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 |
| Beneish M-Score |
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-2.01 |
-2.58 |
-2.92 |
-2.69 |
-2.74 |
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 * 1.2161 | + | 0.528 * 1.0233 | + | 0.404 * 0.9905 | + | 0.892 * 0.9372 | + | 0.115 * 1.0355 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2557 | + | 4.679 * -0.079201 | - | 0.327 * 0.9897 |
| = | -2.74 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $24.7 Mil.
Revenue was 43.751 + 49.076 + 52.024 + 50.19 = $195.0 Mil.
Gross Profit was 29.305 + 33.57 + 36.537 + 34.846 = $134.3 Mil.
Total Current Assets was $83.2 Mil.
Total Assets was $1,423.9 Mil.
Property, Plant and Equipment(Net PPE) was $26.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $109.1 Mil.
Selling, General, & Admin. Expense(SGA) was $18.7 Mil.
Total Current Liabilities was $152.1 Mil.
Long-Term Debt & Capital Lease Obligation was $360.9 Mil.
Net Income was -16.168 + -16.519 + -15.73 + -8.885 = $-57.3 Mil.
Non Operating Income was -6.107 + -11.157 + -12.403 + -3.946 = $-33.6 Mil.
Cash Flow from Operations was 19.5 + 25.67 + 32.477 + 11.441 = $89.1 Mil.
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Total Receivables was $21.6 Mil.
Revenue was 50.294 + 51.769 + 52.849 + 53.206 = $208.1 Mil.
Gross Profit was 34.548 + 36.466 + 37.693 + 37.892 = $146.6 Mil.
Total Current Assets was $80.8 Mil.
Total Assets was $1,571.1 Mil.
Property, Plant and Equipment(Net PPE) was $26.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $131.4 Mil.
Selling, General, & Admin. Expense(SGA) was $15.9 Mil.
Total Current Liabilities was $205.6 Mil.
Long-Term Debt & Capital Lease Obligation was $366.2 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) |
| = | (24.663 / 195.041) | / | (21.641 / 208.118) |
| = | 0.12645 | / | 0.103984 |
| | = | 1.2161 |
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) |
| = | (146.599 / 208.118) | / | (134.258 / 195.041) |
| = | 0.704403 | / | 0.688358 |
| | = | 1.0233 |
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 - (83.179 + 26.596) / 1423.933) | / | (1 - (80.759 + 26.422) / 1571.073) |
| = | 0.922907 | / | 0.931778 |
| | = | 0.9905 |
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 |
| = | 195.041 | / | 208.118 |
| | = | 0.9372 |
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)) |
| = | (131.367 / (131.367 + 26.422)) | / | (109.111 / (109.111 + 26.596)) |
| = | 0.832549 | / | 0.804019 |
| | = | 1.0355 |
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) |
| = | (18.72 / 195.041) | / | (15.908 / 208.118) |
| = | 0.09598 | / | 0.076437 |
| | = | 1.2557 |
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) |
| = | ((360.93 + 152.057) / 1423.933) | / | ((366.235 + 205.64) / 1571.073) |
| = | 0.360261 | / | 0.364003 |
| | = | 0.9897 |
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 |
| = | (-57.302 - -33.613 | - | 89.088) | / | 1423.933 |
| | = | -0.079201 |
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 -2.74 suggests that the company is unlikely to be a manipulator.
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