Pebblebrook Hotel Trust Beneish M-Score Historical Data
The historical data trend for Pebblebrook Hotel 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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Pebblebrook Hotel Trust Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.40
[6] => -6.12
[7] => -1.85
[8] => -2.34
[9] => -2.73
)
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|
|
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-2.40 |
-6.12 |
-1.85 |
-2.34 |
-2.73 |
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Pebblebrook Hotel 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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|
|
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|
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-2.34 |
-2.53 |
-2.66 |
-2.76 |
-2.73 |
Competitive Comparison
For the REIT - Hotel & Motel subindustry, Pebblebrook Hotel 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.
Pebblebrook Hotel Trust Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Pebblebrook Hotel Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pebblebrook Hotel Trust's Beneish M-Score falls into.
Pebblebrook Hotel 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 Pebblebrook Hotel 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 * 0.9511 | + | 0.528 * 1.1008 | + | 0.404 * 0.9747 | + | 0.892 * 1.0202 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1204 | + | 4.679 * -0.051505 | - | 0.327 * 1.0273 |
| = | -2.73 |
* 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 $44 Mil.
Revenue was 334.088 + 395.799 + 384.343 + 305.719 = $1,420 Mil.
Gross Profit was 69.884 + 113.142 + 108.743 + 62.505 = $354 Mil.
Total Current Assets was $238 Mil.
Total Assets was $5,825 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $241 Mil.
Selling, General, & Admin. Expense(SGA) was $45 Mil.
Total Current Liabilities was $794 Mil.
Long-Term Debt & Capital Lease Obligation was $2,180 Mil.
Net Income was -42.672 + -57.142 + 44.725 + -22.928 = $-78 Mil.
Non Operating Income was -8.525 + -59.132 + 38.551 + 14.907 = $-14 Mil.
Cash Flow from Operations was 33.914 + 82.061 + 73.993 + 46.229 = $236 Mil.
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Total Receivables was $45 Mil.
Revenue was 319.606 + 416.693 + 397.524 + 258.068 = $1,392 Mil.
Gross Profit was 62.394 + 130.53 + 136.108 + 53.251 = $382 Mil.
Total Current Assets was $98 Mil.
Total Assets was $6,134 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $240 Mil.
Selling, General, & Admin. Expense(SGA) was $39 Mil.
Total Current Liabilities was $849 Mil.
Long-Term Debt & Capital Lease Obligation was $2,200 Mil.
|
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) |
| = | (43.912 / 1419.949) | / | (45.258 / 1391.891) |
| = | 0.030925 | / | 0.032515 |
| | = | 0.9511 |
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) |
| = | (382.283 / 1391.891) | / | (354.274 / 1419.949) |
| = | 0.27465 | / | 0.249498 |
| | = | 1.1008 |
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 - (237.553 + 0) / 5824.973) | / | (1 - (97.527 + 0) / 6133.54) |
| = | 0.959218 | / | 0.984099 |
| | = | 0.9747 |
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 |
| = | 1419.949 | / | 1391.891 |
| | = | 1.0202 |
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)) |
| = | (239.583 / (239.583 + 0)) | / | (240.645 / (240.645 + 0)) |
| = | 1 | / | 1 |
| | = | 1 |
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) |
| = | (44.789 / 1419.949) | / | (39.187 / 1391.891) |
| = | 0.031543 | / | 0.028154 |
| | = | 1.1204 |
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) |
| = | ((2180.418 + 794.21) / 5824.973) | / | ((2200.095 + 848.902) / 6133.54) |
| = | 0.510668 | / | 0.497102 |
| | = | 1.0273 |
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 |
| = | (-78.017 - -14.199 | - | 236.197) | / | 5824.973 |
| | = | -0.051505 |
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.
Pebblebrook Hotel Trust has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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