PotlatchDeltic Beneish M-Score Historical Data
The historical data trend for PotlatchDeltic'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.
PotlatchDeltic Beneish M-Score Chart
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PotlatchDeltic Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.70 |
-2.71 |
-2.53 |
-2.79 |
-1.12 |
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PotlatchDeltic Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.51 |
-2.14 |
-1.79 |
-1.12 |
-1.91 |
Competitive Comparison of PotlatchDeltic's Beneish M-Score
For the REIT - Specialty subindustry, PotlatchDeltic'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.
PotlatchDeltic's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, PotlatchDeltic's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PotlatchDeltic's Beneish M-Score falls into.
PotlatchDeltic 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 PotlatchDeltic 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 * 1.111 | + | 0.528 * 2.576 | + | 0.404 * 1.0049 | + | 0.892 * 0.8136 | + | 0.115 * 1.097 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1823 | + | 4.679 * -0.038397 | - | 0.327 * 1.0295 |
| = | -1.92 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €25.0 Mil.
Revenue was 209.877 + 233.379 + 248.782 + 227.151 = €919.2 Mil.
Gross Profit was 14.69 + 18.928 + 36.736 + 28.648 = €99.0 Mil.
Total Current Assets was €340.1 Mil.
Total Assets was €3,136.2 Mil.
Property, Plant and Equipment(Net PPE) was €345.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €110.7 Mil.
Selling, General, & Admin. Expense(SGA) was €72.3 Mil.
Total Current Liabilities was €240.0 Mil.
Long-Term Debt & Capital Lease Obligation was €789.7 Mil.
Net Income was -0.281 + -0.128 + 22.183 + 20.588 = €42.4 Mil.
Non Operating Income was 0.052 + 0.367 + 15.431 + 21.132 = €37.0 Mil.
Cash Flow from Operations was 14.747 + 38.333 + 38.371 + 34.352 = €125.8 Mil.
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Total Receivables was €27.6 Mil.
Revenue was 240.937 + 238.964 + 309.76 + 340.179 = €1,129.8 Mil.
Gross Profit was 31.394 + 36.226 + 86.675 + 159.177 = €313.5 Mil.
Total Current Assets was €435.3 Mil.
Total Assets was €3,268.8 Mil.
Property, Plant and Equipment(Net PPE) was €292.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €105.9 Mil.
Selling, General, & Admin. Expense(SGA) was €75.2 Mil.
Total Current Liabilities was €115.0 Mil.
Long-Term Debt & Capital Lease Obligation was €927.5 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) |
| = | (24.961 / 919.189) | / | (27.614 / 1129.84) |
| = | 0.027155 | / | 0.024441 |
| | = | 1.111 |
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) |
| = | (313.472 / 1129.84) | / | (99.002 / 919.189) |
| = | 0.277448 | / | 0.107706 |
| | = | 2.576 |
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 - (340.122 + 345.82) / 3136.224) | / | (1 - (435.322 + 292.147) / 3268.785) |
| = | 0.781284 | / | 0.77745 |
| | = | 1.0049 |
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 |
| = | 919.189 | / | 1129.84 |
| | = | 0.8136 |
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)) |
| = | (105.892 / (105.892 + 292.147)) | / | (110.712 / (110.712 + 345.82)) |
| = | 0.266034 | / | 0.242507 |
| | = | 1.097 |
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) |
| = | (72.288 / 919.189) | / | (75.154 / 1129.84) |
| = | 0.078643 | / | 0.066517 |
| | = | 1.1823 |
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) |
| = | ((789.696 + 240.015) / 3136.224) | / | ((927.451 + 115.049) / 3268.785) |
| = | 0.328328 | / | 0.318926 |
| | = | 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 |
| = | (42.362 - 36.982 | - | 125.803) | / | 3136.224 |
| | = | -0.038397 |
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.
PotlatchDeltic has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.
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