PotlatchDeltic Beneish M-Score Historical Data
The historical data trend for PotlatchDeltic'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.
PotlatchDeltic Beneish M-Score Chart
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PotlatchDeltic Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.70 |
-2.76 |
-2.54 |
-2.79 |
-1.11 |
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PotlatchDeltic Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.79 |
-2.50 |
-2.13 |
-1.78 |
-1.11 |
Competitive Comparison of PotlatchDeltic's Beneish M-Score
For the REIT - Specialty subindustry, PotlatchDeltic'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.
PotlatchDeltic's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, PotlatchDeltic's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PotlatchDeltic's Beneish M-Score falls into.
PotlatchDeltic 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 PotlatchDeltic 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 * 1.6785 | + | 0.528 * 3.2386 | + | 0.404 * 1.0047 | + | 0.892 * 0.7695 | + | 0.115 * 0.9572 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1767 | + | 4.679 * -0.03942 | - | 0.327 * 1.024 |
| = | -1.11 |
* 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 $29 Mil.
Revenue was 254.503 + 265.509 + 246.101 + 257.962 = $1,024 Mil.
Gross Profit was 20.641 + 39.206 + 31.038 + 33.612 = $124 Mil.
Total Current Assets was $377 Mil.
Total Assets was $3,431 Mil.
Property, Plant and Equipment(Net PPE) was $388 Mil.
Depreciation, Depletion and Amortization(DDA) was $121 Mil.
Selling, General, & Admin. Expense(SGA) was $77 Mil.
Total Current Liabilities was $263 Mil.
Long-Term Debt & Capital Lease Obligation was $858 Mil.
Net Income was -0.14 + 23.675 + 22.306 + 16.26 = $62 Mil.
Non Operating Income was 0.629 + 16.696 + 23.124 + -2.199 = $38 Mil.
Cash Flow from Operations was 41.803 + 40.951 + 37.218 + 39.139 = $159 Mil.
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Total Receivables was $23 Mil.
Revenue was 253.14 + 306.693 + 359.597 + 411.35 = $1,331 Mil.
Gross Profit was 38.375 + 85.817 + 168.263 + 231.503 = $524 Mil.
Total Current Assets was $472 Mil.
Total Assets was $3,551 Mil.
Property, Plant and Equipment(Net PPE) was $333 Mil.
Depreciation, Depletion and Amortization(DDA) was $98 Mil.
Selling, General, & Admin. Expense(SGA) was $85 Mil.
Total Current Liabilities was $140 Mil.
Long-Term Debt & Capital Lease Obligation was $993 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) |
| = | (29.467 / 1024.075) | / | (22.813 / 1330.78) |
| = | 0.028774 | / | 0.017143 |
| | = | 1.6785 |
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) |
| = | (523.958 / 1330.78) | / | (124.497 / 1024.075) |
| = | 0.393722 | / | 0.12157 |
| | = | 3.2386 |
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 - (376.933 + 388.353) / 3431.256) | / | (1 - (471.535 + 333.37) / 3550.555) |
| = | 0.776966 | / | 0.773302 |
| | = | 1.0047 |
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 |
| = | 1024.075 | / | 1330.78 |
| | = | 0.7695 |
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)) |
| = | (98.234 / (98.234 + 333.37)) | / | (121.154 / (121.154 + 388.353)) |
| = | 0.227602 | / | 0.237787 |
| | = | 0.9572 |
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) |
| = | (76.644 / 1024.075) | / | (84.644 / 1330.78) |
| = | 0.074842 | / | 0.063605 |
| | = | 1.1767 |
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) |
| = | ((858.113 + 262.533) / 3431.256) | / | ((992.701 + 139.766) / 3550.555) |
| = | 0.326599 | / | 0.318955 |
| | = | 1.024 |
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 |
| = | (62.101 - 38.25 | - | 159.111) | / | 3431.256 |
| | = | -0.03942 |
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.
PotlatchDeltic has a M-score of -1.11 signals that the company is likely to be a manipulator.
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