Duke Realty Beneish M-Score Historical Data
The historical data trend for Duke 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.
Duke Realty Beneish M-Score Chart
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Duke Realty Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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1.25 |
-2.75 |
-3.03 |
-2.99 |
-2.47 |
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Duke Realty Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.61 |
-2.40 |
-2.47 |
-2.53 |
-2.60 |
Competitive Comparison of Duke Realty's Beneish M-Score
For the REIT - Industrial subindustry, Duke 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.
Duke Realty's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Duke Realty's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Duke Realty's Beneish M-Score falls into.
Duke 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 Duke 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 * 1.0558 | + | 0.528 * 0.9331 | + | 0.404 * 1.057 | + | 0.892 * 1.0175 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1839 | + | 4.679 * -0.03623 | - | 0.327 * 0.9334 |
| = | -2.60 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $243 Mil.
Revenue was 285.288 + 278.163 + 264.574 + 280.365 = $1,108 Mil.
Gross Profit was 216.59 + 207.48 + 202.584 + 201.587 = $828 Mil.
Total Current Assets was $625 Mil.
Total Assets was $10,958 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $307 Mil.
Selling, General, & Admin. Expense(SGA) was $81 Mil.
Total Current Liabilities was $234 Mil.
Long-Term Debt & Capital Lease Obligation was $3,889 Mil.
Net Income was 102.47 + 248.921 + 102.899 + 494.817 = $949 Mil.
Non Operating Income was 30.859 + 193.706 + 33.036 + 429.938 = $688 Mil.
Cash Flow from Operations was 185.778 + 142.334 + 148.314 + 182.162 = $659 Mil.
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Total Receivables was $227 Mil.
Revenue was 271.692 + 289.292 + 266.29 + 262.028 = $1,089 Mil.
Gross Profit was 197.743 + 190.529 + 191.106 + 180.166 = $760 Mil.
Total Current Assets was $1,062 Mil.
Total Assets was $9,844 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $310 Mil.
Selling, General, & Admin. Expense(SGA) was $67 Mil.
Total Current Liabilities was $254 Mil.
Long-Term Debt & Capital Lease Obligation was $3,714 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) |
| = | (243.333 / 1108.39) | / | (226.512 / 1089.302) |
| = | 0.219537 | / | 0.207942 |
| | = | 1.0558 |
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) |
| = | (759.544 / 1089.302) | / | (828.241 / 1108.39) |
| = | 0.697276 | / | 0.747247 |
| | = | 0.9331 |
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 - (624.712 + 0) / 10958.282) | / | (1 - (1061.564 + 0) / 9844.16) |
| = | 0.942992 | / | 0.892163 |
| | = | 1.057 |
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 |
| = | 1108.39 | / | 1089.302 |
| | = | 1.0175 |
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)) |
| = | (309.706 / (309.706 + 0)) | / | (306.659 / (306.659 + 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) |
| = | (80.867 / 1108.39) | / | (67.131 / 1089.302) |
| = | 0.072959 | / | 0.061628 |
| | = | 1.1839 |
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) |
| = | ((3888.68 + 233.922) / 10958.282) | / | ((3714.152 + 253.705) / 9844.16) |
| = | 0.376209 | / | 0.403067 |
| | = | 0.9334 |
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 |
| = | (949.107 - 687.539 | - | 658.588) | / | 10958.282 |
| | = | -0.03623 |
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.
Duke Realty has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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