Tanger Beneish M-Score Historical Data
The historical data trend for Tanger'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.
Tanger Beneish M-Score Chart
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Tanger Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.97 |
-2.79 |
-2.79 |
-2.68 |
-2.70 |
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Tanger Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.67 |
-2.64 |
-2.65 |
-2.70 |
-2.70 |
Competitive Comparison of Tanger's Beneish M-Score
For the REIT - Retail subindustry, Tanger'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.
Tanger's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Tanger's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tanger's Beneish M-Score falls into.
Tanger 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 Tanger 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 | + | 0.528 * 0.9971 | + | 0.404 * 0.999 | + | 0.892 * 1.1237 | + | 0.115 * 0.9241 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8824 | + | 4.679 * -0.074132 | - | 0.327 * 0.9781 |
| = | -2.70 |
* 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 $0.0 Mil.
Revenue was 135.363 + 140.735 + 133.001 + 128.956 = $538.1 Mil.
Gross Profit was 93.543 + 95.267 + 92.754 + 91.407 = $373.0 Mil.
Total Current Assets was $26.8 Mil.
Total Assets was $2,477.9 Mil.
Property, Plant and Equipment(Net PPE) was $75.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $142.0 Mil.
Selling, General, & Admin. Expense(SGA) was $77.5 Mil.
Total Current Liabilities was $214.1 Mil.
Long-Term Debt & Capital Lease Obligation was $1,508.2 Mil.
Net Income was 19.201 + 26.486 + 24.856 + 24.84 = $95.4 Mil.
Non Operating Income was -1.633 + 4.215 + 2.26 + 3.195 = $8.0 Mil.
Cash Flow from Operations was 41.437 + 91.644 + 65.173 + 72.78 = $271.0 Mil.
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Total Receivables was $0.0 Mil.
Revenue was 123.371 + 127.477 + 117.346 + 110.641 = $478.8 Mil.
Gross Profit was 87.906 + 85.548 + 80.588 + 76.929 = $331.0 Mil.
Total Current Assets was $15.9 Mil.
Total Assets was $2,301.2 Mil.
Property, Plant and Equipment(Net PPE) was $77.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $116.9 Mil.
Selling, General, & Admin. Expense(SGA) was $78.2 Mil.
Total Current Liabilities was $123.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,511.4 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) |
| = | (0 / 538.055) | / | (0 / 478.835) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (330.971 / 478.835) | / | (372.971 / 538.055) |
| = | 0.691201 | / | 0.693184 |
| | = | 0.9971 |
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 - (26.784 + 75.762) / 2477.859) | / | (1 - (15.876 + 77.082) / 2301.166) |
| = | 0.958615 | / | 0.959604 |
| | = | 0.999 |
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 |
| = | 538.055 | / | 478.835 |
| | = | 1.1237 |
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)) |
| = | (116.856 / (116.856 + 77.082)) | / | (141.976 / (141.976 + 75.762)) |
| = | 0.602543 | / | 0.65205 |
| | = | 0.9241 |
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) |
| = | (77.523 / 538.055) | / | (78.186 / 478.835) |
| = | 0.14408 | / | 0.163284 |
| | = | 0.8824 |
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) |
| = | ((1508.234 + 214.075) / 2477.859) | / | ((1511.376 + 123.922) / 2301.166) |
| = | 0.69508 | / | 0.710639 |
| | = | 0.9781 |
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 |
| = | (95.383 - 8.037 | - | 271.034) | / | 2477.859 |
| | = | -0.074132 |
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.
Tanger has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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