Alexander & Baldwin Beneish M-Score Historical Data
The historical data trend for Alexander & Baldwin'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.
Alexander & Baldwin Beneish M-Score Chart
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Alexander & Baldwin Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
Dec25 |
| Beneish M-Score |
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-3.37 |
-2.68 |
-1.42 |
-1.47 |
-2.27 |
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Alexander & Baldwin Quarterly Data
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
Jun25 |
Sep25 |
Dec25 |
| Beneish M-Score |
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-1.47 |
-2.27 |
-2.34 |
1.27 |
-2.27 |
STU:ABU vs ALX, CBL, GTY: Beneish M-Score Comparison
For the REIT - Retail subindustry, Alexander & Baldwin'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.
Alexander & Baldwin Beneish M-Score vs REITs Industry
For the REITs industry and Real Estate sector, Alexander & Baldwin's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Alexander & Baldwin's Beneish M-Score falls into.
Alexander & Baldwin 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 Alexander & Baldwin 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 * 1.3475 | + | 0.528 * 0.9756 | + | 0.404 * 0.9888 | + | 0.892 * 0.8253 | + | 0.115 * 1.3782 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0783 | + | 4.679 * -0.021336 | - | 0.327 * 0.9461 |
| = | -2.39 |
* 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 (Dec25) TTM: | Last Year (Dec24) TTM: |
Total Receivables was €69.0 Mil.
Revenue was 43.541 + 42.811 + 44.826 + 49.708 = €180.9 Mil.
Gross Profit was 19.767 + 19.338 + 20.452 + 24.674 = €84.2 Mil.
Total Current Assets was €85.9 Mil.
Total Assets was €1,417.2 Mil.
Property, Plant and Equipment(Net PPE) was €12.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €33.5 Mil.
Selling, General, & Admin. Expense(SGA) was €24.6 Mil.
Total Current Liabilities was €84.9 Mil.
Long-Term Debt & Capital Lease Obligation was €432.1 Mil.
Net Income was 3.225 + 12.215 + 21.786 + 19.826 = €57.1 Mil.
Non Operating Income was -4.599 + 3.111 + 12.187 + 6.679 = €17.4 Mil.
Cash Flow from Operations was 10.722 + 20.843 + 14.301 + 24.047 = €69.9 Mil.
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Total Receivables was €62.0 Mil.
Revenue was 59.638 + 55.812 + 47.423 + 56.306 = €219.2 Mil.
Gross Profit was 24.627 + 26.579 + 19.844 + 28.519 = €99.6 Mil.
Total Current Assets was €94.2 Mil.
Total Assets was €1,595.3 Mil.
Property, Plant and Equipment(Net PPE) was €0.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €33.6 Mil.
Selling, General, & Admin. Expense(SGA) was €27.6 Mil.
Total Current Liabilities was €161.5 Mil.
Long-Term Debt & Capital Lease Obligation was €453.6 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) |
| = | (68.968 / 180.886) | / | (62.018 / 219.179) |
| = | 0.381279 | / | 0.282956 |
| | = | 1.3475 |
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) |
| = | (99.569 / 219.179) | / | (84.231 / 180.886) |
| = | 0.454282 | / | 0.465658 |
| | = | 0.9756 |
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 - (85.888 + 12.867) / 1417.245) | / | (1 - (94.174 + 0.141) / 1595.263) |
| = | 0.930319 | / | 0.940878 |
| | = | 0.9888 |
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 |
| = | 180.886 | / | 219.179 |
| | = | 0.8253 |
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)) |
| = | (33.643 / (33.643 + 0.141)) | / | (33.506 / (33.506 + 12.867)) |
| = | 0.995826 | / | 0.722533 |
| | = | 1.3782 |
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) |
| = | (24.595 / 180.886) | / | (27.637 / 219.179) |
| = | 0.13597 | / | 0.126093 |
| | = | 1.0783 |
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) |
| = | ((432.064 + 84.895) / 1417.245) | / | ((453.587 + 161.461) / 1595.263) |
| = | 0.364763 | / | 0.385546 |
| | = | 0.9461 |
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 |
| = | (57.052 - 17.378 | - | 69.913) | / | 1417.245 |
| | = | -0.021336 |
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.
Alexander & Baldwin has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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