VEREIT Beneish M-Score Historical Data
The historical data trend for VEREIT'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.
VEREIT Beneish M-Score Chart
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VEREIT Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.44 |
-2.75 |
-2.44 |
-2.26 |
-2.56 |
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VEREIT Quarterly Data
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Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
| Beneish M-Score |
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-1.96 |
-2.56 |
-2.60 |
-3.03 |
-1.66 |
Competitive Comparison of VEREIT's Beneish M-Score
For the REIT - Diversified subindustry, VEREIT'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.
VEREIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, VEREIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where VEREIT's Beneish M-Score falls into.
VEREIT 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 VEREIT 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 * 0.9948 | + | 0.528 * 0.9977 | + | 0.404 * 1.015 | + | 0.892 * 0.9839 | + | 0.115 * 0.9774 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -4.6952 | + | 4.679 * -0.035959 | - | 0.327 * 1.0053 |
| = | -1.69 |
* 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 (Sep21) TTM: | Last Year (Sep20) TTM: |
Total Receivables was $339 Mil.
Revenue was 290.192 + 291.267 + 290.809 + 287.909 = $1,160 Mil.
Gross Profit was 261.338 + 262.093 + 260.204 + 255.93 = $1,040 Mil.
Total Current Assets was $393 Mil.
Total Assets was $12,579 Mil.
Property, Plant and Equipment(Net PPE) was $189 Mil.
Depreciation, Depletion and Amortization(DDA) was $453 Mil.
Selling, General, & Admin. Expense(SGA) was $59 Mil.
Total Current Liabilities was $332 Mil.
Long-Term Debt & Capital Lease Obligation was $5,775 Mil.
Net Income was 61.565 + 77.896 + 120.647 + -40.62 = $219 Mil.
Non Operating Income was -19.917 + -1.401 + 44.852 + -100.485 = $-77 Mil.
Cash Flow from Operations was 201.776 + 182.331 + 180.091 + 184.562 = $749 Mil.
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Total Receivables was $346 Mil.
Revenue was 295.278 + 278.997 + 299.182 + 305.685 = $1,179 Mil.
Gross Profit was 263.878 + 249.899 + 268.692 + 271.619 = $1,054 Mil.
Total Current Assets was $577 Mil.
Total Assets was $13,040 Mil.
Property, Plant and Equipment(Net PPE) was $210 Mil.
Depreciation, Depletion and Amortization(DDA) was $467 Mil.
Selling, General, & Admin. Expense(SGA) was $-13 Mil.
Total Current Liabilities was $1,094 Mil.
Long-Term Debt & Capital Lease Obligation was $5,203 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) |
| = | (338.64 / 1160.177) | / | (345.975 / 1179.142) |
| = | 0.291886 | / | 0.293412 |
| | = | 0.9948 |
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) |
| = | (1054.088 / 1179.142) | / | (1039.565 / 1160.177) |
| = | 0.893945 | / | 0.89604 |
| | = | 0.9977 |
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 - (392.613 + 188.524) / 12578.893) | / | (1 - (576.614 + 209.576) / 13039.598) |
| = | 0.953801 | / | 0.939707 |
| | = | 1.015 |
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 |
| = | 1160.177 | / | 1179.142 |
| | = | 0.9839 |
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)) |
| = | (466.699 / (466.699 + 209.576)) | / | (452.918 / (452.918 + 188.524)) |
| = | 0.690102 | / | 0.706093 |
| | = | 0.9774 |
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) |
| = | (59.158 / 1160.177) | / | (-12.806 / 1179.142) |
| = | 0.05099 | / | -0.01086 |
| | = | -4.6952 |
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) |
| = | ((5774.723 + 331.584) / 12578.893) | / | ((5202.742 + 1094.151) / 13039.598) |
| = | 0.485441 | / | 0.482905 |
| | = | 1.0053 |
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 |
| = | (219.488 - -76.951 | - | 748.76) | / | 12578.893 |
| | = | -0.035959 |
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.
VEREIT has a M-score of -1.69 signals that the company is likely to be a manipulator.
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