Unibail-Rodamco-Westfield Beneish M-Score Historical Data
The historical data trend for Unibail-Rodamco-Westfield'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.
Unibail-Rodamco-Westfield Beneish M-Score Chart
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Unibail-Rodamco-Westfield Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.11 |
-2.45 |
-2.76 |
-2.79 |
-2.82 |
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Unibail-Rodamco-Westfield Semi-Annual Data
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Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
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Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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-2.76 |
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-2.79 |
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-2.82 |
Competitive Comparison of Unibail-Rodamco-Westfield's Beneish M-Score
For the REIT - Retail subindustry, Unibail-Rodamco-Westfield'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.
Unibail-Rodamco-Westfield's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Unibail-Rodamco-Westfield's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Unibail-Rodamco-Westfield's Beneish M-Score falls into.
Unibail-Rodamco-Westfield 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 Unibail-Rodamco-Westfield 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 * 0.7966 | + | 0.528 * 0.9785 | + | 0.404 * 0.9963 | + | 0.892 * 1.0214 | + | 0.115 * 0.5757 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8472 | + | 4.679 * -0.038173 | - | 0.327 * 0.9888 |
| = | -2.86 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $903 Mil.
Revenue was $3,410 Mil.
Gross Profit was $2,143 Mil.
Total Current Assets was $7,458 Mil.
Total Assets was $56,069 Mil.
Property, Plant and Equipment(Net PPE) was $120 Mil.
Depreciation, Depletion and Amortization(DDA) was $134 Mil.
Selling, General, & Admin. Expense(SGA) was $188 Mil.
Total Current Liabilities was $5,419 Mil.
Long-Term Debt & Capital Lease Obligation was $25,458 Mil.
Net Income was $153 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $2,293 Mil.
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Total Receivables was $1,110 Mil.
Revenue was $3,338 Mil.
Gross Profit was $2,053 Mil.
Total Current Assets was $7,586 Mil.
Total Assets was $58,428 Mil.
Property, Plant and Equipment(Net PPE) was $123 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $217 Mil.
Total Current Liabilities was $4,184 Mil.
Long-Term Debt & Capital Lease Obligation was $28,357 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) |
| = | (903.246 / 3409.529) | / | (1110.142 / 3338.059) |
| = | 0.264918 | / | 0.332571 |
| | = | 0.7966 |
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) |
| = | (2052.672 / 3338.059) | / | (2142.618 / 3409.529) |
| = | 0.61493 | / | 0.628421 |
| | = | 0.9785 |
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 - (7457.696 + 119.791) / 56068.691) | / | (1 - (7586.369 + 123.337) / 58427.59) |
| = | 0.864854 | / | 0.868047 |
| | = | 0.9963 |
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 |
| = | 3409.529 | / | 3338.059 |
| | = | 1.0214 |
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)) |
| = | (53.762 / (53.762 + 123.337)) | / | (133.613 / (133.613 + 119.791)) |
| = | 0.30357 | / | 0.527273 |
| | = | 0.5757 |
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) |
| = | (188.063 / 3409.529) | / | (217.339 / 3338.059) |
| = | 0.055158 | / | 0.065109 |
| | = | 0.8472 |
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) |
| = | ((25458.115 + 5418.534) / 56068.691) | / | ((28357.252 + 4184.406) / 58427.59) |
| = | 0.550693 | / | 0.556957 |
| | = | 0.9888 |
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 |
| = | (153.089 - 0 | - | 2293.403) | / | 56068.691 |
| | = | -0.038173 |
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.
Unibail-Rodamco-Westfield has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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