 suggests that the company is unlikely to be a manipulator.
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