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.
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Tanger Factory Outlet Centers Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.74 |
-2.80 |
-2.79 |
-2.97 |
-2.80 |
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Tanger Factory Outlet Centers Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-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.
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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.
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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 / 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.
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