Veris Residential Beneish M-Score Historical Data
The historical data trend for Veris Residential'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.
Veris Residential Beneish M-Score Chart
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Veris Residential Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.16 |
-2.67 |
-2.60 |
-2.95 |
-3.24 |
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Veris Residential Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.61 |
-2.66 |
-2.33 |
-3.24 |
-3.39 |
Competitive Comparison of Veris Residential's Beneish M-Score
For the REIT - Residential subindustry, Veris Residential'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.
Veris Residential's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Veris Residential's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Veris Residential's Beneish M-Score falls into.
Veris Residential 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 Veris Residential 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 * 0.0614 | + | 0.528 * 0.9928 | + | 0.404 * 1.0758 | + | 0.892 * 1.1367 | + | 0.115 * 1.0305 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8502 | + | 4.679 * -0.033835 | - | 0.327 * 1.1984 |
| = | -3.39 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $3.2 Mil.
Revenue was 67.34 + 72.916 + 71.482 + 68.729 = $280.5 Mil.
Gross Profit was 38.08 + 38.854 + 38.945 + 40.057 = $155.9 Mil.
Total Current Assets was $208.5 Mil.
Total Assets was $3,212.9 Mil.
Property, Plant and Equipment(Net PPE) was $5.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $91.9 Mil.
Selling, General, & Admin. Expense(SGA) was $45.3 Mil.
Total Current Liabilities was $78.2 Mil.
Long-Term Debt & Capital Lease Obligation was $1,853.1 Mil.
Net Income was -3.903 + -5.051 + -54.807 + -27.434 = $-91.2 Mil.
Non Operating Income was 7.877 + -33.497 + -3.597 + -2.423 = $-31.6 Mil.
Cash Flow from Operations was 15.71 + 12.268 + 8.908 + 12.267 = $49.2 Mil.
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Total Receivables was $46.1 Mil.
Revenue was 62.598 + 67.184 + 63.135 + 53.813 = $246.7 Mil.
Gross Profit was 37.65 + 36.588 + 33.969 + 27.987 = $136.2 Mil.
Total Current Assets was $500.7 Mil.
Total Assets was $3,800.7 Mil.
Property, Plant and Equipment(Net PPE) was $2.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $88.3 Mil.
Selling, General, & Admin. Expense(SGA) was $46.8 Mil.
Total Current Liabilities was $86.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,820.5 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) |
| = | (3.213 / 280.467) | / | (46.072 / 246.73) |
| = | 0.011456 | / | 0.18673 |
| | = | 0.0614 |
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) |
| = | (136.194 / 246.73) | / | (155.936 / 280.467) |
| = | 0.551996 | / | 0.555987 |
| | = | 0.9928 |
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 - (208.538 + 5.912) / 3212.86) | / | (1 - (500.7 + 2.896) / 3800.656) |
| = | 0.933253 | / | 0.867498 |
| | = | 1.0758 |
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 |
| = | 280.467 | / | 246.73 |
| | = | 1.1367 |
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)) |
| = | (88.334 / (88.334 + 2.896)) | / | (91.893 / (91.893 + 5.912)) |
| = | 0.968256 | / | 0.939553 |
| | = | 1.0305 |
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) |
| = | (45.275 / 280.467) | / | (46.847 / 246.73) |
| = | 0.161427 | / | 0.189872 |
| | = | 0.8502 |
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) |
| = | ((1853.149 + 78.201) / 3212.86) | / | ((1820.498 + 85.981) / 3800.656) |
| = | 0.601131 | / | 0.501618 |
| | = | 1.1984 |
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 |
| = | (-91.195 - -31.64 | - | 49.153) | / | 3212.86 |
| | = | -0.033835 |
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.
Veris Residential has a M-score of -3.39 suggests that the company is unlikely to be a manipulator.
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