City Office REIT Beneish M-Score Historical Data
The historical data trend for City Office REIT'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.
City Office REIT Beneish M-Score Chart
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City Office REIT Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-2.74 |
-2.69 |
-2.36 |
-2.48 |
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City Office REIT Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.42 |
-2.48 |
-2.55 |
-2.63 |
-2.66 |
Competitive Comparison of City Office REIT's Beneish M-Score
For the REIT - Office subindustry, City Office REIT'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.
City Office REIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, City Office REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where City Office REIT's Beneish M-Score falls into.
City Office REIT 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 City Office REIT 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 * 1.0722 | + | 0.528 * 1.0297 | + | 0.404 * 1.0026 | + | 0.892 * 0.9673 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1088 | + | 4.679 * -0.045561 | - | 0.327 * 1.0078 |
| = | -2.66 |
* 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 $52.9 Mil.
Revenue was 42.371 + 42.342 + 44.493 + 44.321 = $173.5 Mil.
Gross Profit was 24.588 + 24.85 + 26.749 + 26.934 = $103.1 Mil.
Total Current Assets was $95.9 Mil.
Total Assets was $1,475.3 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $61.6 Mil.
Selling, General, & Admin. Expense(SGA) was $15.2 Mil.
Total Current Liabilities was $309.0 Mil.
Long-Term Debt & Capital Lease Obligation was $393.2 Mil.
Net Income was -2.639 + -3.752 + -0.589 + -2.663 = $-9.6 Mil.
Non Operating Income was 0 + -1.462 + 0 + 0 = $-1.5 Mil.
Cash Flow from Operations was 18.278 + 15.316 + 16.386 + 9.054 = $59.0 Mil.
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Total Receivables was $51.0 Mil.
Revenue was 44.214 + 44.604 + 45.957 + 44.614 = $179.4 Mil.
Gross Profit was 26.57 + 27.358 + 28.237 + 27.611 = $109.8 Mil.
Total Current Assets was $103.3 Mil.
Total Assets was $1,532.2 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $61.2 Mil.
Selling, General, & Admin. Expense(SGA) was $14.2 Mil.
Total Current Liabilities was $252.8 Mil.
Long-Term Debt & Capital Lease Obligation was $470.8 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) |
| = | (52.908 / 173.527) | / | (51.012 / 179.389) |
| = | 0.304898 | / | 0.284365 |
| | = | 1.0722 |
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) |
| = | (109.776 / 179.389) | / | (103.121 / 173.527) |
| = | 0.611944 | / | 0.594265 |
| | = | 1.0297 |
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 - (95.937 + 0) / 1475.284) | / | (1 - (103.303 + 0) / 1532.172) |
| = | 0.93497 | / | 0.932577 |
| | = | 1.0026 |
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 |
| = | 173.527 | / | 179.389 |
| | = | 0.9673 |
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)) |
| = | (61.218 / (61.218 + 0)) | / | (61.632 / (61.632 + 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) |
| = | (15.199 / 173.527) | / | (14.171 / 179.389) |
| = | 0.087589 | / | 0.078996 |
| | = | 1.1088 |
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) |
| = | ((393.173 + 309.007) / 1475.284) | / | ((470.814 + 252.833) / 1532.172) |
| = | 0.475963 | / | 0.472301 |
| | = | 1.0078 |
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 |
| = | (-9.643 - -1.462 | - | 59.034) | / | 1475.284 |
| | = | -0.045561 |
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.
City Office REIT has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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