NorthStar Realty Finance Beneish M-Score Historical Data
The historical data trend for NorthStar Realty Finance'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.
NorthStar Realty Finance Beneish M-Score Chart
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NorthStar Realty Finance Annual Data
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Trend |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.49 |
-2.51 |
-0.18 |
-2.66 |
-2.06 |
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NorthStar Realty Finance Quarterly Data
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Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
| Beneish M-Score |
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-1.38 |
-2.06 |
-2.37 |
-2.48 |
-1.38 |
Competitive Comparison of NorthStar Realty Finance's Beneish M-Score
For the REIT - Retail subindustry, NorthStar Realty Finance'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.
NorthStar Realty Finance's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, NorthStar Realty Finance's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NorthStar Realty Finance's Beneish M-Score falls into.
NorthStar Realty Finance 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 NorthStar Realty Finance 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 * 1.9822 | + | 0.528 * 1.0678 | + | 0.404 * 1.5224 | + | 0.892 * 1.068 | + | 0.115 * 0.6682 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.664 | + | 4.679 * -0.036449 | - | 0.327 * 0.8861 |
| = | -1.38 |
* 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 (Sep16) TTM: | Last Year (Sep15) TTM: |
Total Receivables was $266.85 Mil.
Revenue was 496.719 + 507.932 + 506.327 + 512.492 = $2,023.47 Mil.
Gross Profit was 259.727 + 274.4 + 267.917 + 267.271 = $1,069.32 Mil.
Total Current Assets was $1,699.24 Mil.
Total Assets was $13,364.89 Mil.
Property, Plant and Equipment(Net PPE) was $7,372.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $384.43 Mil.
Selling, General, & Admin. Expense(SGA) was $252.53 Mil.
Total Current Liabilities was $370.13 Mil.
Long-Term Debt & Capital Lease Obligation was $7,627.67 Mil.
Net Income was -79.291 + -94.497 + -124.205 + -51.222 = $-349.22 Mil.
Non Operating Income was -58.764 + -157.522 + -185.053 + 148.625 = $-252.71 Mil.
Cash Flow from Operations was 99.503 + 94.054 + 64.253 + 132.827 = $390.64 Mil.
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Total Receivables was $126.05 Mil.
Revenue was 546.254 + 515.19 + 466.261 + 366.955 = $1,894.66 Mil.
Gross Profit was 297.271 + 292.366 + 265.12 + 214.336 = $1,069.09 Mil.
Total Current Assets was $1,614.61 Mil.
Total Assets was $18,622.91 Mil.
Property, Plant and Equipment(Net PPE) was $13,078.42 Mil.
Depreciation, Depletion and Amortization(DDA) was $447.93 Mil.
Selling, General, & Admin. Expense(SGA) was $356.10 Mil.
Total Current Liabilities was $481.52 Mil.
Long-Term Debt & Capital Lease Obligation was $12,095.01 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) |
| = | (266.849 / 2023.47) | / | (126.049 / 1894.66) |
| = | 0.131877 | / | 0.066529 |
| | = | 1.9822 |
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) |
| = | (1069.093 / 1894.66) | / | (1069.315 / 2023.47) |
| = | 0.564266 | / | 0.528456 |
| | = | 1.0678 |
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 - (1699.243 + 7371.996) / 13364.889) | / | (1 - (1614.61 + 13078.423) / 18622.914) |
| = | 0.321263 | / | 0.211024 |
| | = | 1.5224 |
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 |
| = | 2023.47 | / | 1894.66 |
| | = | 1.068 |
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)) |
| = | (447.934 / (447.934 + 13078.423)) | / | (384.426 / (384.426 + 7371.996)) |
| = | 0.033116 | / | 0.049562 |
| | = | 0.6682 |
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) |
| = | (252.531 / 2023.47) | / | (356.098 / 1894.66) |
| = | 0.124801 | / | 0.187948 |
| | = | 0.664 |
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) |
| = | ((7627.669 + 370.13) / 13364.889) | / | ((12095.005 + 481.523) / 18622.914) |
| = | 0.598419 | / | 0.675325 |
| | = | 0.8861 |
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 |
| = | (-349.215 - -252.714 | - | 390.637) | / | 13364.889 |
| | = | -0.036449 |
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.
NorthStar Realty Finance has a M-score of -1.38 signals that the company is likely to be a manipulator.
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