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JOE (The St. Joe Co) Beneish M-Score : -2.67 (As of Oct. 31, 2024)


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What is The St. Joe Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for The St. Joe Co's Beneish M-Score or its related term are showing as below:

JOE' s Beneish M-Score Range Over the Past 10 Years
Min: -5.94   Med: -2.38   Max: 4.45
Current: -2.67

During the past 13 years, the highest Beneish M-Score of The St. Joe Co was 4.45. The lowest was -5.94. And the median was -2.38.


The St. Joe Co Beneish M-Score Historical Data

The historical data trend for The St. Joe Co'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.

* Premium members only.

The St. Joe Co Beneish M-Score Chart

The St. Joe Co Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.64 -2.20 -2.36 -2.84 -1.65

The St. Joe Co Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.80 -1.65 -1.74 -2.44 -2.67

Competitive Comparison of The St. Joe Co's Beneish M-Score

For the Real Estate - Diversified subindustry, The St. Joe Co'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.


The St. Joe Co's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, The St. Joe Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where The St. Joe Co's Beneish M-Score falls into.



The St. Joe Co 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 The St. Joe Co 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 * 0.8842+0.528 * 0.938+0.404 * 1.0126+0.892 * 1.0576+0.115 * 0.8096
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7736+4.679 * -0.030468-0.327 * 0.9533
=-2.67

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was $45.9 Mil.
Revenue was 99.011 + 111.606 + 87.787 + 86.738 = $385.1 Mil.
Gross Profit was 37.65 + 48.571 + 34.236 + 39.551 = $160.0 Mil.
Total Current Assets was $156.2 Mil.
Total Assets was $1,545.6 Mil.
Property, Plant and Equipment(Net PPE) was $67.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $45.5 Mil.
Selling, General, & Admin. Expense(SGA) was $12.6 Mil.
Total Current Liabilities was $106.0 Mil.
Long-Term Debt & Capital Lease Obligation was $622.4 Mil.
Net Income was 16.835 + 24.518 + 13.915 + 13.185 = $68.5 Mil.
Non Operating Income was 6.725 + 5.309 + 6.911 + 6.884 = $25.8 Mil.
Cash Flow from Operations was 27.729 + 22.815 + 27.608 + 11.563 = $89.7 Mil.
Total Receivables was $49.1 Mil.
Revenue was 101.39 + 128.167 + 72.991 + 61.624 = $364.2 Mil.
Gross Profit was 35.375 + 55.533 + 24.347 + 26.661 = $141.9 Mil.
Total Current Assets was $169.1 Mil.
Total Assets was $1,542.1 Mil.
Property, Plant and Equipment(Net PPE) was $70.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $34.1 Mil.
Selling, General, & Admin. Expense(SGA) was $15.4 Mil.
Total Current Liabilities was $134.6 Mil.
Long-Term Debt & Capital Lease Obligation was $627.8 Mil.




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)
=(45.911 / 385.142) / (49.099 / 364.172)
=0.119205 / 0.134824
=0.8842

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)
=(141.916 / 364.172) / (160.008 / 385.142)
=0.389695 / 0.415452
=0.938

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 - (156.225 + 67.1) / 1545.571) / (1 - (169.077 + 70.142) / 1542.106)
=0.855506 / 0.844875
=1.0126

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
=385.142 / 364.172
=1.0576

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))
=(34.127 / (34.127 + 70.142)) / (45.534 / (45.534 + 67.1))
=0.327298 / 0.404265
=0.8096

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)
=(12.6 / 385.142) / (15.4 / 364.172)
=0.032715 / 0.042288
=0.7736

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)
=((622.376 + 105.995) / 1545.571) / ((627.815 + 134.56) / 1542.106)
=0.471263 / 0.494373
=0.9533

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
=(68.453 - 25.829 - 89.715) / 1545.571
=-0.030468

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.

The St. Joe Co has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.


The St. Joe Co Beneish M-Score Related Terms

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The St. Joe Co Business Description

Traded in Other Exchanges
Address
130 Richard Jackson Boulevard, Suite 200, Panama City Beach, FL, USA, 32407
The St. Joe Co is a real estate development, asset management, and operating company and it has three operating segments; the Residential segment plans and develops residential communities and sells homesites to homebuilders or retail consumers, the Hospitality segment features a private membership club (the Watersound Club), hotel operations, food and beverage operations, golf courses, beach clubs, retail outlets, gulf-front vacation rentals, management services, marinas, and other entertainment assets, and Commercial segment include leasing of commercial property, multi-family, senior living, self-storage, and other assets and it also oversees the planning, development, entitlement, management, and sale of commercial and rural land holdings.
Executives
Fairholme Funds Inc 10 percent owner 5966 S DIXIE HWY, SUITE 300, SOUTH MIAMI FL 33143
Jorge Luis Gonzalez officer: Sr Vice President-Development 133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32461
Marek Bakun officer: Chief Financial Officer 133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
Elizabeth J Walters officer: SVP, GC & Corporate Secretary 133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32641
Rhea Goff officer: SVP & Chief Admin. Officer 133 S WATERSOUND PARKWAY, WATERSOUND FL 32461
Howard S Frank director
Kenneth Borick officer: SVP, General Counsel 133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
Cesar L Alvarez director C/O PEDIATRIX MEDICAL GROUP, LEGAL DEPT 1301- CONCORD TERRACE, SUNRISE FL 33323
Patrick Wayne Murphy officer: SVP, Operations 133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
Fairholme Capital Management Llc 10 percent owner 5966 S DIXIE HWY, SUITE 300, SOUTH MIAMI FL 33143
James S Hunt director 300 N. BEACH STREET, DAYTONA BEACH FL 32114
Susan D Mermer officer: Chief Accounting Officer 133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
Vito S Portera director 133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
David Harrelson officer: Vice President, Timberland 133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
Joanne Kay Viard officer: Chief Accounting Officer 133 S. WATERSOUND PARKWAY, WATERSOUND FL 32413