Centerspace Beneish M-Score Historical Data
The historical data trend for Centerspace'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.
Centerspace Beneish M-Score Chart
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Centerspace Annual Data
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Trend |
Apr14 |
Apr15 |
Apr16 |
Apr17 |
Apr18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.86 |
-2.79 |
-2.24 |
-3.28 |
-2.64 |
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Centerspace 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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-2.70 |
-2.64 |
-2.74 |
-2.77 |
-2.77 |
Competitive Comparison of Centerspace's Beneish M-Score
For the REIT - Residential subindustry, Centerspace'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.
Centerspace's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Centerspace's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Centerspace's Beneish M-Score falls into.
Centerspace 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 Centerspace 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 * 0.9644 | + | 0.404 * 1.0192 | + | 0.892 * 0.9757 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9338 | + | 4.679 * -0.051287 | - | 0.327 * 1.0845 |
| = | -2.77 |
* 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 $0.00 Mil.
Revenue was 65.025 + 65.043 + 64.506 + 64.068 = $258.64 Mil.
Gross Profit was 36.124 + 37.632 + 37.107 + 36.629 = $147.49 Mil.
Total Current Assets was $17.25 Mil.
Total Assets was $1,887.41 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $106.60 Mil.
Selling, General, & Admin. Expense(SGA) was $17.30 Mil.
Total Current Liabilities was $100.00 Mil.
Long-Term Debt & Capital Lease Obligation was $882.27 Mil.
Net Income was -0.888 + -1.136 + -3.745 + -7.997 = $-13.77 Mil.
Non Operating Income was 0.412 + -0.51 + -1.397 + -7.154 = $-8.65 Mil.
Cash Flow from Operations was 32.319 + 22.861 + 24.403 + 12.1 = $91.68 Mil.
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Total Receivables was $0.00 Mil.
Revenue was 64.568 + 64.776 + 67.897 + 67.848 = $265.09 Mil.
Gross Profit was 35.626 + 37.483 + 36.406 + 36.271 = $145.79 Mil.
Total Current Assets was $52.20 Mil.
Total Assets was $1,878.28 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $102.37 Mil.
Selling, General, & Admin. Expense(SGA) was $18.99 Mil.
Total Current Liabilities was $62.67 Mil.
Long-Term Debt & Capital Lease Obligation was $838.69 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 / 258.642) | / | (0 / 265.089) |
| = | 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) |
| = | (145.786 / 265.089) | / | (147.492 / 258.642) |
| = | 0.549951 | / | 0.570255 |
| | = | 0.9644 |
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 - (17.247 + 0) / 1887.405) | / | (1 - (52.197 + 0) / 1878.281) |
| = | 0.990862 | / | 0.97221 |
| | = | 1.0192 |
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 |
| = | 258.642 | / | 265.089 |
| | = | 0.9757 |
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)) |
| = | (102.369 / (102.369 + 0)) | / | (106.601 / (106.601 + 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) |
| = | (17.304 / 258.642) | / | (18.993 / 265.089) |
| = | 0.066903 | / | 0.071648 |
| | = | 0.9338 |
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) |
| = | ((882.266 + 100) / 1887.405) | / | ((838.688 + 62.674) / 1878.281) |
| = | 0.520432 | / | 0.479887 |
| | = | 1.0845 |
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 |
| = | (-13.766 - -8.649 | - | 91.683) | / | 1887.405 |
| | = | -0.051287 |
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.
Centerspace has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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