Newmark Group Beneish M-Score Historical Data
The historical data trend for Newmark 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.
Newmark Group Beneish M-Score Chart
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Newmark Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.57 |
-1.87 |
-2.33 |
-3.55 |
-2.06 |
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Newmark Group 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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-3.55 |
-2.60 |
-2.28 |
-2.71 |
-2.06 |
Competitive Comparison of Newmark Group's Beneish M-Score
For the Real Estate Services subindustry, Newmark 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.
Newmark Group's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Newmark Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Newmark Group's Beneish M-Score falls into.
Newmark 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 Newmark 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 * 1.2686 | + | 0.528 * 1 | + | 0.404 * 0.9326 | + | 0.892 * 0.9131 | + | 0.115 * 0.9774 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0547 | + | 4.679 * 0.065901 | - | 0.327 * 1.054 |
| = | -2.06 |
* 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 $632 Mil.
Revenue was 747.442 + 616.283 + 585.844 + 520.799 = $2,470 Mil.
Gross Profit was 747.442 + 616.283 + 585.844 + 520.799 = $2,470 Mil.
Total Current Assets was $1,506 Mil.
Total Assets was $4,472 Mil.
Property, Plant and Equipment(Net PPE) was $774 Mil.
Depreciation, Depletion and Amortization(DDA) was $166 Mil.
Selling, General, & Admin. Expense(SGA) was $1,644 Mil.
Total Current Liabilities was $1,490 Mil.
Long-Term Debt & Capital Lease Obligation was $1,145 Mil.
Net Income was 36.548 + 9.947 + 6.429 + -10.35 = $43 Mil.
Non Operating Income was 9.736 + 3.203 + 3.925 + -3.01 = $14 Mil.
Cash Flow from Operations was 219.977 + 413.54 + -500.638 + -398.84 = $-266 Mil.
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Total Receivables was $546 Mil.
Revenue was 607.282 + 664.646 + 755.351 + 678.247 = $2,706 Mil.
Gross Profit was 607.282 + 664.646 + 755.351 + 678.247 = $2,706 Mil.
Total Current Assets was $1,076 Mil.
Total Assets was $3,941 Mil.
Property, Plant and Equipment(Net PPE) was $794 Mil.
Depreciation, Depletion and Amortization(DDA) was $166 Mil.
Selling, General, & Admin. Expense(SGA) was $1,707 Mil.
Total Current Liabilities was $1,576 Mil.
Long-Term Debt & Capital Lease Obligation was $627 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) |
| = | (632.115 / 2470.368) | / | (545.73 / 2705.526) |
| = | 0.255879 | / | 0.201709 |
| | = | 1.2686 |
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) |
| = | (2705.526 / 2705.526) | / | (2470.368 / 2470.368) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (1506.104 + 774.397) / 4471.575) | / | (1 - (1076.015 + 794.231) / 3940.759) |
| = | 0.490001 | / | 0.52541 |
| | = | 0.9326 |
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 |
| = | 2470.368 | / | 2705.526 |
| | = | 0.9131 |
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)) |
| = | (165.816 / (165.816 + 794.231)) | / | (166.221 / (166.221 + 774.397)) |
| = | 0.172717 | / | 0.176715 |
| | = | 0.9774 |
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) |
| = | (1643.504 / 2470.368) | / | (1706.674 / 2705.526) |
| = | 0.665287 | / | 0.63081 |
| | = | 1.0547 |
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) |
| = | ((1145.304 + 1489.604) / 4471.575) | / | ((627.088 + 1576.059) / 3940.759) |
| = | 0.589257 | / | 0.559067 |
| | = | 1.054 |
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 |
| = | (42.574 - 13.854 | - | -265.961) | / | 4471.575 |
| | = | 0.065901 |
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.
Newmark Group has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
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