EastGroup Properties Beneish M-Score Historical Data
The historical data trend for EastGroup 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.
EastGroup Properties Beneish M-Score Chart
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EastGroup Properties Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.52 |
-2.41 |
-2.56 |
-2.45 |
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EastGroup Properties Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.41 |
-2.45 |
-2.50 |
-2.49 |
-2.54 |
Competitive Comparison of EastGroup Properties's Beneish M-Score
For the REIT - Industrial subindustry, EastGroup 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.
EastGroup Properties's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, EastGroup Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EastGroup Properties's Beneish M-Score falls into.
EastGroup 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 EastGroup 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 * 0.9852 | + | 0.528 * 1.0007 | + | 0.404 * 0.9951 | + | 0.892 * 1.1343 | + | 0.115 * 1.0027 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.062 | + | 4.679 * -0.040552 | - | 0.327 * 0.8857 |
| = | -2.54 |
* 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 $90.6 Mil.
Revenue was 162.876 + 159.09 + 154.224 + 149.149 = $625.3 Mil.
Gross Profit was 118.713 + 115.239 + 111.221 + 109.781 = $455.0 Mil.
Total Current Assets was $125.5 Mil.
Total Assets was $4,754.1 Mil.
Property, Plant and Equipment(Net PPE) was $2.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $185.0 Mil.
Selling, General, & Admin. Expense(SGA) was $21.0 Mil.
Total Current Liabilities was $221.2 Mil.
Long-Term Debt & Capital Lease Obligation was $1,647.4 Mil.
Net Income was 55.18 + 55.287 + 58.644 + 63.455 = $232.6 Mil.
Non Operating Income was 0.582 + 0.518 + 9.525 + 13.93 = $24.6 Mil.
Cash Flow from Operations was 122.932 + 122.861 + 116.9 + 38.103 = $400.8 Mil.
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Total Receivables was $81.1 Mil.
Revenue was 146.53 + 139.887 + 135.025 + 129.84 = $551.3 Mil.
Gross Profit was 105.821 + 102.12 + 98.839 + 94.568 = $401.3 Mil.
Total Current Assets was $94.7 Mil.
Total Assets was $4,354.9 Mil.
Property, Plant and Equipment(Net PPE) was $1.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $166.4 Mil.
Selling, General, & Admin. Expense(SGA) was $17.4 Mil.
Total Current Liabilities was $235.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,696.9 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) |
| = | (90.581 / 625.339) | / | (81.054 / 551.282) |
| = | 0.144851 | / | 0.147028 |
| | = | 0.9852 |
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) |
| = | (401.348 / 551.282) | / | (454.954 / 625.339) |
| = | 0.728027 | / | 0.727532 |
| | = | 1.0007 |
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 - (125.541 + 2.374) / 4754.065) | / | (1 - (94.74 + 1.682) / 4354.854) |
| = | 0.973094 | / | 0.977859 |
| | = | 0.9951 |
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 |
| = | 625.339 | / | 551.282 |
| | = | 1.1343 |
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)) |
| = | (166.389 / (166.389 + 1.682)) | / | (184.997 / (184.997 + 2.374)) |
| = | 0.989992 | / | 0.98733 |
| | = | 1.0027 |
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) |
| = | (21.018 / 625.339) | / | (17.448 / 551.282) |
| = | 0.033611 | / | 0.03165 |
| | = | 1.062 |
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) |
| = | ((1647.355 + 221.22) / 4754.065) | / | ((1696.941 + 235.561) / 4354.854) |
| = | 0.393048 | / | 0.443758 |
| | = | 0.8857 |
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 |
| = | (232.566 - 24.555 | - | 400.796) | / | 4754.065 |
| | = | -0.040552 |
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.
EastGroup Properties has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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