Colliers International Group Beneish M-Score Historical Data
The historical data trend for Colliers International 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.
Colliers International Group Beneish M-Score Chart
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Colliers International Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.21 |
-2.59 |
-2.25 |
-2.28 |
-2.53 |
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Colliers International Group Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.55 |
-2.34 |
-2.30 |
-2.53 |
-2.46 |
Competitive Comparison of Colliers International Group's Beneish M-Score
For the Real Estate Services subindustry, Colliers International 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.
Colliers International Group's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Colliers International Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Colliers International Group's Beneish M-Score falls into.
Colliers International 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 Colliers International Group 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 * 1.0592 | + | 0.528 * 1.0062 | + | 0.404 * 0.9882 | + | 0.892 * 1.135 | + | 0.115 * 0.9635 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0154 | + | 4.679 * -0.043567 | - | 0.327 * 1.0445 |
| = | -2.53 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $930 Mil.
Revenue was 1141.17 + 1501.617 + 1179.059 + 1139.368 = $4,961 Mil.
Gross Profit was 452.68 + 607.019 + 467.015 + 452.306 = $1,979 Mil.
Total Current Assets was $1,588 Mil.
Total Assets was $6,113 Mil.
Property, Plant and Equipment(Net PPE) was $631 Mil.
Depreciation, Depletion and Amortization(DDA) was $234 Mil.
Selling, General, & Admin. Expense(SGA) was $1,387 Mil.
Total Current Liabilities was $1,352 Mil.
Long-Term Debt & Capital Lease Obligation was $2,037 Mil.
Net Income was -4.259 + 75.117 + 37.227 + 36.724 = $145 Mil.
Non Operating Income was -4.807 + -4.434 + 25.052 + 16.153 = $32 Mil.
Cash Flow from Operations was -84.476 + 215.307 + 107.128 + 141.189 = $379 Mil.
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Total Receivables was $773 Mil.
Revenue was 1001.98 + 1235.168 + 1056.032 + 1078.038 = $4,371 Mil.
Gross Profit was 395.735 + 503.914 + 417.373 + 437.388 = $1,754 Mil.
Total Current Assets was $1,298 Mil.
Total Assets was $5,272 Mil.
Property, Plant and Equipment(Net PPE) was $576 Mil.
Depreciation, Depletion and Amortization(DDA) was $204 Mil.
Selling, General, & Admin. Expense(SGA) was $1,204 Mil.
Total Current Liabilities was $1,101 Mil.
Long-Term Debt & Capital Lease Obligation was $1,697 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) |
| = | (929.609 / 4961.214) | / | (773.284 / 4371.218) |
| = | 0.187375 | / | 0.176904 |
| | = | 1.0592 |
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) |
| = | (1754.41 / 4371.218) | / | (1979.02 / 4961.214) |
| = | 0.401355 | / | 0.398898 |
| | = | 1.0062 |
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 - (1587.835 + 631.131) / 6112.504) | / | (1 - (1297.509 + 576.342) / 5272.314) |
| = | 0.636979 | / | 0.644587 |
| | = | 0.9882 |
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 |
| = | 4961.214 | / | 4371.218 |
| | = | 1.135 |
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)) |
| = | (203.552 / (203.552 + 576.342)) | / | (234.496 / (234.496 + 631.131)) |
| = | 0.261 | / | 0.270897 |
| | = | 0.9635 |
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) |
| = | (1387.396 / 4961.214) | / | (1203.89 / 4371.218) |
| = | 0.279648 | / | 0.275413 |
| | = | 1.0154 |
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) |
| = | ((2036.701 + 1351.657) / 6112.504) | / | ((1697.328 + 1100.775) / 5272.314) |
| = | 0.554332 | / | 0.530716 |
| | = | 1.0445 |
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 |
| = | (144.809 - 31.964 | - | 379.148) | / | 6112.504 |
| | = | -0.043567 |
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.
Colliers International Group has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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