Clipper Realty Beneish M-Score Historical Data
The historical data trend for Clipper Realty'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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Clipper Realty Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.97 |
-2.40 |
-1.98 |
-2.10 |
-3.05 |
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Clipper Realty Quarterly Data
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Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
| Beneish M-Score |
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-2.91 |
-2.85 |
-2.88 |
-3.05 |
-2.64 |
Competitive Comparison
For the REIT - Residential subindustry, Clipper Realty'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.
Clipper Realty Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Clipper Realty's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Clipper Realty's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
Clipper Realty 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 Clipper Realty 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 * 0.8876 | + | 0.528 * 1.0093 | + | 0.404 * 1.0076 | + | 0.892 * 1.0583 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1036 | + | 4.679 * -0.018713 | - | 0.327 * 1.022 |
| = | -2.64 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $4.8 Mil.
Revenue was 33.667 + 33.009 + 32.8 + 31.887 = $131.4 Mil.
Gross Profit was 17.032 + 16.945 + 17.281 + 17.073 = $68.3 Mil.
Total Current Assets was $53.3 Mil.
Total Assets was $1,237.4 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.9 Mil.
Selling, General, & Admin. Expense(SGA) was $13.1 Mil.
Total Current Liabilities was $13.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,178.0 Mil.
Net Income was -2.687 + -1.27 + -1.057 + -1.119 = $-6.1 Mil.
Non Operating Income was -3.868 + 0 + 0.01 + -0.092 = $-4.0 Mil.
Cash Flow from Operations was 7.421 + 4.98 + 3.477 + 5.095 = $21.0 Mil.
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Total Receivables was $5.1 Mil.
Revenue was 32.05 + 30.776 + 30.631 + 30.671 = $124.1 Mil.
Gross Profit was 16.58 + 16.405 + 16.094 + 16.087 = $65.2 Mil.
Total Current Assets was $61.7 Mil.
Total Assets was $1,226.8 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.9 Mil.
Selling, General, & Admin. Expense(SGA) was $11.2 Mil.
Total Current Liabilities was $17.2 Mil.
Long-Term Debt & Capital Lease Obligation was $1,139.0 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) |
| = | (4.768 / 131.363) | / | (5.076 / 124.128) |
| = | 0.036296 | / | 0.040893 |
| | = | 0.8876 |
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) |
| = | (65.166 / 124.128) | / | (68.331 / 131.363) |
| = | 0.52499 | / | 0.520169 |
| | = | 1.0093 |
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 - (53.251 + 0) / 1237.398) | / | (1 - (61.676 + 0) / 1226.779) |
| = | 0.956965 | / | 0.949725 |
| | = | 1.0076 |
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 |
| = | 131.363 | / | 124.128 |
| | = | 1.0583 |
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)) |
| = | (25.929 / (25.929 + 0)) | / | (26.897 / (26.897 + 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) |
| = | (13.103 / 131.363) | / | (11.219 / 124.128) |
| = | 0.099747 | / | 0.090383 |
| | = | 1.1036 |
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) |
| = | ((1178.027 + 13.938) / 1237.398) | / | ((1139.038 + 17.23) / 1226.779) |
| = | 0.963283 | / | 0.942523 |
| | = | 1.022 |
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 |
| = | (-6.133 - -3.95 | - | 20.973) | / | 1237.398 |
| | = | -0.018713 |
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.
Clipper Realty has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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