Alexander's Beneish M-Score Historical Data
The historical data trend for Alexander's'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.
Alexander's Beneish M-Score Chart
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Alexander's Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.76 |
-2.73 |
-2.69 |
-2.71 |
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Alexander's 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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-2.69 |
-2.66 |
-2.60 |
-2.69 |
-2.71 |
Competitive Comparison of Alexander's's Beneish M-Score
For the REIT - Retail subindustry, Alexander's'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.
Alexander's's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Alexander's's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alexander's's Beneish M-Score falls into.
Alexander's 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 Alexander's 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 * 0.9062 | + | 0.528 * 1 | + | 0.404 * 0.914 | + | 0.892 * 1.093 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9501 | + | 4.679 * -0.043208 | - | 0.327 * 0.9996 |
| = | -2.71 |
* 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 $130.9 Mil.
Revenue was 62.935 + 55.413 + 53.673 + 52.941 = $225.0 Mil.
Gross Profit was 62.935 + 55.413 + 53.673 + 52.941 = $225.0 Mil.
Total Current Assets was $683.9 Mil.
Total Assets was $1,403.7 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $34.6 Mil.
Selling, General, & Admin. Expense(SGA) was $6.3 Mil.
Total Current Liabilities was $52.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1,092.6 Mil.
Net Income was 16.286 + 10.754 + 64.147 + 11.226 = $102.4 Mil.
Non Operating Income was 0 + 0 + 53.952 + 0 = $54.0 Mil.
Cash Flow from Operations was 44.744 + -1.542 + 45.173 + 20.736 = $109.1 Mil.
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Total Receivables was $132.2 Mil.
Revenue was 53.046 + 53.729 + 49.824 + 49.215 = $205.8 Mil.
Gross Profit was 53.046 + 53.729 + 49.824 + 49.215 = $205.8 Mil.
Total Current Assets was $613.6 Mil.
Total Assets was $1,397.8 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $31.5 Mil.
Selling, General, & Admin. Expense(SGA) was $6.1 Mil.
Total Current Liabilities was $49.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,091.1 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) |
| = | (130.942 / 224.962) | / | (132.202 / 205.814) |
| = | 0.582063 | / | 0.642337 |
| | = | 0.9062 |
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) |
| = | (205.814 / 205.814) | / | (224.962 / 224.962) |
| = | 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 - (683.919 + 0) / 1403.68) | / | (1 - (613.643 + 0) / 1397.776) |
| = | 0.512767 | / | 0.560986 |
| | = | 0.914 |
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 |
| = | 224.962 | / | 205.814 |
| | = | 1.093 |
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)) |
| = | (31.454 / (31.454 + 0)) | / | (34.605 / (34.605 + 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) |
| = | (6.341 / 224.962) | / | (6.106 / 205.814) |
| = | 0.028187 | / | 0.029668 |
| | = | 0.9501 |
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) |
| = | ((1092.551 + 52.465) / 1403.68) | / | ((1091.051 + 49.586) / 1397.776) |
| = | 0.815724 | / | 0.816037 |
| | = | 0.9996 |
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 |
| = | (102.413 - 53.952 | - | 109.111) | / | 1403.68 |
| | = | -0.043208 |
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.
Alexander's has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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