Howard Hughes Holdings (FRA:HHE0) Beneish M-Score : -2.07 (As of Mar. 27, 2025)

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What is Howard Hughes Holdings Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Howard Hughes Holdings's Beneish M-Score or its related term are showing as below:

FRA:HHE0' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.39 Max: -1.64
Current: -2.07

During the past 13 years, the highest Beneish M-Score of Howard Hughes Holdings was -1.64. The lowest was -2.92. And the median was -2.39.

Howard Hughes Holdings Beneish M-Score Historical Data

The historical data trend for Howard Hughes Holdings'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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Howard Hughes Holdings Beneish M-Score Chart

Howard Hughes Holdings Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.96

-1.70

-2.53

-2.49

-2.07

Howard Hughes Holdings Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.49	-2.46	-2.63	-2.71	-2.07

Competitive Comparison of Howard Hughes Holdings's Beneish M-Score

For the Real Estate - Diversified subindustry, Howard Hughes Holdings'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.

Howard Hughes Holdings's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Howard Hughes Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Howard Hughes Holdings's Beneish M-Score falls into.

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Howard Hughes Holdings 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 Howard Hughes Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.5046

0.528 * 1.1702

0.404 * 1.0859

0.892 * 1.8937

0.115 * 1.0011

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6612

4.679 * -0.016161

0.327 * 1.0038

-2.03

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €656 Mil.
Revenue was 939.328 + 294.759 + 294.873 + 157.447 = €1,686 Mil.
Gross Profit was 302.746 + 159.844 + 141.8 + 60.158 = €665 Mil.
Total Current Assets was €1,695 Mil.
Total Assets was €8,797 Mil.
Property, Plant and Equipment(Net PPE) was €6 Mil.
Depreciation, Depletion and Amortization(DDA) was €167 Mil.
Selling, General, & Admin. Expense(SGA) was €101 Mil.
Total Current Liabilities was €561 Mil.
Long-Term Debt & Capital Lease Obligation was €4,902 Mil.
Net Income was 149.284 + 65.566 + 19.594 + -48.279 = €186 Mil.
Non Operating Income was 15.238 + -45.041 + -0.459 + -13.194 = €-43 Mil.
Cash Flow from Operations was 321.925 + 223.691 + -16.289 + -157.54 = €372 Mil.

Total Receivables was €687 Mil.
Revenue was 286.988 + 214.079 + 206.121 + 183.334 = €891 Mil.
Gross Profit was 157.36 + 104.057 + 72.69 + 76.536 = €411 Mil.
Total Current Assets was €2,253 Mil.
Total Assets was €8,782 Mil.
Property, Plant and Equipment(Net PPE) was €5 Mil.
Depreciation, Depletion and Amortization(DDA) was €156 Mil.
Selling, General, & Admin. Expense(SGA) was €80 Mil.
Total Current Liabilities was €709 Mil.
Long-Term Debt & Capital Lease Obligation was €4,725 Mil.

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)
	=	(656.087 / 1686.407)	/	(686.523 / 890.522)
	=	0.389044	/	0.770922
	=	0.5046

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)
	=	(410.643 / 890.522)	/	(664.548 / 1686.407)
	=	0.461126	/	0.394061
	=	1.1702

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 - (1695.286 + 5.545) / 8796.73)	/	(1 - (2253.132 + 5.01) / 8782.112)
	=	0.806652	/	0.74287
	=	1.0859

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
	=	1686.407	/	890.522
	=	1.8937

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))
	=	(156.482 / (156.482 + 5.01))	/	(167.191 / (167.191 + 5.545))
	=	0.968977	/	0.967899
	=	1.0011

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)
	=	(100.714 / 1686.407)	/	(80.431 / 890.522)
	=	0.059721	/	0.090319
	=	0.6612

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)
	=	((4901.943 + 561.198) / 8796.73)	/	((4724.709 + 708.969) / 8782.112)
	=	0.621042	/	0.618721
	=	1.0038

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
	=	(186.165 - -43.456	-	371.787)	/	8796.73
	=	-0.016161

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.

Howard Hughes Holdings has a M-score of -2.03 suggests that the company is unlikely to be a manipulator.

Howard Hughes Holdings Beneish M-Score Related Terms

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Howard Hughes Holdings Business Description

Industry

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HHH:USA

Address

9950 Woodloch Forest Drive, Suite 1100, 11th Floor, The Woodlands, TX, USA, 77380

Website

https://www.howardhughes.com

Howard Hughes Holdings Inc owns, manages, and develops commercial, residential, and mixed-use real estate throughout the USA. Its portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. It operates through four business segments: Operating Assets, MPCs, Strategic Developments and Seaport.

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