Cousins Properties Beneish M-Score Historical Data
The historical data trend for Cousins Properties'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.
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Cousins Properties Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.33 |
-2.61 |
-2.51 |
-2.57 |
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Cousins Properties 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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-2.51 |
-2.52 |
-2.50 |
-2.52 |
-2.57 |
Competitive Comparison
For the REIT - Office subindustry, Cousins Properties'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.
Cousins Properties Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Cousins Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cousins Properties's Beneish M-Score falls into.
Cousins Properties 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 Cousins Properties 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 * 1.0863 | + | 0.528 * 0.9894 | + | 0.404 * 0.9963 | + | 0.892 * 1.0532 | + | 0.115 * 0.9999 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.084 | + | 4.679 * -0.037392 | - | 0.327 * 1.0596 |
| = | -2.57 |
* 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 $220.5 Mil.
Revenue was 196.978 + 198.848 + 204.32 + 202.728 = $802.9 Mil.
Gross Profit was 133.694 + 134.01 + 137.221 + 131.515 = $536.4 Mil.
Total Current Assets was $226.5 Mil.
Total Assets was $7,634.5 Mil.
Property, Plant and Equipment(Net PPE) was $21.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $314.9 Mil.
Selling, General, & Admin. Expense(SGA) was $32.3 Mil.
Total Current Liabilities was $516.4 Mil.
Long-Term Debt & Capital Lease Obligation was $2,511.0 Mil.
Net Income was 18.785 + 19.361 + 22.621 + 22.196 = $83.0 Mil.
Non Operating Income was -0.447 + 0.317 + 0.118 + 0.079 = $0.1 Mil.
Cash Flow from Operations was 90.844 + 116.447 + 134.577 + 26.494 = $368.4 Mil.
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Total Receivables was $192.7 Mil.
Revenue was 194.542 + 195.17 + 185.68 + 186.898 = $762.3 Mil.
Gross Profit was 129.896 + 128.538 + 123.464 + 122.021 = $503.9 Mil.
Total Current Assets was $197.8 Mil.
Total Assets was $7,537.0 Mil.
Property, Plant and Equipment(Net PPE) was $19.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $295.6 Mil.
Selling, General, & Admin. Expense(SGA) was $28.3 Mil.
Total Current Liabilities was $432.9 Mil.
Long-Term Debt & Capital Lease Obligation was $2,387.7 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) |
| = | (220.479 / 802.874) | / | (192.696 / 762.29) |
| = | 0.274612 | / | 0.252786 |
| | = | 1.0863 |
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) |
| = | (503.919 / 762.29) | / | (536.44 / 802.874) |
| = | 0.661059 | / | 0.66815 |
| | = | 0.9894 |
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 - (226.526 + 21.168) / 7634.474) | / | (1 - (197.841 + 19.915) / 7537.016) |
| = | 0.967556 | / | 0.971108 |
| | = | 0.9963 |
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 |
| = | 802.874 | / | 762.29 |
| | = | 1.0532 |
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)) |
| = | (295.587 / (295.587 + 19.915)) | / | (314.897 / (314.897 + 21.168)) |
| = | 0.936878 | / | 0.937012 |
| | = | 0.9999 |
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) |
| = | (32.331 / 802.874) | / | (28.319 / 762.29) |
| = | 0.040269 | / | 0.03715 |
| | = | 1.084 |
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) |
| = | ((2510.975 + 516.383) / 7634.474) | / | ((2387.735 + 432.904) / 7537.016) |
| = | 0.396538 | / | 0.374238 |
| | = | 1.0596 |
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 |
| = | (82.963 - 0.067 | - | 368.362) | / | 7634.474 |
| | = | -0.037392 |
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.
Cousins Properties has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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