Rayonier Beneish M-Score Historical Data
The historical data trend for Rayonier'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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Rayonier Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.55 |
-1.89 |
-3.18 |
-2.14 |
-2.73 |
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Rayonier 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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|
|
|
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|
|
|
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-2.14 |
-2.98 |
-2.30 |
-2.66 |
-2.73 |
Competitive Comparison
For the REIT - Specialty subindustry, Rayonier'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.
Rayonier Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Rayonier's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rayonier's Beneish M-Score falls into.
Rayonier 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 Rayonier 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 * 0.8122 | + | 0.528 * 0.8721 | + | 0.404 * 0.9625 | + | 0.892 * 1.1627 | + | 0.115 * 0.9621 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9945 | + | 4.679 * -0.031929 | - | 0.327 * 0.9746 |
| = | -2.73 |
* 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 $40 Mil.
Revenue was 467.407 + 201.579 + 208.865 + 179.082 = $1,057 Mil.
Gross Profit was 168.034 + 55.957 + 40.455 + 29.916 = $294 Mil.
Total Current Assets was $317 Mil.
Total Assets was $3,648 Mil.
Property, Plant and Equipment(Net PPE) was $122 Mil.
Depreciation, Depletion and Amortization(DDA) was $158 Mil.
Selling, General, & Admin. Expense(SGA) was $75 Mil.
Total Current Liabilities was $140 Mil.
Long-Term Debt & Capital Lease Obligation was $1,453 Mil.
Net Income was 126.932 + 19.237 + 19.023 + 8.3 = $173 Mil.
Non Operating Income was -2.745 + -1.555 + -1.639 + -2.482 = $-8 Mil.
Cash Flow from Operations was 89.439 + 82.613 + 62.372 + 63.951 = $298 Mil.
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Total Receivables was $43 Mil.
Revenue was 245.398 + 195.287 + 246.346 + 222.041 = $909 Mil.
Gross Profit was 64.495 + 43.208 + 52.023 + 61.062 = $221 Mil.
Total Current Assets was $202 Mil.
Total Assets was $3,789 Mil.
Property, Plant and Equipment(Net PPE) was $124 Mil.
Depreciation, Depletion and Amortization(DDA) was $147 Mil.
Selling, General, & Admin. Expense(SGA) was $65 Mil.
Total Current Liabilities was $95 Mil.
Long-Term Debt & Capital Lease Obligation was $1,603 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) |
| = | (40.169 / 1056.933) | / | (42.538 / 909.072) |
| = | 0.038005 | / | 0.046793 |
| | = | 0.8122 |
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) |
| = | (220.788 / 909.072) | / | (294.362 / 1056.933) |
| = | 0.242872 | / | 0.278506 |
| | = | 0.8721 |
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 - (316.958 + 122.483) / 3647.585) | / | (1 - (202.381 + 124.356) / 3789.371) |
| = | 0.879525 | / | 0.913775 |
| | = | 0.9625 |
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 |
| = | 1056.933 | / | 909.072 |
| | = | 1.1627 |
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)) |
| = | (147.339 / (147.339 + 124.356)) | / | (158.231 / (158.231 + 122.483)) |
| = | 0.542296 | / | 0.563673 |
| | = | 0.9621 |
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) |
| = | (74.773 / 1056.933) | / | (64.67 / 909.072) |
| = | 0.070745 | / | 0.071138 |
| | = | 0.9945 |
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) |
| = | ((1453.457 + 140.277) / 3647.585) | / | ((1603.477 + 95.327) / 3789.371) |
| = | 0.436929 | / | 0.448308 |
| | = | 0.9746 |
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 |
| = | (173.492 - -8.421 | - | 298.375) | / | 3647.585 |
| | = | -0.031929 |
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.
Rayonier has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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