Plymouth Industrial REIT Beneish M-Score Historical Data
The historical data trend for Plymouth Industrial 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.
Plymouth Industrial REIT Beneish M-Score Chart
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Plymouth Industrial REIT Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.19 |
-2.35 |
-2.47 |
-2.52 |
-2.67 |
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Plymouth Industrial REIT Quarterly Data
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Dec19 |
Mar20 |
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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-2.64 |
-2.67 |
-2.68 |
-2.72 |
-2.77 |
Competitive Comparison of Plymouth Industrial REIT's Beneish M-Score
For the REIT - Industrial subindustry, Plymouth Industrial 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.
Plymouth Industrial REIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Plymouth Industrial REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Plymouth Industrial REIT's Beneish M-Score falls into.
Plymouth Industrial 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 Plymouth Industrial 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 | + | 0.528 * 0.9962 | + | 0.404 * 0.8619 | + | 0.892 * 1.0264 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0004 | + | 4.679 * -0.060565 | - | 0.327 * 0.9249 |
| = | -2.77 |
* 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 $0.0 Mil.
Revenue was 51.871 + 48.686 + 50.228 + 50.784 = $201.6 Mil.
Gross Profit was 34.497 + 35.117 + 33.586 + 35.64 = $138.8 Mil.
Total Current Assets was $233.1 Mil.
Total Assets was $1,496.4 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $86.2 Mil.
Selling, General, & Admin. Expense(SGA) was $15.1 Mil.
Total Current Liabilities was $279.8 Mil.
Long-Term Debt & Capital Lease Obligation was $627.5 Mil.
Net Income was -15.601 + 1.314 + 6.218 + 9.276 = $1.2 Mil.
Non Operating Income was -0.234 + 0.849 + 8.03 + 10.534 = $19.2 Mil.
Cash Flow from Operations was 17.568 + 19.863 + 16.614 + 18.613 = $72.7 Mil.
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Total Receivables was $0.0 Mil.
Revenue was 49.765 + 49.899 + 49.4 + 47.326 = $196.4 Mil.
Gross Profit was 34.011 + 34.209 + 33.446 + 33.094 = $134.8 Mil.
Total Current Assets was $30.3 Mil.
Total Assets was $1,476.5 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $91.3 Mil.
Selling, General, & Admin. Expense(SGA) was $14.7 Mil.
Total Current Liabilities was $140.1 Mil.
Long-Term Debt & Capital Lease Obligation was $827.8 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) |
| = | (0 / 201.569) | / | (0 / 196.39) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (134.76 / 196.39) | / | (138.84 / 201.569) |
| = | 0.686186 | / | 0.688796 |
| | = | 0.9962 |
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 - (233.104 + 0) / 1496.411) | / | (1 - (30.272 + 0) / 1476.51) |
| = | 0.844225 | / | 0.979498 |
| | = | 0.8619 |
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 |
| = | 201.569 | / | 196.39 |
| | = | 1.0264 |
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)) |
| = | (91.312 / (91.312 + 0)) | / | (86.207 / (86.207 + 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) |
| = | (15.144 / 201.569) | / | (14.749 / 196.39) |
| = | 0.075131 | / | 0.075101 |
| | = | 1.0004 |
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) |
| = | ((627.472 + 279.797) / 1496.411) | / | ((827.802 + 140.112) / 1476.51) |
| = | 0.606297 | / | 0.655542 |
| | = | 0.9249 |
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 |
| = | (1.207 - 19.179 | - | 72.658) | / | 1496.411 |
| | = | -0.060565 |
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.
Plymouth Industrial REIT has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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