American Realty Investors Beneish M-Score Historical Data
The historical data trend for American 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.
American Realty Investors Beneish M-Score Chart
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American Realty Investors Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.27 |
-2.48 |
-2.67 |
-2.87 |
-1.97 |
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American Realty Investors Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.87 |
-2.91 |
-2.79 |
-2.13 |
-1.97 |
Competitive Comparison of American Realty Investors's Beneish M-Score
For the Real Estate - Development subindustry, American 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.
American Realty Investors's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, American Realty Investors's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where American Realty Investors's Beneish M-Score falls into.
American 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 American 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 * 0.7147 | + | 0.528 * 1.1428 | + | 0.404 * 1.1863 | + | 0.892 * 1.3451 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7993 | + | 4.679 * 0.03363 | - | 0.327 * 0.6144 |
| = | -1.97 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $242.69 Mil.
Revenue was 14.047 + 12.526 + 12.239 + 11.688 = $50.50 Mil.
Gross Profit was 6.731 + 5.083 + 5.208 + 5.582 = $22.60 Mil.
Total Current Assets was $412.20 Mil.
Total Assets was $1,023.48 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.57 Mil.
Selling, General, & Admin. Expense(SGA) was $20.20 Mil.
Total Current Liabilities was $14.50 Mil.
Long-Term Debt & Capital Lease Obligation was $182.68 Mil.
Net Income was -2.123 + 2.988 + 0.125 + 2.978 = $3.97 Mil.
Non Operating Income was -1.783 + 0.202 + -1.207 + 3.39 = $0.60 Mil.
Cash Flow from Operations was -38.9 + 16.301 + -9.994 + 1.539 = $-31.05 Mil.
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Total Receivables was $252.46 Mil.
Revenue was 13.309 + 8.319 + 8.129 + 7.787 = $37.54 Mil.
Gross Profit was 7.511 + 3.618 + 4.317 + 3.759 = $19.21 Mil.
Total Current Assets was $594.57 Mil.
Total Assets was $1,197.48 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.11 Mil.
Selling, General, & Admin. Expense(SGA) was $18.79 Mil.
Total Current Liabilities was $58.30 Mil.
Long-Term Debt & Capital Lease Obligation was $317.22 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) |
| = | (242.687 / 50.5) | / | (252.456 / 37.544) |
| = | 4.805683 | / | 6.72427 |
| | = | 0.7147 |
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) |
| = | (19.205 / 37.544) | / | (22.604 / 50.5) |
| = | 0.511533 | / | 0.447604 |
| | = | 1.1428 |
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 - (412.202 + 0) / 1023.484) | / | (1 - (594.571 + 0) / 1197.479) |
| = | 0.597256 | / | 0.503481 |
| | = | 1.1863 |
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 |
| = | 50.5 | / | 37.544 |
| | = | 1.3451 |
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)) |
| = | (13.111 / (13.111 + 0)) | / | (14.571 / (14.571 + 0)) |
| = | 1 | / | 1 |
| | = | 1 |
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) |
| = | (20.198 / 50.5) | / | (18.786 / 37.544) |
| = | 0.39996 | / | 0.500373 |
| | = | 0.7993 |
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) |
| = | ((182.683 + 14.499) / 1023.484) | / | ((317.222 + 58.298) / 1197.479) |
| = | 0.192658 | / | 0.313592 |
| | = | 0.6144 |
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 |
| = | (3.968 - 0.602 | - | -31.054) | / | 1023.484 |
| | = | 0.03363 |
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.
American Realty Investors has a M-score of -1.97 suggests that the company is unlikely to be a manipulator.
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