CoStar Group Beneish M-Score Historical Data
The historical data trend for CoStar 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.
CoStar Group Beneish M-Score Chart
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CoStar Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.80 |
-3.20 |
-2.37 |
-2.35 |
-2.31 |
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CoStar Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.27 |
-2.50 |
-2.34 |
-2.31 |
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Competitive Comparison of CoStar Group's Beneish M-Score
For the Real Estate Services subindustry, CoStar 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.
CoStar Group's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, CoStar Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CoStar Group's Beneish M-Score falls into.
CoStar 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 CoStar 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 * 0.9674 | + | 0.528 * 1.011 | + | 0.404 * 0.9897 | + | 0.892 * 1.1226 | + | 0.115 * 2.0774 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2126 | + | 4.679 * -0.024312 | - | 0.327 * 1.0568 |
| = | -2.44 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $197 Mil.
Revenue was 656.4 + 640.059 + 624.669 + 605.906 = $2,527 Mil.
Gross Profit was 515.2 + 503.783 + 501.003 + 493.544 = $2,014 Mil.
Total Current Assets was $5,216 Mil.
Total Assets was $9,035 Mil.
Property, Plant and Equipment(Net PPE) was $866 Mil.
Depreciation, Depletion and Amortization(DDA) was $115 Mil.
Selling, General, & Admin. Expense(SGA) was $1,520 Mil.
Total Current Liabilities was $574 Mil.
Long-Term Debt & Capital Lease Obligation was $1,066 Mil.
Net Income was 6.7 + 96.475 + 90.574 + 100.52 = $294 Mil.
Non Operating Income was 3.2 + 3.745 + 0.465 + 0.609 = $8 Mil.
Cash Flow from Operations was 139.6 + 148.515 + 42.605 + 175.18 = $506 Mil.
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Total Receivables was $182 Mil.
Revenue was 584.4 + 573.346 + 556.921 + 536.308 = $2,251 Mil.
Gross Profit was 465.2 + 464.16 + 448.557 + 435.337 = $1,813 Mil.
Total Current Assets was $5,298 Mil.
Total Assets was $8,517 Mil.
Property, Plant and Equipment(Net PPE) was $407 Mil.
Depreciation, Depletion and Amortization(DDA) was $131 Mil.
Selling, General, & Admin. Expense(SGA) was $1,117 Mil.
Total Current Liabilities was $401 Mil.
Long-Term Debt & Capital Lease Obligation was $1,062 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) |
| = | (197.4 / 2527.034) | / | (181.758 / 2250.975) |
| = | 0.078115 | / | 0.080746 |
| | = | 0.9674 |
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) |
| = | (1813.254 / 2250.975) | / | (2013.53 / 2527.034) |
| = | 0.805542 | / | 0.796796 |
| | = | 1.011 |
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 - (5216.2 + 865.9) / 9034.5) | / | (1 - (5297.636 + 407.01) / 8516.912) |
| = | 0.326792 | / | 0.330198 |
| | = | 0.9897 |
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 |
| = | 2527.034 | / | 2250.975 |
| | = | 1.1226 |
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)) |
| = | (131.31 / (131.31 + 407.01)) | / | (115.2 / (115.2 + 865.9)) |
| = | 0.243926 | / | 0.117419 |
| | = | 2.0774 |
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) |
| = | (1520.258 / 2527.034) | / | (1116.742 / 2250.975) |
| = | 0.601598 | / | 0.496115 |
| | = | 1.2126 |
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) |
| = | ((1065.9 + 573.8) / 9034.5) | / | ((1061.628 + 401.021) / 8516.912) |
| = | 0.181493 | / | 0.171735 |
| | = | 1.0568 |
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 |
| = | (294.269 - 8.019 | - | 505.9) | / | 9034.5 |
| | = | -0.024312 |
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.
CoStar Group has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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