Pennsylvania Real Estate Investment Trust Beneish M-Score Historical Data
The historical data trend for Pennsylvania Real Estate Investment Trust'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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Pennsylvania Real Estate Investment Trust Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.75 |
-2.78 |
-2.35 |
-3.14 |
-3.05 |
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Pennsylvania Real Estate Investment Trust Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-3.06 |
-3.05 |
-3.10 |
-3.13 |
-3.09 |
Competitive Comparison
For the REIT - Retail subindustry, Pennsylvania Real Estate Investment Trust'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.
Pennsylvania Real Estate Investment Trust Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Pennsylvania Real Estate Investment Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pennsylvania Real Estate Investment Trust's Beneish M-Score falls into.
Pennsylvania Real Estate Investment Trust 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 Pennsylvania Real Estate Investment Trust 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 * 1.1176 | + | 0.528 * 1.0359 | + | 0.404 * 1.0239 | + | 0.892 * 0.9428 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.164 | + | 4.679 * -0.134936 | - | 0.327 * 1.1079 |
| = | -3.09 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $32.9 Mil.
Revenue was 67.981 + 67.445 + 67.265 + 80.653 = $283.3 Mil.
Gross Profit was 35.177 + 36.549 + 35.496 + 47.904 = $155.1 Mil.
Total Current Assets was $88.2 Mil.
Total Assets was $1,718.0 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $113.4 Mil.
Selling, General, & Admin. Expense(SGA) was $46.0 Mil.
Total Current Liabilities was $293.0 Mil.
Long-Term Debt & Capital Lease Obligation was $1,688.7 Mil.
Net Income was -57.044 + -44.951 + -45.086 + -34.705 = $-181.8 Mil.
Non Operating Income was -5.229 + -2.929 + -2.696 + -2.417 = $-13.3 Mil.
Cash Flow from Operations was -0.709 + 14.608 + 18.537 + 30.863 = $63.3 Mil.
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Total Receivables was $31.2 Mil.
Revenue was 72.813 + 73.127 + 69.435 + 85.173 = $300.5 Mil.
Gross Profit was 39.623 + 41.325 + 35.862 + 53.643 = $170.5 Mil.
Total Current Assets was $138.7 Mil.
Total Assets was $1,886.0 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $117.2 Mil.
Selling, General, & Admin. Expense(SGA) was $41.9 Mil.
Total Current Liabilities was $230.3 Mil.
Long-Term Debt & Capital Lease Obligation was $1,733.4 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) |
| = | (32.852 / 283.344) | / | (31.179 / 300.548) |
| = | 0.115944 | / | 0.103741 |
| | = | 1.1176 |
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) |
| = | (170.453 / 300.548) | / | (155.126 / 283.344) |
| = | 0.567141 | / | 0.547483 |
| | = | 1.0359 |
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 - (88.181 + 0) / 1717.955) | / | (1 - (138.65 + 0) / 1886.044) |
| = | 0.948671 | / | 0.926486 |
| | = | 1.0239 |
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 |
| = | 283.344 | / | 300.548 |
| | = | 0.9428 |
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)) |
| = | (117.152 / (117.152 + 0)) | / | (113.397 / (113.397 + 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) |
| = | (46.027 / 283.344) | / | (41.943 / 300.548) |
| = | 0.162442 | / | 0.139555 |
| | = | 1.164 |
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) |
| = | ((1688.692 + 292.982) / 1717.955) | / | ((1733.428 + 230.345) / 1886.044) |
| = | 1.153508 | / | 1.041213 |
| | = | 1.1079 |
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 |
| = | (-181.786 - -13.271 | - | 63.299) | / | 1717.955 |
| | = | -0.134936 |
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.
Pennsylvania Real Estate Investment Trust has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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