Agree Realty Beneish M-Score Historical Data
The historical data trend for Agree Realty'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.
Agree Realty Beneish M-Score Chart
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Agree Realty Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.31 |
-2.18 |
-2.22 |
-2.37 |
-2.39 |
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Agree Realty 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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-2.41 |
-2.44 |
-2.46 |
-2.39 |
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Competitive Comparison of Agree Realty's Beneish M-Score
For the REIT - Retail subindustry, Agree Realty'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.
Agree Realty's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Agree Realty's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Agree Realty's Beneish M-Score falls into.
Agree Realty 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 Agree Realty 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 * 1.05 | + | 0.528 * 0.9991 | + | 0.404 * 0.9977 | + | 0.892 * 1.2232 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9261 | + | 4.679 * -0.027935 | - | 0.327 * 1.0942 |
| = | -2.39 |
* 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 $91.3 Mil.
Revenue was 149.453 + 144.165 + 136.812 + 129.9 = $560.3 Mil.
Gross Profit was 130.964 + 126.249 + 120.759 + 113.795 = $491.8 Mil.
Total Current Assets was $112.2 Mil.
Total Assets was $7,868.7 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $216.9 Mil.
Selling, General, & Admin. Expense(SGA) was $35.5 Mil.
Total Current Liabilities was $137.9 Mil.
Long-Term Debt & Capital Lease Obligation was $2,514.5 Mil.
Net Income was 44.859 + 45.955 + 41.522 + 40.868 = $173.2 Mil.
Non Operating Income was -2.372 + -1.11 + -3.121 + -0.953 = $-7.6 Mil.
Cash Flow from Operations was 103.142 + 98.01 + 109.86 + 89.557 = $400.6 Mil.
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Total Receivables was $71.1 Mil.
Revenue was 126.618 + 116.531 + 110.065 + 104.876 = $458.1 Mil.
Gross Profit was 109.974 + 103.155 + 96.578 + 91.949 = $401.7 Mil.
Total Current Assets was $84.0 Mil.
Total Assets was $6,986.4 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $179.4 Mil.
Selling, General, & Admin. Expense(SGA) was $31.3 Mil.
Total Current Liabilities was $115.8 Mil.
Long-Term Debt & Capital Lease Obligation was $2,036.5 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) |
| = | (91.301 / 560.33) | / | (71.089 / 458.09) |
| = | 0.162941 | / | 0.155186 |
| | = | 1.05 |
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) |
| = | (401.656 / 458.09) | / | (491.767 / 560.33) |
| = | 0.876806 | / | 0.877638 |
| | = | 0.9991 |
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 - (112.151 + 0) / 7868.665) | / | (1 - (84.029 + 0) / 6986.427) |
| = | 0.985747 | / | 0.987973 |
| | = | 0.9977 |
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 |
| = | 560.33 | / | 458.09 |
| | = | 1.2232 |
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)) |
| = | (179.425 / (179.425 + 0)) | / | (216.874 / (216.874 + 0)) |
| = | 1 | / | 1 |
| | = | 1 |
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) |
| = | (35.48 / 560.33) | / | (31.32 / 458.09) |
| = | 0.06332 | / | 0.068371 |
| | = | 0.9261 |
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) |
| = | ((2514.487 + 137.946) / 7868.665) | / | ((2036.453 + 115.804) / 6986.427) |
| = | 0.337088 | / | 0.308063 |
| | = | 1.0942 |
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 |
| = | (173.204 - -7.556 | - | 400.569) | / | 7868.665 |
| | = | -0.027935 |
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.
Agree Realty has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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