Phillips Edison Beneish M-Score Historical Data
The historical data trend for Phillips Edison'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.
Phillips Edison Beneish M-Score Chart
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Phillips Edison 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 |
-2.63 |
-2.70 |
-2.55 |
-2.51 |
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Phillips Edison 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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-2.50 |
-2.45 |
-2.46 |
-2.51 |
-2.55 |
Competitive Comparison of Phillips Edison's Beneish M-Score
For the REIT - Retail subindustry, Phillips Edison'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.
Phillips Edison's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Phillips Edison's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Phillips Edison's Beneish M-Score falls into.
Phillips Edison 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 Phillips Edison 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 * 1.0849 | + | 0.528 * 1.0037 | + | 0.404 * 0.9974 | + | 0.892 * 1.0618 | + | 0.115 * 1.0048 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9295 | + | 4.679 * -0.046293 | - | 0.327 * 0.9952 |
| = | -2.55 |
* 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 $114.8 Mil.
Revenue was 161.302 + 154.449 + 152.474 + 152.137 = $620.4 Mil.
Gross Profit was 115.914 + 108.821 + 109.172 + 109.066 = $443.0 Mil.
Total Current Assets was $133.8 Mil.
Total Assets was $4,886.5 Mil.
Property, Plant and Equipment(Net PPE) was $24.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $232.8 Mil.
Selling, General, & Admin. Expense(SGA) was $44.6 Mil.
Total Current Liabilities was $349.8 Mil.
Long-Term Debt & Capital Lease Obligation was $1,899.3 Mil.
Net Income was 17.67 + 13.533 + 12.245 + 14.451 = $57.9 Mil.
Non Operating Income was -0.797 + -0.651 + -5.085 + -0.701 = $-7.2 Mil.
Cash Flow from Operations was 63.138 + 71.98 + 88.598 + 67.627 = $291.3 Mil.
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Total Receivables was $99.7 Mil.
Revenue was 151.064 + 145.039 + 145.654 + 142.516 = $584.3 Mil.
Gross Profit was 107.946 + 103.082 + 104.524 + 103.191 = $418.7 Mil.
Total Current Assets was $119.9 Mil.
Total Assets was $4,786.9 Mil.
Property, Plant and Equipment(Net PPE) was $23.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $232.9 Mil.
Selling, General, & Admin. Expense(SGA) was $45.2 Mil.
Total Current Liabilities was $300.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,913.3 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) |
| = | (114.811 / 620.362) | / | (99.67 / 584.273) |
| = | 0.185071 | / | 0.170588 |
| | = | 1.0849 |
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) |
| = | (418.743 / 584.273) | / | (442.973 / 620.362) |
| = | 0.716691 | / | 0.714056 |
| | = | 1.0037 |
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 - (133.811 + 24.352) / 4886.509) | / | (1 - (119.853 + 23.132) / 4786.914) |
| = | 0.967633 | / | 0.97013 |
| | = | 0.9974 |
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 |
| = | 620.362 | / | 584.273 |
| | = | 1.0618 |
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)) |
| = | (232.946 / (232.946 + 23.132)) | / | (232.782 / (232.782 + 24.352)) |
| = | 0.909668 | / | 0.905295 |
| | = | 1.0048 |
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) |
| = | (44.646 / 620.362) | / | (45.236 / 584.273) |
| = | 0.071968 | / | 0.077423 |
| | = | 0.9295 |
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) |
| = | ((1899.328 + 349.783) / 4886.509) | / | ((1913.259 + 300.714) / 4786.914) |
| = | 0.460269 | / | 0.462505 |
| | = | 0.9952 |
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 |
| = | (57.899 - -7.234 | - | 291.343) | / | 4886.509 |
| | = | -0.046293 |
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.
Phillips Edison has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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