DCT Industrial Trust Beneish M-Score Historical Data
The historical data trend for DCT Industrial Trust'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.
DCT Industrial Trust Beneish M-Score Chart
|
DCT Industrial Trust Annual Data
|
|
Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.88 |
-2.60 |
-2.61 |
-2.48 |
-2.59 |
|
DCT Industrial Trust Quarterly Data
|
|
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.68 |
-2.85 |
-2.59 |
8.39 |
10.21 |
Competitive Comparison of DCT Industrial Trust's Beneish M-Score
For the REIT - Industrial subindustry, DCT Industrial Trust'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.
DCT Industrial Trust's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, DCT Industrial Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DCT Industrial Trust's Beneish M-Score falls into.
DCT Industrial Trust 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 DCT Industrial Trust 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 * 1.0009 | + | 0.528 * 1.0035 | + | 0.404 * 33.1128 | + | 0.892 * 1.0509 | + | 0.115 * 0.0434 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0632 | + | 4.679 * -0.04184 | - | 0.327 * 1.0363 |
| = | 10.21 |
* 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 (Jun18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was $82.7 Mil.
Revenue was 110.069 + 109.807 + 108.871 + 105.18 = $433.9 Mil.
Gross Profit was 83.762 + 82.844 + 82.06 + 79.974 = $328.6 Mil.
Total Current Assets was $138.3 Mil.
Total Assets was $4,083.1 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $168.3 Mil.
Selling, General, & Admin. Expense(SGA) was $34.3 Mil.
Total Current Liabilities was $178.6 Mil.
Long-Term Debt & Capital Lease Obligation was $1,774.8 Mil.
Net Income was 24.116 + 48.823 + 21.12 + 25.781 = $119.8 Mil.
Non Operating Income was 12.519 + 32.891 + 8.348 + 12.538 = $66.3 Mil.
Cash Flow from Operations was 70.15 + 49.023 + 60.331 + 44.879 = $224.4 Mil.
|
Total Receivables was $78.6 Mil.
Revenue was 104.521 + 105.896 + 102.23 + 100.274 = $412.9 Mil.
Gross Profit was 79.766 + 79.668 + 77.972 + 76.405 = $313.8 Mil.
Total Current Assets was $134.2 Mil.
Total Assets was $3,866.9 Mil.
Property, Plant and Equipment(Net PPE) was $3,619.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $164.4 Mil.
Selling, General, & Admin. Expense(SGA) was $30.7 Mil.
Total Current Liabilities was $293.4 Mil.
Long-Term Debt & Capital Lease Obligation was $1,491.7 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) |
| = | (82.726 / 433.927) | / | (78.649 / 412.921) |
| = | 0.190645 | / | 0.19047 |
| | = | 1.0009 |
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) |
| = | (313.811 / 412.921) | / | (328.64 / 433.927) |
| = | 0.759978 | / | 0.757362 |
| | = | 1.0035 |
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 - (138.286 + 0) / 4083.146) | / | (1 - (134.217 + 3619.907) / 3866.949) |
| = | 0.966132 | / | 0.029177 |
| | = | 33.1128 |
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 |
| = | 433.927 | / | 412.921 |
| | = | 1.0509 |
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)) |
| = | (164.415 / (164.415 + 3619.907)) | / | (168.321 / (168.321 + 0)) |
| = | 0.043446 | / | 1 |
| | = | 0.0434 |
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) |
| = | (34.269 / 433.927) | / | (30.673 / 412.921) |
| = | 0.078974 | / | 0.074283 |
| | = | 1.0632 |
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) |
| = | ((1774.756 + 178.552) / 4083.146) | / | ((1491.73 + 293.381) / 3866.949) |
| = | 0.478383 | / | 0.461633 |
| | = | 1.0363 |
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 |
| = | (119.84 - 66.296 | - | 224.383) | / | 4083.146 |
| | = | -0.04184 |
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.
DCT Industrial Trust has a M-score of 10.21 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
DCT has been successfully added to your