Franklin Street Properties Beneish M-Score Historical Data
The historical data trend for Franklin Street 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.
Franklin Street Properties Beneish M-Score Chart
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Franklin Street 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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-2.94 |
-2.51 |
-2.84 |
-2.50 |
-3.17 |
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Franklin Street Properties Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.87 |
-2.93 |
-3.05 |
-3.17 |
Competitive Comparison of Franklin Street Properties's Beneish M-Score
For the REIT - Office subindustry, Franklin Street 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.
Franklin Street Properties's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Franklin Street Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Franklin Street Properties's Beneish M-Score falls into.
Franklin Street 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 Franklin Street 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 * 0.648 | + | 0.528 * 1.0148 | + | 0.404 * 0.847 | + | 0.892 * 0.8798 | + | 0.115 * 0.9998 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1478 | + | 4.679 * -0.036671 | - | 0.327 * 1.0234 |
| = | -3.17 |
* 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 $42.6 Mil.
Revenue was 34.771 + 36.903 + 36.266 + 37.767 = $145.7 Mil.
Gross Profit was 15.723 + 16.991 + 16.957 + 18.104 = $67.8 Mil.
Total Current Assets was $243.8 Mil.
Total Assets was $1,169.3 Mil.
Property, Plant and Equipment(Net PPE) was $0.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $57.2 Mil.
Selling, General, & Admin. Expense(SGA) was $14.0 Mil.
Total Current Liabilities was $41.9 Mil.
Long-Term Debt & Capital Lease Obligation was $404.7 Mil.
Net Income was 3.575 + -45.671 + -8.42 + 2.406 = $-48.1 Mil.
Non Operating Income was 8.701 + -39.71 + -0.806 + 8.719 = $-23.1 Mil.
Cash Flow from Operations was 6.321 + 11.071 + 1.569 + -1.095 = $17.9 Mil.
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Total Receivables was $74.7 Mil.
Revenue was 41.211 + 40.836 + 41.304 + 42.264 = $165.6 Mil.
Gross Profit was 19.031 + 18.516 + 19.917 + 20.711 = $78.2 Mil.
Total Current Assets was $81.3 Mil.
Total Assets was $1,241.7 Mil.
Property, Plant and Equipment(Net PPE) was $0.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $65.6 Mil.
Selling, General, & Admin. Expense(SGA) was $13.9 Mil.
Total Current Liabilities was $50.4 Mil.
Long-Term Debt & Capital Lease Obligation was $413.0 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) |
| = | (42.588 / 145.707) | / | (74.703 / 165.615) |
| = | 0.292285 | / | 0.451064 |
| | = | 0.648 |
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) |
| = | (78.175 / 165.615) | / | (67.775 / 145.707) |
| = | 0.472028 | / | 0.465146 |
| | = | 1.0148 |
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 - (243.786 + 0.123) / 1169.33) | / | (1 - (81.335 + 0.154) / 1241.666) |
| = | 0.791411 | / | 0.934371 |
| | = | 0.847 |
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 |
| = | 145.707 | / | 165.615 |
| | = | 0.8798 |
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)) |
| = | (65.579 / (65.579 + 0.154)) | / | (57.196 / (57.196 + 0.123)) |
| = | 0.997657 | / | 0.997854 |
| | = | 0.9998 |
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) |
| = | (14.021 / 145.707) | / | (13.885 / 165.615) |
| = | 0.096227 | / | 0.083839 |
| | = | 1.1478 |
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) |
| = | ((404.711 + 41.879) / 1169.33) | / | ((413.015 + 50.366) / 1241.666) |
| = | 0.38192 | / | 0.373193 |
| | = | 1.0234 |
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 |
| = | (-48.11 - -23.096 | - | 17.866) | / | 1169.33 |
| | = | -0.036671 |
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.
Franklin Street Properties has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.
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