W.P. Carey Beneish M-Score Historical Data
The historical data trend for W.P. Carey'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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W.P. Carey 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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-2.66 |
-3.15 |
-3.40 |
-3.02 |
-3.39 |
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W.P. Carey 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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-3.02 |
-3.42 |
-3.37 |
-3.37 |
-3.39 |
Competitive Comparison
For the REIT - Diversified subindustry, W.P. Carey'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.
W.P. Carey Beneish M-Score Distribution
For the REITs industry and Real Estate sector, W.P. Carey's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where W.P. Carey's Beneish M-Score falls into.
W.P. Carey 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 W.P. Carey 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 | + | 0.528 * 1.0268 | + | 0.404 * 0.9748 | + | 0.892 * 1.1773 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9103 | + | 4.679 * -0.033073 | - | 0.327 * 1.0326 |
| = | -3.39 |
* 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 $0 Mil.
Revenue was 412.437 + 448.553 + 452.578 + 427.79 = $1,741 Mil.
Gross Profit was 359.759 + 388.367 + 399.641 + 371.692 = $1,519 Mil.
Total Current Assets was $671 Mil.
Total Assets was $17,977 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $628 Mil.
Selling, General, & Admin. Expense(SGA) was $131 Mil.
Total Current Liabilities was $808 Mil.
Long-Term Debt & Capital Lease Obligation was $8,144 Mil.
Net Income was 144.294 + 125.04 + 144.62 + 294.38 = $708 Mil.
Non Operating Income was 30.103 + -4.225 + 7.887 + 195.687 = $229 Mil.
Cash Flow from Operations was 260.745 + 282.353 + 247.607 + 282.727 = $1,073 Mil.
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Total Receivables was $1 Mil.
Revenue was 402.629 + 383.622 + 344.397 + 348.438 = $1,479 Mil.
Gross Profit was 355.843 + 343.803 + 311.508 + 313.985 = $1,325 Mil.
Total Current Assets was $226 Mil.
Total Assets was $18,102 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $563 Mil.
Selling, General, & Admin. Expense(SGA) was $122 Mil.
Total Current Liabilities was $852 Mil.
Long-Term Debt & Capital Lease Obligation was $7,878 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) |
| = | (0 / 1741.358) | / | (0.919 / 1479.086) |
| = | 0 | / | 0.000621 |
| | = | 0 |
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) |
| = | (1325.139 / 1479.086) | / | (1519.459 / 1741.358) |
| = | 0.895917 | / | 0.872571 |
| | = | 1.0268 |
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 - (670.982 + 0) / 17976.783) | / | (1 - (225.94 + 0) / 18102.035) |
| = | 0.962675 | / | 0.987519 |
| | = | 0.9748 |
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 |
| = | 1741.358 | / | 1479.086 |
| | = | 1.1773 |
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)) |
| = | (562.99 / (562.99 + 0)) | / | (628.124 / (628.124 + 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) |
| = | (130.531 / 1741.358) | / | (121.793 / 1479.086) |
| = | 0.074959 | / | 0.082343 |
| | = | 0.9103 |
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) |
| = | ((8144.182 + 808.082) / 17976.783) | / | ((7877.748 + 852.1) / 18102.035) |
| = | 0.49799 | / | 0.482258 |
| | = | 1.0326 |
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 |
| = | (708.334 - 229.452 | - | 1073.432) | / | 17976.783 |
| | = | -0.033073 |
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.
W.P. Carey has a M-score of -3.39 suggests that the company is unlikely to be a manipulator.
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