Simon Property Group (MEX:SPG) Beneish M-Score : -2.77 (As of Mar. 26, 2025)

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What is Simon Property Group 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 -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Simon Property Group's Beneish M-Score or its related term are showing as below:

MEX:SPG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94 Med: -2.75 Max: -2.24
Current: -2.77

During the past 13 years, the highest Beneish M-Score of Simon Property Group was -2.24. The lowest was -2.94. And the median was -2.75.

Simon Property Group Beneish M-Score Historical Data

The historical data trend for Simon Property Group'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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Simon Property Group Beneish M-Score Chart

Simon Property Group Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.24

-2.94

-2.79

-2.89

-2.77

Simon Property Group 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															-2.89	-2.84	-2.76	-2.80	-2.77

Competitive Comparison of Simon Property Group's Beneish M-Score

For the REIT - Retail subindustry, Simon Property Group'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.

Simon Property Group's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Simon Property Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Simon Property Group's Beneish M-Score falls into.

Simon Property Group 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 Simon Property Group 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 * 1.0779

0.528 * 0.9915

0.404 * 1.0175

0.892 * 1.1472

0.115 * 1.0492

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0956

4.679 * -0.056297

0.327 * 0.9946

-2.55

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was MXN29,794 Mil.
Revenue was 32998.556 + 29155.624 + 26715.583 + 23941.592 = MXN112,811 Mil.
Gross Profit was 27330.519 + 24072.928 + 22539.846 + 19609.106 = MXN93,552 Mil.
Total Current Assets was MXN59,000 Mil.
Total Assets was MXN675,843 Mil.
Property, Plant and Equipment(Net PPE) was MXN10,837 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN25,736 Mil.
Selling, General, & Admin. Expense(SGA) was MXN3,613 Mil.
Total Current Liabilities was MXN70,811 Mil.
Long-Term Debt & Capital Lease Obligation was MXN516,904 Mil.
Net Income was 13932.963 + 9372.484 + 9055.609 + 12157.354 = MXN44,518 Mil.
Non Operating Income was 2742.942 + 156.164 + 762.721 + 6376.298 = MXN10,038 Mil.
Cash Flow from Operations was 22639.884 + 17580.524 + 19477.036 + 12830.615 = MXN72,528 Mil.

Total Receivables was MXN24,093 Mil.
Revenue was 25927.111 + 24577.158 + 23480.303 + 24349.053 = MXN98,334 Mil.
Gross Profit was 21589.444 + 19792.936 + 19535.491 + 19931.468 = MXN80,849 Mil.
Total Current Assets was MXN60,910 Mil.
Total Assets was MXN581,937 Mil.
Property, Plant and Equipment(Net PPE) was MXN8,217 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN23,181 Mil.
Selling, General, & Admin. Expense(SGA) was MXN2,875 Mil.
Total Current Liabilities was MXN58,663 Mil.
Long-Term Debt & Capital Lease Obligation was MXN450,128 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)
	=	(29794.453 / 112811.355)	/	(24092.959 / 98333.625)
	=	0.264109	/	0.245012
	=	1.0779

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)
	=	(80849.339 / 98333.625)	/	(93552.399 / 112811.355)
	=	0.822194	/	0.829282
	=	0.9915

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 - (58999.628 + 10836.768) / 675843.369)	/	(1 - (60909.95 + 8216.775) / 581936.546)
	=	0.896668	/	0.881213
	=	1.0175

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
	=	112811.355	/	98333.625
	=	1.1472

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))
	=	(23181.089 / (23181.089 + 8216.775))	/	(25735.765 / (25735.765 + 10836.768))
	=	0.738301	/	0.703691
	=	1.0492

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)
	=	(3612.986 / 112811.355)	/	(2874.56 / 98333.625)
	=	0.032027	/	0.029233
	=	1.0956

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)
	=	((516903.894 + 70811.483) / 675843.369)	/	((450127.929 + 58663.205) / 581936.546)
	=	0.869603	/	0.874307
	=	0.9946

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
	=	(44518.41 - 10038.125	-	72528.059)	/	675843.369
	=	-0.056297

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.

Simon Property Group has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.

Simon Property Group Beneish M-Score Related Terms

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Simon Property Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Simon Property Group Inc (MEX:SPG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

SPGpJ.PFD:USA SPG:USA SPG:Peru 1SPG:Italy 0L6P:UK SQI:Germany SQI:Germany SIMN34:Brazil SPGR:Austria

Address

225 West Washington Street, Indianapolis, IN, USA, 46204

Website

https://www.simon.com

Simon Property Group is the second-largest real estate investment trust in the United States. Its portfolio includes an interest in 229 properties: 134 traditional malls, 70 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), 6 lifestyle centers, and 5 other retail properties. Simon's portfolio averaged $739 in sales per square foot in 2024. The company also owns a 22% interest in Klépierre, a European retail company with investments in shopping centers in 14 countries, and joint-venture interests in 33 premium outlets across 11 countries.