Weingarten Realty Investors Beneish M-Score Historical Data
The historical data trend for Weingarten Realty Investors'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.
Weingarten Realty Investors Beneish M-Score Chart
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Weingarten Realty Investors Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.53 |
-2.52 |
-2.70 |
-2.87 |
-2.68 |
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Weingarten Realty Investors Quarterly Data
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Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
| Beneish M-Score |
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-2.65 |
-2.64 |
-2.68 |
-2.59 |
-2.78 |
Competitive Comparison of Weingarten Realty Investors's Beneish M-Score
For the REIT - Retail subindustry, Weingarten Realty Investors'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.
Weingarten Realty Investors's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Weingarten Realty Investors's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Weingarten Realty Investors's Beneish M-Score falls into.
Weingarten Realty Investors 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 Weingarten Realty Investors 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 * 0.9128 | + | 0.528 * 1.0068 | + | 0.404 * 0.9809 | + | 0.892 * 1.0403 | + | 0.115 * 1.2741 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3076 | + | 4.679 * -0.046553 | - | 0.327 * 1.0295 |
| = | -2.78 |
* 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 (Jun21) TTM: | Last Year (Jun20) TTM: |
Total Receivables was $70.0 Mil.
Revenue was 122.665 + 121.371 + 112.075 + 112.355 = $468.5 Mil.
Gross Profit was 106.38 + 104.636 + 96.731 + 95.876 = $403.6 Mil.
Total Current Assets was $155.1 Mil.
Total Assets was $3,881.8 Mil.
Property, Plant and Equipment(Net PPE) was $42.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $154.2 Mil.
Selling, General, & Admin. Expense(SGA) was $44.5 Mil.
Total Current Liabilities was $96.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,787.0 Mil.
Net Income was 12.692 + 28.037 + 23.07 + 25.089 = $88.9 Mil.
Non Operating Income was 0.358 + 8.806 + 9.551 + 10.268 = $29.0 Mil.
Cash Flow from Operations was 65.665 + 59.413 + 54.796 + 60.739 = $240.6 Mil.
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Total Receivables was $73.8 Mil.
Revenue was 98.135 + 111.352 + 119.465 + 121.362 = $450.3 Mil.
Gross Profit was 82.402 + 96.344 + 105.724 + 106.157 = $390.6 Mil.
Total Current Assets was $126.4 Mil.
Total Assets was $3,907.2 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $141.0 Mil.
Selling, General, & Admin. Expense(SGA) was $32.7 Mil.
Total Current Liabilities was $97.8 Mil.
Long-Term Debt & Capital Lease Obligation was $1,743.2 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) |
| = | (70.039 / 468.466) | / | (73.76 / 450.314) |
| = | 0.149507 | / | 0.163797 |
| | = | 0.9128 |
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) |
| = | (390.627 / 450.314) | / | (403.623 / 468.466) |
| = | 0.867455 | / | 0.861584 |
| | = | 1.0068 |
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 - (155.085 + 42.269) / 3881.773) | / | (1 - (126.447 + 0) / 3907.209) |
| = | 0.949159 | / | 0.967638 |
| | = | 0.9809 |
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 |
| = | 468.466 | / | 450.314 |
| | = | 1.0403 |
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)) |
| = | (141.018 / (141.018 + 0)) | / | (154.225 / (154.225 + 42.269)) |
| = | 1 | / | 0.784884 |
| | = | 1.2741 |
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) |
| = | (44.456 / 468.466) | / | (32.68 / 450.314) |
| = | 0.094897 | / | 0.072572 |
| | = | 1.3076 |
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) |
| = | ((1786.962 + 95.979) / 3881.773) | / | ((1743.194 + 97.776) / 3907.209) |
| = | 0.485072 | / | 0.471173 |
| | = | 1.0295 |
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 |
| = | (88.888 - 28.983 | - | 240.613) | / | 3881.773 |
| | = | -0.046553 |
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.
Weingarten Realty Investors has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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