Howard Hughes Holdings Beneish M-Score Historical Data
The historical data trend for Howard Hughes Holdings'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.
Howard Hughes Holdings Beneish M-Score Chart
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Howard Hughes Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.96 |
-1.70 |
-2.53 |
-2.49 |
-2.09 |
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Howard Hughes Holdings Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
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Mar22 |
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Sep22 |
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Mar23 |
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Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.44 |
-2.61 |
-2.72 |
-2.09 |
-1.99 |
Competitive Comparison of Howard Hughes Holdings's Beneish M-Score
For the Real Estate - Diversified subindustry, Howard Hughes Holdings'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.
Howard Hughes Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Howard Hughes Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Howard Hughes Holdings's Beneish M-Score falls into.
Howard Hughes Holdings 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 Howard Hughes Holdings 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 * 0.4702 | + | 0.528 * 1.1509 | + | 0.404 * 1.0123 | + | 0.892 * 1.9837 | + | 0.115 * 0.8038 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5964 | + | 4.679 * -0.006751 | - | 0.327 * 1.001 |
| = | -1.99 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $737 Mil.
Revenue was 199.328 + 983.59 + 327.147 + 317.409 = $1,827 Mil.
Gross Profit was 107.784 + 317.011 + 177.407 + 152.637 = $755 Mil.
Total Current Assets was $1,661 Mil.
Total Assets was $9,289 Mil.
Property, Plant and Equipment(Net PPE) was $6 Mil.
Depreciation, Depletion and Amortization(DDA) was $181 Mil.
Selling, General, & Admin. Expense(SGA) was $100 Mil.
Total Current Liabilities was $515 Mil.
Long-Term Debt & Capital Lease Obligation was $5,254 Mil.
Net Income was 10.533 + 156.318 + 72.77 + 21.092 = $261 Mil.
Non Operating Income was 15.049 + 15.956 + -49.99 + -0.494 = $-19 Mil.
Cash Flow from Operations was -224.924 + 337.094 + 248.27 + -17.533 = $343 Mil.
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Total Receivables was $790 Mil.
Revenue was 156.484 + 312.964 + 228.473 + 223.316 = $921 Mil.
Gross Profit was 76.508 + 171.603 + 111.053 + 78.754 = $438 Mil.
Total Current Assets was $1,780 Mil.
Total Assets was $9,636 Mil.
Property, Plant and Equipment(Net PPE) was $46 Mil.
Depreciation, Depletion and Amortization(DDA) was $161 Mil.
Selling, General, & Admin. Expense(SGA) was $85 Mil.
Total Current Liabilities was $534 Mil.
Long-Term Debt & Capital Lease Obligation was $5,444 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) |
| = | (736.713 / 1827.474) | / | (789.805 / 921.237) |
| = | 0.403132 | / | 0.857331 |
| | = | 0.4702 |
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) |
| = | (437.918 / 921.237) | / | (754.839 / 1827.474) |
| = | 0.475359 | / | 0.41305 |
| | = | 1.1509 |
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 - (1661.336 + 5.68) / 9289.379) | / | (1 - (1779.694 + 45.649) / 9635.891) |
| = | 0.820546 | / | 0.810568 |
| | = | 1.0123 |
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 |
| = | 1827.474 | / | 921.237 |
| | = | 1.9837 |
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)) |
| = | (161.218 / (161.218 + 45.649)) | / | (181.153 / (181.153 + 5.68)) |
| = | 0.779332 | / | 0.969599 |
| | = | 0.8038 |
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) |
| = | (100.355 / 1827.474) | / | (84.83 / 921.237) |
| = | 0.054915 | / | 0.092083 |
| | = | 0.5964 |
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) |
| = | ((5254.485 + 514.954) / 9289.379) | / | ((5444.308 + 534.43) / 9635.891) |
| = | 0.621079 | / | 0.620466 |
| | = | 1.001 |
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 |
| = | (260.713 - -19.479 | - | 342.907) | / | 9289.379 |
| | = | -0.006751 |
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.
Howard Hughes Holdings has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.
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