Kilroy Realty Beneish M-Score Historical Data
The historical data trend for Kilroy 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.
Kilroy Realty Beneish M-Score Chart
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Kilroy Realty Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.32 |
-2.57 |
-2.53 |
-2.51 |
-2.65 |
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Kilroy Realty 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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-2.51 |
-2.55 |
-2.57 |
-2.62 |
-2.65 |
Competitive Comparison of Kilroy Realty's Beneish M-Score
For the REIT - Office subindustry, Kilroy 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.
Kilroy Realty's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Kilroy Realty's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kilroy Realty's Beneish M-Score falls into.
Kilroy 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 Kilroy 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 * 0.9748 | + | 0.528 * 1.0263 | + | 0.404 * 0.9649 | + | 0.892 * 1.0298 | + | 0.115 * 0.9914 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9689 | + | 4.679 * -0.034238 | - | 0.327 * 1.0615 |
| = | -2.65 |
* 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 $475 Mil.
Revenue was 269.016 + 283.594 + 284.282 + 292.802 = $1,130 Mil.
Gross Profit was 182.769 + 191.544 + 197.258 + 207.053 = $779 Mil.
Total Current Assets was $1,280 Mil.
Total Assets was $11,401 Mil.
Property, Plant and Equipment(Net PPE) was $163 Mil.
Depreciation, Depletion and Amortization(DDA) was $356 Mil.
Selling, General, & Admin. Expense(SGA) was $93 Mil.
Total Current Liabilities was $689 Mil.
Long-Term Debt & Capital Lease Obligation was $5,053 Mil.
Net Income was 47.284 + 52.762 + 55.587 + 56.608 = $212 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 110.223 + 208.816 + 101.414 + 182.136 = $603 Mil.
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Total Receivables was $473 Mil.
Revenue was 284.344 + 275.958 + 271.184 + 265.501 = $1,097 Mil.
Gross Profit was 198.374 + 193.682 + 192.506 + 191.368 = $776 Mil.
Total Current Assets was $855 Mil.
Total Assets was $10,797 Mil.
Property, Plant and Equipment(Net PPE) was $168 Mil.
Depreciation, Depletion and Amortization(DDA) was $358 Mil.
Selling, General, & Admin. Expense(SGA) was $94 Mil.
Total Current Liabilities was $734 Mil.
Long-Term Debt & Capital Lease Obligation was $4,388 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) |
| = | (474.588 / 1129.694) | / | (472.783 / 1096.987) |
| = | 0.420103 | / | 0.430983 |
| | = | 0.9748 |
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) |
| = | (775.93 / 1096.987) | / | (778.624 / 1129.694) |
| = | 0.707328 | / | 0.689234 |
| | = | 1.0263 |
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 - (1279.953 + 162.579) / 11401.045) | / | (1 - (855.073 + 168.068) / 10796.987) |
| = | 0.873474 | / | 0.905238 |
| | = | 0.9649 |
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 |
| = | 1129.694 | / | 1096.987 |
| | = | 1.0298 |
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)) |
| = | (358.383 / (358.383 + 168.068)) | / | (356.302 / (356.302 + 162.579)) |
| = | 0.680753 | / | 0.686674 |
| | = | 0.9914 |
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) |
| = | (93.434 / 1129.694) | / | (93.642 / 1096.987) |
| = | 0.082707 | / | 0.085363 |
| | = | 0.9689 |
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) |
| = | ((5052.731 + 688.621) / 11401.045) | / | ((4387.99 + 734.036) / 10796.987) |
| = | 0.503581 | / | 0.474394 |
| | = | 1.0615 |
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 |
| = | (212.241 - 0 | - | 602.589) | / | 11401.045 |
| | = | -0.034238 |
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.
Kilroy Realty has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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