Dupont Fabros Technology Beneish M-Score Historical Data
The historical data trend for Dupont Fabros Technology'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.
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Dupont Fabros Technology Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.20 |
-2.57 |
-2.65 |
-2.72 |
-2.61 |
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Dupont Fabros Technology Quarterly Data
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Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
| Beneish M-Score |
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-2.81 |
-2.81 |
-2.61 |
-2.61 |
-2.69 |
Competitive Comparison
For the REIT - Office subindustry, Dupont Fabros Technology'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.
Dupont Fabros Technology Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Dupont Fabros Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dupont Fabros Technology's Beneish M-Score falls into.
Dupont Fabros Technology 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 Dupont Fabros Technology 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 * 0.8669 | + | 0.528 * 0.9791 | + | 0.404 * 0.9815 | + | 0.892 * 1.1493 | + | 0.115 * 1.1103 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4028 | + | 4.679 * -0.047186 | - | 0.327 * 1.1876 |
| = | -2.83 |
* 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 (Jun17) TTM: | Last Year (Jun16) TTM: |
Total Receivables was $9.42 Mil.
Revenue was 140.71 + 139.484 + 141.688 + 134.326 = $556.21 Mil.
Gross Profit was 94.209 + 94.283 + 96.657 + 90.157 = $375.31 Mil.
Total Current Assets was $161.15 Mil.
Total Assets was $3,316.47 Mil.
Property, Plant and Equipment(Net PPE) was $3,083.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $112.22 Mil.
Selling, General, & Admin. Expense(SGA) was $32.41 Mil.
Total Current Liabilities was $508.16 Mil.
Long-Term Debt & Capital Lease Obligation was $1,194.78 Mil.
Net Income was 33.457 + 38.563 + 37.068 + 35.822 = $144.91 Mil.
Non Operating Income was 0 + 0 + 0 + -1.463 = $-1.46 Mil.
Cash Flow from Operations was 82.731 + 54.612 + 92.096 + 73.425 = $302.86 Mil.
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Total Receivables was $9.46 Mil.
Revenue was 128.538 + 124.149 + 115.923 + 115.337 = $483.95 Mil.
Gross Profit was 84.765 + 82.878 + 75.286 + 76.78 = $319.71 Mil.
Total Current Assets was $410.50 Mil.
Total Assets was $3,042.98 Mil.
Property, Plant and Equipment(Net PPE) was $2,565.04 Mil.
Depreciation, Depletion and Amortization(DDA) was $104.07 Mil.
Selling, General, & Admin. Expense(SGA) was $20.10 Mil.
Total Current Liabilities was $117.22 Mil.
Long-Term Debt & Capital Lease Obligation was $1,198.45 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) |
| = | (9.422 / 556.208) | / | (9.457 / 483.947) |
| = | 0.01694 | / | 0.019541 |
| | = | 0.8669 |
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) |
| = | (319.709 / 483.947) | / | (375.306 / 556.208) |
| = | 0.660628 | / | 0.674758 |
| | = | 0.9791 |
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 - (161.146 + 3083.18) / 3316.466) | / | (1 - (410.499 + 2565.041) / 3042.983) |
| = | 0.021752 | / | 0.022163 |
| | = | 0.9815 |
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 |
| = | 556.208 | / | 483.947 |
| | = | 1.1493 |
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)) |
| = | (104.074 / (104.074 + 2565.041)) | / | (112.216 / (112.216 + 3083.18)) |
| = | 0.038992 | / | 0.035118 |
| | = | 1.1103 |
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) |
| = | (32.41 / 556.208) | / | (20.102 / 483.947) |
| = | 0.05827 | / | 0.041538 |
| | = | 1.4028 |
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) |
| = | ((1194.779 + 508.164) / 3316.466) | / | ((1198.449 + 117.218) / 3042.983) |
| = | 0.513481 | / | 0.432361 |
| | = | 1.1876 |
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 |
| = | (144.91 - -1.463 | - | 302.864) | / | 3316.466 |
| | = | -0.047186 |
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.
Dupont Fabros Technology has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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