Apple Hospitality REIT Beneish M-Score Historical Data
The historical data trend for Apple Hospitality 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.
Apple Hospitality REIT Beneish M-Score Chart
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Apple Hospitality 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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-2.86 |
-2.20 |
-2.20 |
-2.54 |
-2.81 |
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Apple Hospitality REIT 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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-2.49 |
-2.63 |
-2.74 |
-2.81 |
-2.77 |
Competitive Comparison of Apple Hospitality REIT's Beneish M-Score
For the REIT - Hotel & Motel subindustry, Apple Hospitality 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.
Apple Hospitality REIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Apple Hospitality REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Apple Hospitality REIT's Beneish M-Score falls into.
Apple Hospitality 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 Apple Hospitality 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 * 0.858 | + | 0.528 * 1.0252 | + | 0.404 * 1.0038 | + | 0.892 * 1.0177 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9965 | + | 4.679 * -0.044199 | - | 0.327 * 0.9989 |
| = | -2.79 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €58 Mil.
Revenue was 303.151 + 286.522 + 335.69 + 333.784 = €1,259 Mil.
Gross Profit was 102.356 + 94.597 + 124.501 + 130.257 = €452 Mil.
Total Current Assets was €90 Mil.
Total Assets was €4,630 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €170 Mil.
Selling, General, & Admin. Expense(SGA) was €43 Mil.
Total Current Liabilities was €199 Mil.
Long-Term Debt & Capital Lease Obligation was €1,363 Mil.
Net Income was 49.726 + 19.042 + 54.826 + 60.262 = €184 Mil.
Non Operating Income was 16.345 + 0 + 0 + 0 = €16 Mil.
Cash Flow from Operations was 50.28 + 88.839 + 123.309 + 109.72 = €372 Mil.
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Total Receivables was €66 Mil.
Revenue was 290.898 + 282.37 + 344.562 + 319.434 = €1,237 Mil.
Gross Profit was 99.577 + 96.125 + 130.321 + 129.01 = €455 Mil.
Total Current Assets was €103 Mil.
Total Assets was €4,447 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €175 Mil.
Selling, General, & Admin. Expense(SGA) was €42 Mil.
Total Current Liabilities was €111 Mil.
Long-Term Debt & Capital Lease Obligation was €1,391 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) |
| = | (58.004 / 1259.147) | / | (66.426 / 1237.264) |
| = | 0.046066 | / | 0.053688 |
| | = | 0.858 |
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) |
| = | (455.033 / 1237.264) | / | (451.711 / 1259.147) |
| = | 0.367774 | / | 0.358744 |
| | = | 1.0252 |
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 - (89.818 + 0) / 4629.898) | / | (1 - (102.646 + 0) / 4447.008) |
| = | 0.9806 | / | 0.976918 |
| | = | 1.0038 |
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 |
| = | 1259.147 | / | 1237.264 |
| | = | 1.0177 |
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)) |
| = | (174.682 / (174.682 + 0)) | / | (170.2 / (170.2 + 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) |
| = | (42.988 / 1259.147) | / | (42.391 / 1237.264) |
| = | 0.034141 | / | 0.034262 |
| | = | 0.9965 |
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) |
| = | ((1363.012 + 199.328) / 4629.898) | / | ((1390.888 + 111.348) / 4447.008) |
| = | 0.337446 | / | 0.337808 |
| | = | 0.9989 |
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 |
| = | (183.856 - 16.345 | - | 372.148) | / | 4629.898 |
| | = | -0.044199 |
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.
Apple Hospitality REIT has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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