Equity Residential Beneish M-Score Historical Data
The historical data trend for Equity Residential'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.
Equity Residential Beneish M-Score Chart
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Equity Residential Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.68 |
-2.75 |
-2.65 |
-2.70 |
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Equity Residential Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.64 |
-2.66 |
-2.77 |
-2.70 |
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Competitive Comparison of Equity Residential's Beneish M-Score
For the REIT - Residential subindustry, Equity Residential'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.
Equity Residential's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Equity Residential's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Equity Residential's Beneish M-Score falls into.
Equity Residential 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 Equity Residential 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 | + | 0.528 * 1.0077 | + | 0.404 * 0.9999 | + | 0.892 * 1.0507 | + | 0.115 * 0.9931 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9842 | + | 4.679 * -0.057437 | - | 0.327 * 1.0079 |
| = | -2.70 |
* 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 $0 Mil.
Revenue was 727.5 + 724.067 + 717.309 + 705.088 = $2,874 Mil.
Gross Profit was 475.365 + 463.953 + 458.779 + 429.374 = $1,827 Mil.
Total Current Assets was $140 Mil.
Total Assets was $20,035 Mil.
Property, Plant and Equipment(Net PPE) was $457 Mil.
Depreciation, Depletion and Amortization(DDA) was $902 Mil.
Selling, General, & Admin. Expense(SGA) was $61 Mil.
Total Current Liabilities was $839 Mil.
Long-Term Debt & Capital Lease Obligation was $7,293 Mil.
Net Income was 311.692 + 172.508 + 139.203 + 212.035 = $835 Mil.
Non Operating Income was 400.671 + -31.87 + -6.651 + 91.214 = $453 Mil.
Cash Flow from Operations was 344.274 + 442.544 + 352.701 + 393.279 = $1,533 Mil.
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Total Receivables was $0 Mil.
Revenue was 699.703 + 695.099 + 687.03 + 653.348 = $2,735 Mil.
Gross Profit was 468.333 + 444.961 + 442.266 + 397.039 = $1,753 Mil.
Total Current Assets was $137 Mil.
Total Assets was $20,218 Mil.
Property, Plant and Equipment(Net PPE) was $463 Mil.
Depreciation, Depletion and Amortization(DDA) was $894 Mil.
Selling, General, & Admin. Expense(SGA) was $59 Mil.
Total Current Liabilities was $537 Mil.
Long-Term Debt & Capital Lease Obligation was $7,605 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) |
| = | (0 / 2873.964) | / | (0 / 2735.18) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1752.599 / 2735.18) | / | (1827.471 / 2873.964) |
| = | 0.640762 | / | 0.635871 |
| | = | 1.0077 |
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 - (139.995 + 457.266) / 20034.564) | / | (1 - (137.172 + 462.956) / 20218.262) |
| = | 0.970188 | / | 0.970318 |
| | = | 0.9999 |
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 |
| = | 2873.964 | / | 2735.18 |
| | = | 1.0507 |
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)) |
| = | (894.325 / (894.325 + 462.956)) | / | (901.504 / (901.504 + 457.266)) |
| = | 0.658909 | / | 0.663471 |
| | = | 0.9931 |
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) |
| = | (60.716 / 2873.964) | / | (58.71 / 2735.18) |
| = | 0.021126 | / | 0.021465 |
| | = | 0.9842 |
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) |
| = | ((7292.959 + 838.508) / 20034.564) | / | ((7604.515 + 536.914) / 20218.262) |
| = | 0.405872 | / | 0.402677 |
| | = | 1.0079 |
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 |
| = | (835.438 - 453.364 | - | 1532.798) | / | 20034.564 |
| | = | -0.057437 |
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.
Equity Residential has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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