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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Apartment Investment & Management Co's Beneish M-Score or its related term are showing as below:
During the past 6 years, the highest Beneish M-Score of Apartment Investment & Management Co was 0.90. The lowest was -3.79. And the median was -2.79.
The historical data trend for Apartment Investment & Management Co'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.
Apartment Investment & Management Co Annual Data | |||||||||||||||
Trend | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | -2.68 | -3.35 | -2.30 |
Apartment Investment & Management Co Quarterly Data | |||||||||||||||||||
Dec18 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.31 | -3.79 | -2.37 | -2.30 | -2.33 |
For the REIT - Residential subindustry, Apartment Investment & Management Co'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.
For the REITs industry and Real Estate sector, Apartment Investment & Management Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Apartment Investment & Management Co's Beneish M-Score falls into.
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 Apartment Investment & Management Co 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 * 1.2462 | + | 0.528 * 1.0359 | + | 0.404 * 1.0103 | + | 0.892 * 1.045 | + | 0.115 * 1.493 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8184 | + | 4.679 * -0.039921 | - | 0.327 * 1.1396 | |||||||
= | -2.33 |
* 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 $77.4 Mil. Revenue was 50.203 + 49.352 + 47.701 + 45.674 = $192.9 Mil. Gross Profit was 29.004 + 30.288 + 29.373 + 26.891 = $115.6 Mil. Total Current Assets was $217.8 Mil. Total Assets was $2,119.9 Mil. Property, Plant and Equipment(Net PPE) was $120.0 Mil. Depreciation, Depletion and Amortization(DDA) was $72.0 Mil. Selling, General, & Admin. Expense(SGA) was $33.0 Mil. Total Current Liabilities was $131.6 Mil. Long-Term Debt & Capital Lease Obligation was $1,301.3 Mil. Net Income was -10.186 + -151.499 + -2.26 + -3.602 = $-167.5 Mil. Non Operating Income was -0.191 + -152.102 + -2.141 + 4.935 = $-149.5 Mil. Cash Flow from Operations was 21.712 + 7.916 + 24.866 + 12.086 = $66.6 Mil. |
Total Receivables was $59.4 Mil. Revenue was 44.268 + 41.969 + 47.683 + 50.697 = $184.6 Mil. Gross Profit was 26.764 + 26.561 + 30.228 + 30.989 = $114.5 Mil. Total Current Assets was $248.0 Mil. Total Assets was $2,189.2 Mil. Property, Plant and Equipment(Net PPE) was $119.5 Mil. Depreciation, Depletion and Amortization(DDA) was $152.1 Mil. Selling, General, & Admin. Expense(SGA) was $38.6 Mil. Total Current Liabilities was $97.2 Mil. Long-Term Debt & Capital Lease Obligation was $1,201.2 Mil. |
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) |
= | (77.366 / 192.93) | / | (59.406 / 184.617) | |
= | 0.401006 | / | 0.32178 | |
= | 1.2462 |
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) | |
= | (114.542 / 184.617) | / | (115.556 / 192.93) | |
= | 0.62043 | / | 0.598953 | |
= | 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 - (217.769 + 119.984) / 2119.891) | / | (1 - (248.04 + 119.49) / 2189.175) | |
= | 0.840674 | / | 0.832115 | |
= | 1.0103 |
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 | |
= | 192.93 | / | 184.617 | |
= | 1.045 |
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)) |
= | (152.12 / (152.12 + 119.49)) | / | (72.031 / (72.031 + 119.984)) | |
= | 0.560068 | / | 0.375132 | |
= | 1.493 |
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) |
= | (33.015 / 192.93) | / | (38.603 / 184.617) | |
= | 0.171124 | / | 0.209098 | |
= | 0.8184 |
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) |
= | ((1301.272 + 131.554) / 2119.891) | / | ((1201.194 + 97.22) / 2189.175) | |
= | 0.675896 | / | 0.593107 | |
= | 1.1396 |
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 | |
= | (-167.547 - -149.499 | - | 66.58) | / | 2119.891 | |
= | -0.039921 |
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.
Apartment Investment & Management Co has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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Sherry L Rexroad | director | 2 BAYBERRY CIRCLE, AMBLER PA 19002 |
Kellie Dreyer | officer: Senior Vice President and CAO | 4582 S. ULSTER ST. SUITE 1450, DENVER CO 80237 |
James Patrick Sullivan | director | 34 SOUTH PEAK, LAGUNA NIGUEL CA 92677 |
Jay P Leupp | director | 16435 N. SCOTTSDALE ROAD, SUITE 320, SCOTTSDALE AZ 85254 |
Michael A Stein | director | 4582 S. ULSTER STREET, SUITE 1100, DENVER CO 80237 |
Kirk Sykes | director | C/O ARES COMMERCIAL REAL ESTATE CORP., 245 PARK AVENUE, 42ND FLOOR, NEW YORK NY 10167 |
Robert A. Miller | director | 6649 WESTWOOD BLVD, SUITE 500, ORLANDO FL 32821 |
R Dary Stone | director | 3344 PEACHTREE ROAD, SUITE 1800, ATLANTA GA 30326 |
Patricia L Gibson | director | 545 E JOHN CARPENTER FREEWAY, SUITE 1300, IRVING TX 75062 |
Quincy Allen | director | 4582 S. ULSTER STREET, SUITE 1700, DENVER CO 80237 |
Deborah Smith | director | 4582 S. ULSTER STREET, SUITE 1450, DENVER CO 80237 |
Terry Considine | director | 4582 SOUTH ULSTER STREET PARKWAY, SUITE 1100, DENVER CO 80237 |
Jennifer Johnson | officer: EVP CAO and General Counsel | 4582 S. ULSTER STREET, STE 1400, DENVER CO 80237 |
Wesley William Powell | director, officer: President and CEO | 4582 S. ULSTER STREET, SUITE 1100, DENVER CO 80237 |
Lynn Stanfield | officer: EVP and CFO | 4582 S. ULSTER STREET, SUITE 1100, DENVER CO 80237 |
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