Filinvest Development (PHS:FDC) Beneish M-Score : -3.06 (As of Mar. 27, 2025)

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What is Filinvest Development Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Filinvest Development's Beneish M-Score or its related term are showing as below:

PHS:FDC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.31 Med: -2.47 Max: -1.89
Current: -3.06

During the past 13 years, the highest Beneish M-Score of Filinvest Development was -1.89. The lowest was -3.31. And the median was -2.47.

Filinvest Development Beneish M-Score Historical Data

The historical data trend for Filinvest Development'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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Filinvest Development Beneish M-Score Chart

Filinvest Development Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.30

-3.13

-3.31

-1.89

-2.75

Filinvest Development Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.11	-2.75	-2.35	-3.05	-3.06

Competitive Comparison of Filinvest Development's Beneish M-Score

For the Conglomerates subindustry, Filinvest Development'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.

Filinvest Development's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Filinvest Development's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Filinvest Development's Beneish M-Score falls into.

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Filinvest Development 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 Filinvest Development for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.3427

0.528 * 1.0406

0.404 * 1.5971

0.892 * 1.3345

0.115 * 0.8258

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9121

4.679 * -0.002569

0.327 * 2.5834

-3.06

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₱132,777 Mil.
Revenue was 27043.354 + 26621.06 + 24037.761 + 24261.55 = ₱101,964 Mil.
Gross Profit was 15545.214 + 13994.359 + 14012.401 + 13130.589 = ₱56,683 Mil.
Total Current Assets was ₱315,788 Mil.
Total Assets was ₱770,586 Mil.
Property, Plant and Equipment(Net PPE) was ₱49,501 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱5,950 Mil.
Selling, General, & Admin. Expense(SGA) was ₱12,624 Mil.
Total Current Liabilities was ₱475,047 Mil.
Long-Term Debt & Capital Lease Obligation was ₱86,448 Mil.
Net Income was 3910.712 + 2619.208 + 2922.264 + 3015.932 = ₱12,468 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 8384.673 + 4981.784 + -12008.706 + 13089.964 = ₱14,448 Mil.

Total Receivables was ₱290,357 Mil.
Revenue was 19926.304 + 19859.54 + 18745.13 + 17873.757 = ₱76,405 Mil.
Gross Profit was 12579.809 + 11066.443 + 10300.929 + 10250.455 = ₱44,198 Mil.
Total Current Assets was ₱428,274 Mil.
Total Assets was ₱713,063 Mil.
Property, Plant and Equipment(Net PPE) was ₱49,960 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱4,858 Mil.
Selling, General, & Admin. Expense(SGA) was ₱10,371 Mil.
Total Current Liabilities was ₱95,085 Mil.
Long-Term Debt & Capital Lease Obligation was ₱106,034 Mil.

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)
	=	(132777.167 / 101963.725)	/	(290356.634 / 76404.731)
	=	1.3022	/	3.800244
	=	0.3427

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)
	=	(44197.636 / 76404.731)	/	(56682.563 / 101963.725)
	=	0.578467	/	0.555909
	=	1.0406

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 - (315788.435 + 49500.8) / 770586.361)	/	(1 - (428273.753 + 49960.365) / 713063.306)
	=	0.525959	/	0.329324
	=	1.5971

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
	=	101963.725	/	76404.731
	=	1.3345

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))
	=	(4857.971 / (4857.971 + 49960.365))	/	(5950.46 / (5950.46 + 49500.8))
	=	0.088619	/	0.10731
	=	0.8258

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)
	=	(12623.898 / 101963.725)	/	(10371.421 / 76404.731)
	=	0.123808	/	0.135743
	=	0.9121

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)
	=	((86447.89 + 475047.054) / 770586.361)	/	((106033.518 + 95085.184) / 713063.306)
	=	0.728659	/	0.282049
	=	2.5834

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
	=	(12468.116 - 0	-	14447.715)	/	770586.361
	=	-0.002569

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.

Filinvest Development has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.

Filinvest Development Beneish M-Score Related Terms

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Filinvest Development Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » Filinvest Development Corp (PHS:FDC) » Definitions » Beneish M-Score

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Address

5th Avenue corner 23rd Street, 6th Floor, The Beaufort, Bonifacio Global City, Metro Manila, Taguig City, PHL, 1634

Website

https://www.filinvestgroup.com

Filinvest Development Corp is a Philippines-based company engaged in real estate operations as a developer of residential subdivisions and mixed-use urban projects, including condominiums, commercial buildings, industrial parks, and farm estates. It is also involved in leasing operations, hospitality operations, banking and financial services, power and utility operations, sugar farming and milling business, and digital ventures. Its segments are Real Estate, Hospitality, Banking and Financial, Power, Sugar, and Others.