Cushman & Wakefield Beneish M-Score Historical Data
The historical data trend for Cushman & Wakefield'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.
Cushman & Wakefield Beneish M-Score Chart
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Cushman & Wakefield Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.47 |
-2.52 |
-2.28 |
-2.57 |
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Cushman & Wakefield Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-2.33 |
-2.48 |
-2.54 |
-2.57 |
Competitive Comparison of Cushman & Wakefield's Beneish M-Score
For the Real Estate Services subindustry, Cushman & Wakefield'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.
Cushman & Wakefield's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Cushman & Wakefield's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cushman & Wakefield's Beneish M-Score falls into.
Cushman & Wakefield 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 Cushman & Wakefield 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 * 1.0475 | + | 0.528 * 1.1101 | + | 0.404 * 0.982 | + | 0.892 * 0.9394 | + | 0.115 * 0.9802 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0657 | + | 4.679 * -0.025084 | - | 0.327 * 1.0014 |
| = | -2.57 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,846 Mil.
Revenue was 2552.4 + 2286 + 2406 + 2249.3 = $9,494 Mil.
Gross Profit was 478.6 + 403.9 + 427.9 + 341.7 = $1,652 Mil.
Total Current Assets was $2,803 Mil.
Total Assets was $7,774 Mil.
Property, Plant and Equipment(Net PPE) was $501 Mil.
Depreciation, Depletion and Amortization(DDA) was $243 Mil.
Selling, General, & Admin. Expense(SGA) was $1,263 Mil.
Total Current Liabilities was $2,397 Mil.
Long-Term Debt & Capital Lease Obligation was $3,417 Mil.
Net Income was 69.8 + -33.9 + 5.1 + -76.4 = $-35 Mil.
Non Operating Income was 2.3 + 5.4 + 1 + -1.3 = $7 Mil.
Cash Flow from Operations was 202.4 + 188.1 + -16.8 + -221.5 = $152 Mil.
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Total Receivables was $1,876 Mil.
Revenue was 2647 + 2515.1 + 2612.6 + 2331 = $10,106 Mil.
Gross Profit was 484.4 + 462.2 + 535.1 + 470.5 = $1,952 Mil.
Total Current Assets was $2,767 Mil.
Total Assets was $7,949 Mil.
Property, Plant and Equipment(Net PPE) was $528 Mil.
Depreciation, Depletion and Amortization(DDA) was $249 Mil.
Selling, General, & Admin. Expense(SGA) was $1,261 Mil.
Total Current Liabilities was $2,390 Mil.
Long-Term Debt & Capital Lease Obligation was $3,546 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) |
| = | (1846.1 / 9493.7) | / | (1876 / 10105.7) |
| = | 0.194455 | / | 0.185638 |
| | = | 1.0475 |
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) |
| = | (1952.2 / 10105.7) | / | (1652.1 / 9493.7) |
| = | 0.193178 | / | 0.174021 |
| | = | 1.1101 |
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 - (2803.2 + 500.6) / 7774) | / | (1 - (2766.8 + 527.7) / 7949.3) |
| = | 0.575019 | / | 0.585561 |
| | = | 0.982 |
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 |
| = | 9493.7 | / | 10105.7 |
| | = | 0.9394 |
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)) |
| = | (249.1 / (249.1 + 527.7)) | / | (243.4 / (243.4 + 500.6)) |
| = | 0.320675 | / | 0.327151 |
| | = | 0.9802 |
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) |
| = | (1262.8 / 9493.7) | / | (1261.3 / 10105.7) |
| = | 0.133015 | / | 0.124811 |
| | = | 1.0657 |
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) |
| = | ((3416.5 + 2397.2) / 7774) | / | ((3546.3 + 2390.4) / 7949.3) |
| = | 0.747839 | / | 0.74682 |
| | = | 1.0014 |
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 |
| = | (-35.4 - 7.4 | - | 152.2) | / | 7774 |
| | = | -0.025084 |
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.
Cushman & Wakefield has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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