CoStar Group Beneish M-Score Historical Data
The historical data trend for CoStar Group'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.
CoStar Group Beneish M-Score Chart
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CoStar Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.80 |
-3.20 |
-2.37 |
-2.35 |
-2.31 |
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CoStar Group 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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-2.27 |
-2.50 |
-2.34 |
-2.31 |
-2.44 |
Competitive Comparison of CoStar Group's Beneish M-Score
For the Real Estate Services subindustry, CoStar Group'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.
CoStar Group's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, CoStar Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CoStar Group's Beneish M-Score falls into.
CoStar Group 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 CoStar Group 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 * 0.9755 | + | 0.528 * 1.011 | + | 0.404 * 0.9897 | + | 0.892 * 1.0644 | + | 0.115 * 2.0932 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2135 | + | 4.679 * -0.024046 | - | 0.327 * 1.0568 |
| = | -2.49 |
* 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 R$983 Mil.
Revenue was 3268.741 + 3136.161 + 3085.053 + 2940.886 = R$12,431 Mil.
Gross Profit was 2565.593 + 2468.436 + 2474.304 + 2395.515 = R$9,904 Mil.
Total Current Assets was R$25,976 Mil.
Total Assets was R$44,990 Mil.
Property, Plant and Equipment(Net PPE) was R$4,312 Mil.
Depreciation, Depletion and Amortization(DDA) was R$567 Mil.
Selling, General, & Admin. Expense(SGA) was R$7,484 Mil.
Total Current Liabilities was R$2,857 Mil.
Long-Term Debt & Capital Lease Obligation was R$5,308 Mil.
Net Income was 33.365 + 472.708 + 447.318 + 487.894 = R$1,441 Mil.
Non Operating Income was 15.935 + 18.35 + 2.296 + 2.956 = R$40 Mil.
Cash Flow from Operations was 695.18 + 727.694 + 210.413 + 850.271 = R$2,484 Mil.
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Total Receivables was R$947 Mil.
Revenue was 3043.906 + 3007.429 + 2920.271 + 2707.122 = R$11,679 Mil.
Gross Profit was 2423.041 + 2434.705 + 2352.053 + 2197.451 = R$9,407 Mil.
Total Current Assets was R$27,593 Mil.
Total Assets was R$44,361 Mil.
Property, Plant and Equipment(Net PPE) was R$2,120 Mil.
Depreciation, Depletion and Amortization(DDA) was R$681 Mil.
Selling, General, & Admin. Expense(SGA) was R$5,794 Mil.
Total Current Liabilities was R$2,089 Mil.
Long-Term Debt & Capital Lease Obligation was R$5,530 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) |
| = | (983.013 / 12430.841) | / | (946.705 / 11678.728) |
| = | 0.079079 | / | 0.081062 |
| | = | 0.9755 |
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) |
| = | (9407.25 / 11678.728) | / | (9903.848 / 12430.841) |
| = | 0.805503 | / | 0.796716 |
| | = | 1.011 |
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 - (25975.633 + 4312.009) / 44990.003) | / | (1 - (27593.267 + 2119.952) / 44361.188) |
| = | 0.326792 | / | 0.330198 |
| | = | 0.9897 |
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 |
| = | 12430.841 | / | 11678.728 |
| | = | 1.0644 |
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)) |
| = | (681.435 / (681.435 + 2119.952)) | / | (566.973 / (566.973 + 4312.009)) |
| = | 0.243249 | / | 0.116207 |
| | = | 2.0932 |
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) |
| = | (7484.481 / 12430.841) | / | (5794.496 / 11678.728) |
| = | 0.60209 | / | 0.496158 |
| | = | 1.2135 |
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) |
| = | ((5307.969 + 2857.409) / 44990.003) | / | ((5529.596 + 2088.758) / 44361.188) |
| = | 0.181493 | / | 0.171735 |
| | = | 1.0568 |
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 |
| = | (1441.285 - 39.537 | - | 2483.558) | / | 44990.003 |
| | = | -0.024046 |
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.
CoStar Group has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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