Regency Centers Beneish M-Score Historical Data
The historical data trend for Regency Centers'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.
Regency Centers Beneish M-Score Chart
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Regency Centers Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.79 |
-2.55 |
-2.41 |
-2.51 |
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Regency Centers Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.45 |
-2.51 |
-2.35 |
-2.44 |
-2.47 |
Competitive Comparison of Regency Centers's Beneish M-Score
For the REIT - Retail subindustry, Regency Centers'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.
Regency Centers's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Regency Centers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Regency Centers's Beneish M-Score falls into.
Regency Centers 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 Regency Centers 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 * 1.0702 | + | 0.528 * 1.0115 | + | 0.404 * 0.9912 | + | 0.892 * 1.1066 | + | 0.115 * 0.9381 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9577 | + | 4.679 * -0.037618 | - | 0.327 * 1.062 |
| = | -2.51 |
* 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 €231 Mil.
Revenue was 324.6 + 331.885 + 334.744 + 329.757 = €1,321 Mil.
Gross Profit was 228.908 + 234.369 + 235.769 + 226.164 = €925 Mil.
Total Current Assets was €334 Mil.
Total Assets was €11,196 Mil.
Property, Plant and Equipment(Net PPE) was €299 Mil.
Depreciation, Depletion and Amortization(DDA) was €342 Mil.
Selling, General, & Admin. Expense(SGA) was €94 Mil.
Total Current Liabilities was €378 Mil.
Long-Term Debt & Capital Lease Obligation was €4,489 Mil.
Net Income was 91.424 + 95.379 + 100.992 + 82.323 = €370 Mil.
Non Operating Income was 23.403 + 22.25 + 23.466 + 16.13 = €85 Mil.
Cash Flow from Operations was 205.067 + 189.011 + 154.337 + 157.638 = €706 Mil.
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Total Receivables was €195 Mil.
Revenue was 309.808 + 290.05 + 296.991 + 296.904 = €1,194 Mil.
Gross Profit was 216.672 + 204.301 + 213.398 + 211.321 = €846 Mil.
Total Current Assets was €271 Mil.
Total Assets was €11,601 Mil.
Property, Plant and Equipment(Net PPE) was €287 Mil.
Depreciation, Depletion and Amortization(DDA) was €288 Mil.
Selling, General, & Admin. Expense(SGA) was €88 Mil.
Total Current Liabilities was €410 Mil.
Long-Term Debt & Capital Lease Obligation was €4,339 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) |
| = | (230.809 / 1320.986) | / | (194.893 / 1193.753) |
| = | 0.174725 | / | 0.163261 |
| | = | 1.0702 |
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) |
| = | (845.692 / 1193.753) | / | (925.21 / 1320.986) |
| = | 0.708431 | / | 0.700393 |
| | = | 1.0115 |
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 - (334.272 + 298.725) / 11196.348) | / | (1 - (270.856 + 287.37) / 11601.385) |
| = | 0.943464 | / | 0.951883 |
| | = | 0.9912 |
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 |
| = | 1320.986 | / | 1193.753 |
| | = | 1.1066 |
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)) |
| = | (288.479 / (288.479 + 287.37)) | / | (342.352 / (342.352 + 298.725)) |
| = | 0.500963 | / | 0.534026 |
| | = | 0.9381 |
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) |
| = | (93.503 / 1320.986) | / | (88.227 / 1193.753) |
| = | 0.070783 | / | 0.073907 |
| | = | 0.9577 |
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) |
| = | ((4489.45 + 377.569) / 11196.348) | / | ((4339.163 + 409.565) / 11601.385) |
| = | 0.434697 | / | 0.409324 |
| | = | 1.062 |
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 |
| = | (370.118 - 85.249 | - | 706.053) | / | 11196.348 |
| | = | -0.037618 |
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.
Regency Centers has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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