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Tanger Factory Outlet Centers Beneish M-Score

: -2.79 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Tanger Factory Outlet Centers's Beneish M-Score or its related term are showing as below:

SKT' s Beneish M-Score Range Over the Past 10 Years
Min: -9.13   Med: -2.72   Max: 3.59
Current: -2.79

During the past 13 years, the highest Beneish M-Score of Tanger Factory Outlet Centers was 3.59. The lowest was -9.13. And the median was -2.72.


Tanger Factory Outlet Centers Beneish M-Score Historical Data

The historical data trend for Tanger Factory Outlet Centers'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.

* Premium members only.

Tanger Factory Outlet Centers Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.74 -2.80 -2.79 -2.97 -2.80

Tanger Factory Outlet Centers Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.85 -2.81 -2.80 -2.66 -2.79

Competitive Comparison

For the REIT - Retail subindustry, Tanger Factory Outlet Centers'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 Factory Outlet Centers Beneish M-Score Distribution

For the REITs industry and Real Estate sector, Tanger Factory Outlet Centers's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tanger Factory Outlet Centers's Beneish M-Score falls into.



Tanger Factory Outlet Centers 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 Factory Outlet Centers 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 * 0.9972+0.404 * 0.9525+0.892 * 1.0551+0.115 * 1.023
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1514+4.679 * -0.0671-0.327 * 1.0097
=-2.79

* 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 $0.0 Mil.
Revenue was 105.838 + 108.868 + 112.093 + 112.465 = $439.3 Mil.
Gross Profit was 73.141 + 72.11 + 75.104 + 75.279 = $295.6 Mil.
Total Current Assets was $290.2 Mil.
Total Assets was $2,155.2 Mil.
Property, Plant and Equipment(Net PPE) was $79.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $106.6 Mil.
Selling, General, & Admin. Expense(SGA) was $68.1 Mil.
Total Current Liabilities was $76.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1,484.3 Mil.
Net Income was 19.905 + 20.518 + 13.086 + -10.579 = $42.9 Mil.
Non Operating Income was 4.803 + 2.696 + -3.84 + -31.307 = $-27.6 Mil.
Cash Flow from Operations was 70.221 + 18.854 + 73.768 + 52.345 = $215.2 Mil.
Total Receivables was $0.0 Mil.
Revenue was 101.273 + 100.694 + 111.155 + 103.213 = $416.3 Mil.
Gross Profit was 70.023 + 65.383 + 76.011 + 68.007 = $279.4 Mil.
Total Current Assets was $196.3 Mil.
Total Assets was $2,131.1 Mil.
Property, Plant and Equipment(Net PPE) was $80.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $115.0 Mil.
Selling, General, & Admin. Expense(SGA) was $56.1 Mil.
Total Current Liabilities was $70.3 Mil.
Long-Term Debt & Capital Lease Obligation was $1,458.2 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)
=(0 / 439.264) / (0 / 416.335)
=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)
=(279.424 / 416.335) / (295.634 / 439.264)
=0.67115184 / 0.67302124
=0.9972

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 - (290.176 + 79.228) / 2155.245) / (1 - (196.333 + 80.942) / 2131.082)
=0.82860232 / 0.86989004
=0.9525

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
=439.264 / 416.335
=1.0551

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))
=(114.962 / (114.962 + 80.942)) / (106.589 / (106.589 + 79.228))
=0.58682824 / 0.57362351
=1.023

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)
=(68.12 / 439.264) / (56.076 / 416.335)
=0.15507758 / 0.13468961
=1.1514

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)
=((1484.345 + 76.512) / 2155.245) / ((1458.221 + 70.328) / 2131.082)
=0.72421326 / 0.71726428
=1.0097

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
=(42.93 - -27.648 - 215.188) / 2155.245
=-0.0671

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 Factory Outlet Centers has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.


Tanger Factory Outlet Centers Beneish M-Score Related Terms

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Tanger Factory Outlet Centers Business Description

Tanger Factory Outlet Centers logo
Traded in Other Exchanges
Address
3200 Northline Avenue, Suite 360, Greensboro, NC, USA, 27408
Tanger Factory Outlet Centers Inc is the owner and operator of outlet centers in the United States and Canada. It is a fully-integrated, self-administered and self-managed REIT, which focuses on developing, acquiring, owning, operating and managing outlet shopping centers. The company operates approximately 30 outlet centers, with a total gross leasable area of approximately 11.5 million square feet, which holds over 2,200 stores with hundreds of store brands. Substantially most of the firm's revenue is derived from rental income from real property. Geographically, the activities are carried out through the United States.
Executives
Stein Justin C officer: EVP, Leasing 3200 NORTHLINE AVE. SUITE 360 GREENSBORO NC 27408
Wingrove Andrew R officer: EVP, Chief Commercial Officer 3200 NORTHLINE AVE., SUITE 360 GREENSBORO NC 27408
Mathrani Sandeep director
Swanson Gallardo Leslie officer: Executive VP Operations 3200 NORTHLINE AVE. SUITE 360 GREENSBORO NC 27408
Yalof Stephen officer: President & COO 3200 NORTHLINE AVE., SUITE 360 GREENSBORO NC 27408
Ubinas Luis A director 209 REDWOOD SHORES PARKWAY REDWOOD CITY CA 94065-1175
Skerritt Susan E director 3200 NORTHLINE AVE SUITE 360 GREENSBORO NC 27408
Guerrieri Thomas Joseph Jr officer: VP, CAO and Controller 3200 NORTHLINE AVE. SUITE 360 GREENSBORO NC 27408
Henry David director 3333 NEW HYDE PARK ROAD NEW HYDE PARK NY 11042
Citrin Jeffrey B director 950 THIRD AVENUE 17TH FLOOR NEW YORK NY 10022
Worsham Charles Allen officer: SVP,Construction & Development 3200 NORTHLINE AVENUE, SUITE 360 GREENSBORO NC 27408
Perry Chad officer: EVP,General Counsel,Secretary C/O TANGER FACTORY OUTLET CENTERS, INC. 3200 NORTHLINE AVENUE, SUITE 360 GREENSBORO NC 27408
Mcdonough Thomas E. officer: EVP, Chief Operating Officer 1600 NE MIAMI GARDENS DRIVE NORTH MIAMI BEACH FL 33179
Jessup Manuel O officer: Senior VP - Human Resources 11215 METRO PARKWAY FORT MYERS FL 33966
Reddin Thomas director 11115 RUSHMORE DR CHARLOTTE NC 28277

Tanger Factory Outlet Centers Headlines

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