The Howard Hughes Beneish M-Score Historical Data
The historical data trend for The Howard Hughes'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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The Howard Hughes Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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|
|
|
|
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-2.51 |
-2.94 |
-2.26 |
-1.94 |
-1.72 |
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The Howard Hughes 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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|
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|
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-2.48 |
-2.44 |
-1.72 |
-1.63 |
-1.66 |
Competitive Comparison
For the Real Estate - Diversified subindustry, The Howard Hughes'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.
The Howard Hughes Beneish M-Score Distribution
For the Real Estate industry and Real Estate sector, The Howard Hughes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Howard Hughes's Beneish M-Score falls into.
The Howard Hughes 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 The Howard Hughes 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 * 0.6438 | + | 0.528 * 0.9987 | + | 0.404 * 1.0309 | + | 0.892 * 1.9604 | + | 0.115 * 0.9742 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4598 | + | 4.679 * 0.0452 | - | 0.327 * 1.0629 |
| = | -1.66 |
* 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 $628 Mil.
Revenue was 276.708 + 210.226 + 805.676 + 219.188 = $1,512 Mil.
Gross Profit was 126.766 + 90.623 + 280.833 + 86.787 = $585 Mil.
Total Current Assets was $1,647 Mil.
Total Assets was $9,508 Mil.
Property, Plant and Equipment(Net PPE) was $47 Mil.
Depreciation, Depletion and Amortization(DDA) was $204 Mil.
Selling, General, & Admin. Expense(SGA) was $81 Mil.
Total Current Liabilities was $899 Mil.
Long-Term Debt & Capital Lease Obligation was $4,851 Mil.
Net Income was 21.564 + 2.122 + 113.8 + 4.053 = $142 Mil.
Non Operating Income was -2.437 + 17.621 + -33.533 + 29.716 = $11 Mil.
Cash Flow from Operations was 5.533 + -100.76 + -243.558 + 39.535 = $-299 Mil.
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Total Receivables was $498 Mil.
Revenue was 212.457 + 190.58 + 213.701 + 154.44 = $771 Mil.
Gross Profit was 89.205 + 47.372 + 99.62 + 61.822 = $298 Mil.
Total Current Assets was $1,833 Mil.
Total Assets was $9,309 Mil.
Property, Plant and Equipment(Net PPE) was $55 Mil.
Depreciation, Depletion and Amortization(DDA) was $208 Mil.
Selling, General, & Admin. Expense(SGA) was $90 Mil.
Total Current Liabilities was $779 Mil.
Long-Term Debt & Capital Lease Obligation was $4,517 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) |
| = | (628.36 / 1511.798) | / | (497.891 / 771.178) |
| = | 0.41563754 | / | 0.64562397 |
| | = | 0.6438 |
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) |
| = | (298.019 / 771.178) | / | (585.009 / 1511.798) |
| = | 0.38644645 | / | 0.38696241 |
| | = | 0.9987 |
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 - (1647.438 + 46.83) / 9508.08) | / | (1 - (1833.39 + 54.566) / 9309.069) |
| = | 0.82180756 | / | 0.79719175 |
| | = | 1.0309 |
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 |
| = | 1511.798 | / | 771.178 |
| | = | 1.9604 |
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)) |
| = | (207.974 / (207.974 + 54.566)) | / | (203.774 / (203.774 + 46.83)) |
| = | 0.79216119 | / | 0.81313147 |
| | = | 0.9742 |
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) |
| = | (81.293 / 1511.798) | / | (90.188 / 771.178) |
| = | 0.0537724 | / | 0.11694836 |
| | = | 0.4598 |
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) |
| = | ((4850.891 + 899.075) / 9508.08) | / | ((4517.436 + 779.273) / 9309.069) |
| = | 0.60474523 | / | 0.56898375 |
| | = | 1.0629 |
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 |
| = | (141.539 - 11.367 | - | -299.25) | / | 9508.08 |
| | = | 0.0452 |
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.
The Howard Hughes has a M-score of -1.66 signals that the company is likely to be a manipulator.
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