Orion Office REIT Beneish M-Score Historical Data
The historical data trend for Orion Office REIT'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.
Orion Office REIT Beneish M-Score Chart
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Orion Office REIT Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-3.03 |
-2.01 |
-2.74 |
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Orion Office REIT Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.69 |
-2.74 |
-2.88 |
-2.97 |
-2.96 |
Competitive Comparison of Orion Office REIT's Beneish M-Score
For the REIT - Office subindustry, Orion Office REIT'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.
Orion Office REIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Orion Office REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Orion Office REIT's Beneish M-Score falls into.
Orion Office REIT 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 Orion Office REIT 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 * 1.0623 | + | 0.528 * 1.0969 | + | 0.404 * 1.0352 | + | 0.892 * 0.8446 | + | 0.115 * 0.9836 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3027 | + | 4.679 * -0.083887 | - | 0.327 * 1.04 |
| = | -2.96 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $24.1 Mil.
Revenue was 39.178 + 40.124 + 47.197 + 43.751 = $170.3 Mil.
Gross Profit was 22.535 + 24.367 + 31.198 + 29.305 = $107.4 Mil.
Total Current Assets was $79.0 Mil.
Total Assets was $1,368.9 Mil.
Property, Plant and Equipment(Net PPE) was $22.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $109.1 Mil.
Selling, General, & Admin. Expense(SGA) was $19.4 Mil.
Total Current Liabilities was $167.8 Mil.
Long-Term Debt & Capital Lease Obligation was $374.7 Mil.
Net Income was -10.217 + -33.801 + -26.232 + -16.168 = $-86.4 Mil.
Non Operating Income was -0.115 + -6.879 + -19.748 + -6.107 = $-32.8 Mil.
Cash Flow from Operations was 13.752 + 16.987 + 11.022 + 19.5 = $61.3 Mil.
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Total Receivables was $26.9 Mil.
Revenue was 49.076 + 52.024 + 50.19 + 50.294 = $201.6 Mil.
Gross Profit was 33.57 + 36.537 + 34.846 + 34.548 = $139.5 Mil.
Total Current Assets was $133.1 Mil.
Total Assets was $1,504.4 Mil.
Property, Plant and Equipment(Net PPE) was $25.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $113.5 Mil.
Selling, General, & Admin. Expense(SGA) was $17.7 Mil.
Total Current Liabilities was $211.1 Mil.
Long-Term Debt & Capital Lease Obligation was $362.2 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) |
| = | (24.144 / 170.25) | / | (26.911 / 201.584) |
| = | 0.141815 | / | 0.133498 |
| | = | 1.0623 |
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) |
| = | (139.501 / 201.584) | / | (107.405 / 170.25) |
| = | 0.692024 | / | 0.630866 |
| | = | 1.0969 |
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 - (78.988 + 22.448) / 1368.871) | / | (1 - (133.128 + 25.65) / 1504.391) |
| = | 0.925898 | / | 0.894457 |
| | = | 1.0352 |
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 |
| = | 170.25 | / | 201.584 |
| | = | 0.8446 |
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)) |
| = | (113.549 / (113.549 + 25.65)) | / | (109.086 / (109.086 + 22.448)) |
| = | 0.815731 | / | 0.829337 |
| | = | 0.9836 |
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) |
| = | (19.44 / 170.25) | / | (17.669 / 201.584) |
| = | 0.114185 | / | 0.087651 |
| | = | 1.3027 |
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) |
| = | ((374.701 + 167.832) / 1368.871) | / | ((362.164 + 211.148) / 1504.391) |
| = | 0.396336 | / | 0.381092 |
| | = | 1.04 |
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 |
| = | (-86.418 - -32.849 | - | 61.261) | / | 1368.871 |
| | = | -0.083887 |
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.
Orion Office REIT has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.
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