EastGroup Properties Beneish M-Score Historical Data
The historical data trend for EastGroup Properties'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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EastGroup Properties Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.59 |
-2.52 |
-2.41 |
-2.56 |
-2.45 |
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EastGroup Properties 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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-2.56 |
-2.43 |
-2.43 |
-2.41 |
-2.45 |
Competitive Comparison
For the REIT - Industrial subindustry, EastGroup Properties'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.
EastGroup Properties Beneish M-Score Distribution
For the REITs industry and Real Estate sector, EastGroup Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EastGroup Properties's Beneish M-Score falls into.
EastGroup Properties 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 EastGroup Properties 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 * 0.9682 | + | 0.528 * 0.9931 | + | 0.404 * 0.9901 | + | 0.892 * 1.1716 | + | 0.115 * 1.0031 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8753 | + | 4.679 * -0.034986 | - | 0.327 * 0.8164 |
| = | -2.45 |
* 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 $83.8 Mil.
Revenue was 149.149 + 146.53 + 139.887 + 135.025 = $570.6 Mil.
Gross Profit was 109.781 + 105.821 + 102.12 + 98.839 = $416.6 Mil.
Total Current Assets was $132.0 Mil.
Total Assets was $4,519.2 Mil.
Property, Plant and Equipment(Net PPE) was $2.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $171.1 Mil.
Selling, General, & Admin. Expense(SGA) was $17.3 Mil.
Total Current Liabilities was $164.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,698.0 Mil.
Net Income was 63.455 + 48.896 + 43.45 + 44.69 = $200.5 Mil.
Non Operating Income was 13.93 + 0.474 + 0.748 + 5.248 = $20.4 Mil.
Cash Flow from Operations was 38.103 + 121.32 + 85.318 + 93.461 = $338.2 Mil.
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Total Receivables was $73.8 Mil.
Revenue was 129.84 + 125.658 + 118.553 + 112.974 = $487.0 Mil.
Gross Profit was 94.568 + 90.625 + 86.007 + 81.91 = $353.1 Mil.
Total Current Assets was $79.1 Mil.
Total Assets was $4,035.8 Mil.
Property, Plant and Equipment(Net PPE) was $2.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $153.6 Mil.
Selling, General, & Admin. Expense(SGA) was $16.9 Mil.
Total Current Liabilities was $322.4 Mil.
Long-Term Debt & Capital Lease Obligation was $1,715.3 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) |
| = | (83.769 / 570.591) | / | (73.848 / 487.025) |
| = | 0.146811 | / | 0.151631 |
| | = | 0.9682 |
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) |
| = | (353.11 / 487.025) | / | (416.561 / 570.591) |
| = | 0.725035 | / | 0.730052 |
| | = | 0.9931 |
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 - (131.985 + 2.828) / 4519.213) | / | (1 - (79.107 + 2.05) / 4035.837) |
| = | 0.970169 | / | 0.979891 |
| | = | 0.9901 |
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 |
| = | 570.591 | / | 487.025 |
| | = | 1.1716 |
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)) |
| = | (153.638 / (153.638 + 2.05)) | / | (171.078 / (171.078 + 2.828)) |
| = | 0.986833 | / | 0.983738 |
| | = | 1.0031 |
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) |
| = | (17.339 / 570.591) | / | (16.908 / 487.025) |
| = | 0.030388 | / | 0.034717 |
| | = | 0.8753 |
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) |
| = | ((1697.987 + 164.887) / 4519.213) | / | ((1715.335 + 322.446) / 4035.837) |
| = | 0.412212 | / | 0.504922 |
| | = | 0.8164 |
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 |
| = | (200.491 - 20.4 | - | 338.202) | / | 4519.213 |
| | = | -0.034986 |
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.
EastGroup Properties has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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