Vornado Realty Trust Beneish M-Score Historical Data
The historical data trend for Vornado Realty Trust'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.
Vornado Realty Trust Beneish M-Score Chart
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Vornado Realty Trust Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.69 |
-2.71 |
-2.62 |
-2.67 |
-2.90 |
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Vornado Realty Trust Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.67 |
-2.77 |
-2.80 |
-2.89 |
-2.90 |
Competitive Comparison of Vornado Realty Trust's Beneish M-Score
For the REIT - Office subindustry, Vornado Realty Trust'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.
Vornado Realty Trust's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Vornado Realty Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vornado Realty Trust's Beneish M-Score falls into.
Vornado Realty Trust 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 Vornado Realty Trust 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 * 1.0061 | + | 0.528 * 0.5002 | + | 0.404 * 1.0243 | + | 0.892 * 0.987 | + | 0.115 * 0.9838 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9238 | + | 4.679 * -0.036913 | - | 0.327 * 1.0083 |
| = | -2.90 |
* 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 $766 Mil.
Revenue was 457.79 + 443.255 + 450.266 + 436.375 = $1,788 Mil.
Gross Profit was 457.79 + 443.255 + 450.266 + 436.375 = $1,788 Mil.
Total Current Assets was $1,715 Mil.
Total Assets was $15,999 Mil.
Property, Plant and Equipment(Net PPE) was $679 Mil.
Depreciation, Depletion and Amortization(DDA) was $469 Mil.
Selling, General, & Admin. Expense(SGA) was $149 Mil.
Total Current Liabilities was $977 Mil.
Long-Term Debt & Capital Lease Obligation was $8,418 Mil.
Net Income was 16.729 + -3.626 + 50.789 + 6.495 = $70 Mil.
Non Operating Income was 28.731 + 18.28 + 60.551 + 15.661 = $123 Mil.
Cash Flow from Operations was 206.18 + 105.379 + 194.679 + 31.485 = $538 Mil.
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Total Receivables was $771 Mil.
Revenue was 441.886 + 450.995 + 472.359 + 445.923 = $1,811 Mil.
Gross Profit was 221.961 + 217.258 + 249.636 + 217.15 = $906 Mil.
Total Current Assets was $2,069 Mil.
Total Assets was $16,188 Mil.
Property, Plant and Equipment(Net PPE) was $680 Mil.
Depreciation, Depletion and Amortization(DDA) was $458 Mil.
Selling, General, & Admin. Expense(SGA) was $163 Mil.
Total Current Liabilities was $1,018 Mil.
Long-Term Debt & Capital Lease Obligation was $8,409 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) |
| = | (765.873 / 1787.686) | / | (771.209 / 1811.163) |
| = | 0.428416 | / | 0.425809 |
| | = | 1.0061 |
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) |
| = | (906.005 / 1811.163) | / | (1787.686 / 1787.686) |
| = | 0.500234 | / | 1 |
| | = | 0.5002 |
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 - (1715.492 + 678.804) / 15998.608) | / | (1 - (2068.734 + 680.044) / 16187.665) |
| = | 0.850343 | / | 0.830193 |
| | = | 1.0243 |
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 |
| = | 1787.686 | / | 1811.163 |
| | = | 0.987 |
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)) |
| = | (457.574 / (457.574 + 680.044)) | / | (469.423 / (469.423 + 678.804)) |
| = | 0.402221 | / | 0.408824 |
| | = | 0.9838 |
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) |
| = | (148.52 / 1787.686) | / | (162.883 / 1811.163) |
| = | 0.083079 | / | 0.089933 |
| | = | 0.9238 |
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) |
| = | ((8417.635 + 977.437) / 15998.608) | / | ((8409.311 + 1018.243) / 16187.665) |
| = | 0.587243 | / | 0.582391 |
| | = | 1.0083 |
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 |
| = | (70.387 - 123.223 | - | 537.723) | / | 15998.608 |
| | = | -0.036913 |
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.
Vornado Realty Trust has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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