Isras Holdings Beneish M-Score Historical Data
The historical data trend for Isras Holdings'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.
Isras Holdings Beneish M-Score Chart
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Isras Holdings Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.74 |
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Isras Holdings Quarterly Data
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Dec20 |
Dec21 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.64 |
-2.74 |
Competitive Comparison of Isras Holdings's Beneish M-Score
For the Real Estate Services subindustry, Isras Holdings'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.
Isras Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Isras Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Isras Holdings's Beneish M-Score falls into.
Isras Holdings 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 Isras Holdings 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 * 0.6314 | + | 0.528 * 0.9748 | + | 0.404 * 0.9866 | + | 0.892 * 1.2034 | + | 0.115 * 0.885 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0253 | + | 4.679 * -0.013565 | - | 0.327 * 1.0138 |
| = | -2.74 |
* 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 ₪29.4 Mil.
Revenue was 151.039 + 181.928 + 148.405 + 221.484 = ₪702.9 Mil.
Gross Profit was 146.886 + 140.357 + 124.339 + 154.482 = ₪566.1 Mil.
Total Current Assets was ₪915.2 Mil.
Total Assets was ₪10,163.9 Mil.
Property, Plant and Equipment(Net PPE) was ₪218.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪-0.6 Mil.
Selling, General, & Admin. Expense(SGA) was ₪20.4 Mil.
Total Current Liabilities was ₪538.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₪3,502.2 Mil.
Net Income was 171.572 + 44.55 + 24.195 + 95.956 = ₪336.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0.0 Mil.
Cash Flow from Operations was 154.357 + 78.322 + 103.557 + 137.914 = ₪474.2 Mil.
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Total Receivables was ₪38.7 Mil.
Revenue was 140.368 + 148.249 + 152.888 + 142.543 = ₪584.0 Mil.
Gross Profit was 99.591 + 120.25 + 122.193 + 116.511 = ₪458.5 Mil.
Total Current Assets was ₪766.6 Mil.
Total Assets was ₪9,560.4 Mil.
Property, Plant and Equipment(Net PPE) was ₪184.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪-0.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₪16.5 Mil.
Total Current Liabilities was ₪500.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₪3,248.5 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) |
| = | (29.43 / 702.856) | / | (38.731 / 584.048) |
| = | 0.041872 | / | 0.066315 |
| | = | 0.6314 |
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) |
| = | (458.545 / 584.048) | / | (566.064 / 702.856) |
| = | 0.785115 | / | 0.805377 |
| | = | 0.9748 |
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 - (915.192 + 218.795) / 10163.904) | / | (1 - (766.629 + 184.236) / 9560.353) |
| = | 0.88843 | / | 0.900541 |
| | = | 0.9866 |
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 |
| = | 702.856 | / | 584.048 |
| | = | 1.2034 |
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)) |
| = | (-0.419 / (-0.419 + 184.236)) | / | (-0.562 / (-0.562 + 218.795)) |
| = | -0.002279 | / | -0.002575 |
| | = | 0.885 |
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) |
| = | (20.388 / 702.856) | / | (16.524 / 584.048) |
| = | 0.029007 | / | 0.028292 |
| | = | 1.0253 |
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) |
| = | ((3502.229 + 538.478) / 10163.904) | / | ((3248.509 + 500.454) / 9560.353) |
| = | 0.397555 | / | 0.392136 |
| | = | 1.0138 |
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 |
| = | (336.273 - 0 | - | 474.15) | / | 10163.904 |
| | = | -0.013565 |
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.
Isras Holdings has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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