Prologis Beneish M-Score Historical Data
The historical data trend for Prologis'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.
Prologis Beneish M-Score Chart
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Prologis Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-2.17 |
-2.16 |
-2.46 |
-2.70 |
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Prologis 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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-2.26 |
-2.08 |
-2.24 |
-2.70 |
-2.43 |
Competitive Comparison of Prologis's Beneish M-Score
For the REIT - Industrial subindustry, Prologis'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.
Prologis's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Prologis's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Prologis's Beneish M-Score falls into.
Prologis 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 Prologis 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 | + | 0.528 * 0.9938 | + | 0.404 * 1.0048 | + | 0.892 * 1.2588 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8963 | + | 4.679 * -0.034912 | - | 0.327 * 1.1141 |
| = | -2.43 |
* 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 $0 Mil.
Revenue was 1956.621 + 1889.247 + 1914.664 + 2450.971 = $8,212 Mil.
Gross Profit was 1423.553 + 1402.164 + 1414.519 + 1912.127 = $6,152 Mil.
Total Current Assets was $883 Mil.
Total Assets was $93,310 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,520 Mil.
Selling, General, & Admin. Expense(SGA) was $402 Mil.
Total Current Liabilities was $2,784 Mil.
Long-Term Debt & Capital Lease Obligation was $28,526 Mil.
Net Income was 585.715 + 630.936 + 747.627 + 1216.028 = $3,180 Mil.
Non Operating Income was 194.414 + 264.99 + 357.943 + 306.384 = $1,124 Mil.
Cash Flow from Operations was 1055.46 + 1074.422 + 1969.201 + 1215.138 = $5,314 Mil.
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Total Receivables was $0 Mil.
Revenue was 1768.587 + 1751.592 + 1750.892 + 1252.08 = $6,523 Mil.
Gross Profit was 1284.324 + 1312.762 + 1335.63 + 924.563 = $4,857 Mil.
Total Current Assets was $1,257 Mil.
Total Assets was $88,521 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,018 Mil.
Selling, General, & Admin. Expense(SGA) was $356 Mil.
Total Current Liabilities was $1,720 Mil.
Long-Term Debt & Capital Lease Obligation was $24,941 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 / 8211.503) | / | (0 / 6523.151) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (4857.279 / 6523.151) | / | (6152.363 / 8211.503) |
| = | 0.744622 | / | 0.749237 |
| | = | 0.9938 |
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 - (883.382 + 0) / 93310.31) | / | (1 - (1256.607 + 0) / 88520.884) |
| = | 0.990533 | / | 0.985804 |
| | = | 1.0048 |
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 |
| = | 8211.503 | / | 6523.151 |
| | = | 1.2588 |
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)) |
| = | (2018.497 / (2018.497 + 0)) | / | (2520.029 / (2520.029 + 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) |
| = | (401.92 / 8211.503) | / | (356.214 / 6523.151) |
| = | 0.048946 | / | 0.054608 |
| | = | 0.8963 |
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) |
| = | ((28526.401 + 2783.751) / 93310.31) | / | ((24940.789 + 1720.301) / 88520.884) |
| = | 0.335549 | / | 0.301184 |
| | = | 1.1141 |
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 |
| = | (3180.306 - 1123.731 | - | 5314.221) | / | 93310.31 |
| | = | -0.034912 |
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.
Prologis has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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