Essex Property Trust Beneish M-Score Historical Data
The historical data trend for Essex Property Trust'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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Essex Property Trust Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.93 |
-2.32 |
-1.96 |
-3.32 |
-2.15 |
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Essex Property Trust 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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-3.32 |
-3.07 |
-2.85 |
-2.86 |
-2.15 |
Competitive Comparison
For the REIT - Residential subindustry, Essex Property Trust'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.
Essex Property Trust Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Essex Property Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Essex Property Trust's Beneish M-Score falls into.
Essex Property Trust 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 Essex Property Trust 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 * 1.6311 | + | 0.528 * 1.0032 | + | 0.404 * 0.9667 | + | 0.892 * 1.0389 | + | 0.115 * 0.9925 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0798 | + | 4.679 * -0.052272 | - | 0.327 * 1.0416 |
| = | -2.15 |
* 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 $175 Mil.
Revenue was 421.748 + 419.183 + 416.043 + 412.421 = $1,669 Mil.
Gross Profit was 288.316 + 283.783 + 285.368 + 280.577 = $1,138 Mil.
Total Current Assets was $663 Mil.
Total Assets was $12,361 Mil.
Property, Plant and Equipment(Net PPE) was $64 Mil.
Depreciation, Depletion and Amortization(DDA) was $548 Mil.
Selling, General, & Admin. Expense(SGA) was $63 Mil.
Total Current Liabilities was $353 Mil.
Long-Term Debt & Capital Lease Obligation was $6,271 Mil.
Net Income was 65.391 + 87.282 + 99.62 + 153.532 = $406 Mil.
Non Operating Income was -22.857 + 11.353 + 13.053 + 70.37 = $72 Mil.
Cash Flow from Operations was 203.674 + 288.063 + 211.408 + 276.919 = $980 Mil.
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Total Receivables was $103 Mil.
Revenue was 415.183 + 409.748 + 399.978 + 381.905 = $1,607 Mil.
Gross Profit was 287.405 + 279.521 + 276.282 + 255.633 = $1,099 Mil.
Total Current Assets was $258 Mil.
Total Assets was $12,373 Mil.
Property, Plant and Equipment(Net PPE) was $67 Mil.
Depreciation, Depletion and Amortization(DDA) was $539 Mil.
Selling, General, & Admin. Expense(SGA) was $57 Mil.
Total Current Liabilities was $390 Mil.
Long-Term Debt & Capital Lease Obligation was $5,975 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) |
| = | (174.621 / 1669.395) | / | (103.045 / 1606.814) |
| = | 0.104601 | / | 0.06413 |
| | = | 1.6311 |
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) |
| = | (1098.841 / 1606.814) | / | (1138.044 / 1669.395) |
| = | 0.683863 | / | 0.68171 |
| | = | 1.0032 |
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 - (662.75 + 63.757) / 12361.427) | / | (1 - (258.469 + 67.239) / 12372.905) |
| = | 0.941228 | / | 0.973676 |
| | = | 0.9667 |
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 |
| = | 1669.395 | / | 1606.814 |
| | = | 1.0389 |
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)) |
| = | (539.319 / (539.319 + 67.239)) | / | (548.438 / (548.438 + 63.757)) |
| = | 0.889147 | / | 0.895855 |
| | = | 0.9925 |
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) |
| = | (63.474 / 1669.395) | / | (56.577 / 1606.814) |
| = | 0.038022 | / | 0.035211 |
| | = | 1.0798 |
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) |
| = | ((6270.826 + 352.755) / 12361.427) | / | ((5974.807 + 389.859) / 12372.905) |
| = | 0.535827 | / | 0.514404 |
| | = | 1.0416 |
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 |
| = | (405.825 - 71.919 | - | 980.064) | / | 12361.427 |
| | = | -0.052272 |
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.
Essex Property Trust has a M-score of -2.15 suggests that the company is unlikely to be a manipulator.
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