Washington Prime Group Beneish M-Score Historical Data
The historical data trend for Washington Prime Group'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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Washington Prime Group Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.55 |
-2.84 |
-2.83 |
-2.23 |
-2.67 |
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Washington Prime Group Quarterly Data
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Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
| Beneish M-Score |
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-2.04 |
-2.03 |
-2.67 |
-2.40 |
-2.80 |
Competitive Comparison
For the REIT - Retail subindustry, Washington Prime Group'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.
Washington Prime Group Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Washington Prime Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Washington Prime Group's Beneish M-Score falls into.
Washington Prime Group 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 Washington Prime Group 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 * 0.8347 | + | 0.528 * 1.057 | + | 0.404 * 1.013 | + | 0.892 * 0.9327 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3973 | + | 4.679 * -0.057522 | - | 0.327 * 0.3992 |
| = | -2.80 |
* 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 (Jun21) TTM: | Last Year (Jun20) TTM: |
Total Receivables was $97.43 Mil.
Revenue was 138.397 + 131.933 + 149.372 + 123.682 = $543.38 Mil.
Gross Profit was 82.945 + 73.666 + 92.97 + 68.004 = $317.59 Mil.
Total Current Assets was $188.75 Mil.
Total Assets was $4,031.49 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $220.31 Mil.
Selling, General, & Admin. Expense(SGA) was $74.32 Mil.
Total Current Liabilities was $145.88 Mil.
Long-Term Debt & Capital Lease Obligation was $1,170.71 Mil.
Net Income was -102.01 + -51.869 + -107.898 + -40.229 = $-302.01 Mil.
Non Operating Income was -63.34 + 0.255 + -109.224 + -4.962 = $-177.27 Mil.
Cash Flow from Operations was 23.099 + 3.334 + 57.279 + 23.452 = $107.16 Mil.
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Total Receivables was $125.15 Mil.
Revenue was 98.764 + 152.6 + 170.023 + 161.204 = $582.59 Mil.
Gross Profit was 52.218 + 95.068 + 109.43 + 103.183 = $359.90 Mil.
Total Current Assets was $252.17 Mil.
Total Assets was $4,271.63 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $252.63 Mil.
Selling, General, & Admin. Expense(SGA) was $57.02 Mil.
Total Current Liabilities was $905.67 Mil.
Long-Term Debt & Capital Lease Obligation was $2,588.61 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) |
| = | (97.43 / 543.384) | / | (125.153 / 582.591) |
| = | 0.179302 | / | 0.214821 |
| | = | 0.8347 |
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) |
| = | (359.899 / 582.591) | / | (317.585 / 543.384) |
| = | 0.617756 | / | 0.584458 |
| | = | 1.057 |
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 - (188.748 + 0) / 4031.493) | / | (1 - (252.172 + 0) / 4271.63) |
| = | 0.953182 | / | 0.940966 |
| | = | 1.013 |
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 |
| = | 543.384 | / | 582.591 |
| | = | 0.9327 |
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)) |
| = | (252.627 / (252.627 + 0)) | / | (220.308 / (220.308 + 0)) |
| = | 1 | / | 1 |
| | = | 1 |
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) |
| = | (74.316 / 543.384) | / | (57.021 / 582.591) |
| = | 0.136765 | / | 0.097875 |
| | = | 1.3973 |
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) |
| = | ((1170.714 + 145.875) / 4031.493) | / | ((2588.611 + 905.673) / 4271.63) |
| = | 0.326576 | / | 0.818021 |
| | = | 0.3992 |
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 |
| = | (-302.006 - -177.271 | - | 107.164) | / | 4031.493 |
| | = | -0.057522 |
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.
Washington Prime Group has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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