Rexford Industrial Realty Beneish M-Score Historical Data
The historical data trend for Rexford Industrial Realty'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.
Rexford Industrial Realty Beneish M-Score Chart
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Rexford Industrial Realty Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.27 |
-2.24 |
-2.15 |
-2.18 |
-1.40 |
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Rexford Industrial Realty 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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-2.20 |
-1.40 |
-1.48 |
-1.54 |
-1.70 |
Competitive Comparison of Rexford Industrial Realty's Beneish M-Score
For the REIT - Industrial subindustry, Rexford Industrial Realty'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.
Rexford Industrial Realty's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Rexford Industrial Realty's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rexford Industrial Realty's Beneish M-Score falls into.
Rexford Industrial Realty 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 Rexford Industrial Realty 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 * 1.8484 | + | 0.528 * 0.9919 | + | 0.404 * 0.9919 | + | 0.892 * 1.1801 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9089 | + | 4.679 * -0.018119 | - | 0.327 * 1.255 |
| = | -1.70 |
* 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 $292.1 Mil.
Revenue was 241.843 + 237.573 + 214.096 + 210.425 = $903.9 Mil.
Gross Profit was 186.976 + 185.668 + 166.614 + 161.166 = $700.4 Mil.
Total Current Assets was $353.9 Mil.
Total Assets was $12,420.3 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $239.6 Mil.
Selling, General, & Admin. Expense(SGA) was $80.2 Mil.
Total Current Liabilities was $449.6 Mil.
Long-Term Debt & Capital Lease Obligation was $3,350.2 Mil.
Net Income was 67.77 + 82.476 + 61.371 + 64.351 = $276.0 Mil.
Non Operating Income was 1.253 + 15.964 + -1.408 + 6.552 = $22.4 Mil.
Cash Flow from Operations was 127.242 + 101.663 + 133.756 + 115.987 = $478.6 Mil.
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Total Receivables was $133.9 Mil.
Revenue was 205.399 + 195.766 + 186.236 + 178.587 = $766.0 Mil.
Gross Profit was 157.314 + 151.456 + 143.411 + 136.532 = $588.7 Mil.
Total Current Assets was $217.2 Mil.
Total Assets was $10,577.5 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $200.5 Mil.
Selling, General, & Admin. Expense(SGA) was $74.8 Mil.
Total Current Liabilities was $350.9 Mil.
Long-Term Debt & Capital Lease Obligation was $2,227.6 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) |
| = | (292.081 / 903.937) | / | (133.9 / 765.988) |
| = | 0.323121 | / | 0.174807 |
| | = | 1.8484 |
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) |
| = | (588.713 / 765.988) | / | (700.424 / 903.937) |
| = | 0.768567 | / | 0.774859 |
| | = | 0.9919 |
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 - (353.917 + 0) / 12420.302) | / | (1 - (217.168 + 0) / 10577.464) |
| = | 0.971505 | / | 0.979469 |
| | = | 0.9919 |
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 |
| = | 903.937 | / | 765.988 |
| | = | 1.1801 |
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)) |
| = | (200.517 / (200.517 + 0)) | / | (239.641 / (239.641 + 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) |
| = | (80.201 / 903.937) | / | (74.772 / 765.988) |
| = | 0.088724 | / | 0.097615 |
| | = | 0.9089 |
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) |
| = | ((3350.19 + 449.573) / 12420.302) | / | ((2227.637 + 350.941) / 10577.464) |
| = | 0.305932 | / | 0.24378 |
| | = | 1.255 |
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 |
| = | (275.968 - 22.361 | - | 478.648) | / | 12420.302 |
| | = | -0.018119 |
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.
Rexford Industrial Realty has a M-score of -1.70 signals that the company is likely to be a manipulator.
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