Equity One Beneish M-Score Historical Data
The historical data trend for Equity One'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.
Equity One Beneish M-Score Chart
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Equity One Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.85 |
-2.53 |
-2.80 |
-2.53 |
-2.74 |
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Equity One Quarterly Data
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Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
| Beneish M-Score |
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-2.53 |
-2.57 |
-2.53 |
-2.75 |
-2.74 |
Competitive Comparison of Equity One's Beneish M-Score
For the REIT - Retail subindustry, Equity One'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.
Equity One's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Equity One's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Equity One's Beneish M-Score falls into.
Equity One 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 Equity One 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 * 0.9507 | + | 0.528 * 0.9902 | + | 0.404 * 0.9737 | + | 0.892 * 1.0422 | + | 0.115 * 0.9193 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0428 | + | 4.679 * -0.028275 | - | 0.327 * 1.0031 |
| = | -2.65 |
* 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 (Dec16) TTM: | Last Year (Dec15) TTM: |
Total Receivables was $11.7 Mil.
Revenue was 94.575 + 93.755 + 92.531 + 94.477 = $375.3 Mil.
Gross Profit was 72.039 + 69.555 + 68.891 + 70.107 = $280.6 Mil.
Total Current Assets was $28.6 Mil.
Total Assets was $3,494.6 Mil.
Property, Plant and Equipment(Net PPE) was $3,193.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $93.3 Mil.
Selling, General, & Admin. Expense(SGA) was $39.4 Mil.
Total Current Liabilities was $75.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1,415.6 Mil.
Net Income was 17.631 + 12.561 + 21.582 + 21.066 = $72.8 Mil.
Non Operating Income was -4.887 + -11.767 + 1.553 + -0.885 = $-16.0 Mil.
Cash Flow from Operations was 29.741 + 65.143 + 51.591 + 41.161 = $187.6 Mil.
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Total Receivables was $11.8 Mil.
Revenue was 90.5 + 90.439 + 90.735 + 88.479 = $360.2 Mil.
Gross Profit was 67.934 + 66.028 + 67.351 + 65.3 = $266.6 Mil.
Total Current Assets was $33.4 Mil.
Total Assets was $3,375.9 Mil.
Property, Plant and Equipment(Net PPE) was $3,071.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $82.3 Mil.
Selling, General, & Admin. Expense(SGA) was $36.3 Mil.
Total Current Liabilities was $69.3 Mil.
Long-Term Debt & Capital Lease Obligation was $1,366.7 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) |
| = | (11.699 / 375.338) | / | (11.808 / 360.153) |
| = | 0.031169 | / | 0.032786 |
| | = | 0.9507 |
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) |
| = | (266.613 / 360.153) | / | (280.592 / 375.338) |
| = | 0.740277 | / | 0.747572 |
| | = | 0.9902 |
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 - (28.599 + 3193.06) / 3494.604) | / | (1 - (33.411 + 3071.691) / 3375.903) |
| = | 0.078105 | / | 0.080216 |
| | = | 0.9737 |
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 |
| = | 375.338 | / | 360.153 |
| | = | 1.0422 |
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)) |
| = | (82.322 / (82.322 + 3071.691)) | / | (93.311 / (93.311 + 3193.06)) |
| = | 0.026101 | / | 0.028393 |
| | = | 0.9193 |
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) |
| = | (39.426 / 375.338) | / | (36.277 / 360.153) |
| = | 0.105041 | / | 0.100727 |
| | = | 1.0428 |
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) |
| = | ((1415.638 + 75.464) / 3494.604) | / | ((1366.722 + 69.327) / 3375.903) |
| = | 0.426687 | / | 0.425382 |
| | = | 1.0031 |
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 |
| = | (72.84 - -15.986 | - | 187.636) | / | 3494.604 |
| | = | -0.028275 |
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.
Equity One has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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