Equity Commonwealth Beneish M-Score Historical Data
The historical data trend for Equity Commonwealth'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.
Equity Commonwealth Beneish M-Score Chart
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Equity Commonwealth Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.25 |
-2.59 |
-2.42 |
-2.58 |
-2.58 |
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Equity Commonwealth Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.71 |
-2.65 |
-2.26 |
-2.58 |
Competitive Comparison of Equity Commonwealth's Beneish M-Score
For the REIT - Office subindustry, Equity Commonwealth'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.
Equity Commonwealth's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Equity Commonwealth's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Equity Commonwealth's Beneish M-Score falls into.
Equity Commonwealth 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 Equity Commonwealth 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 * 1.0255 | + | 0.528 * 1.1295 | + | 0.404 * 1.1411 | + | 0.892 * 0.9586 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2697 | + | 4.679 * -0.012826 | - | 0.327 * 1.3199 |
| = | -2.58 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $15.74 Mil.
Revenue was 15.146 + 15.212 + 14.59 + 15.576 = $60.52 Mil.
Gross Profit was 8.604 + 8.49 + 7.648 + 8.32 = $33.06 Mil.
Total Current Assets was $2,176.27 Mil.
Total Assets was $2,425.04 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.44 Mil.
Selling, General, & Admin. Expense(SGA) was $36.97 Mil.
Total Current Liabilities was $34.93 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 26.549 + 26.146 + 15.784 + 22.685 = $91.16 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 35.825 + 35.081 + 28.254 + 23.108 = $122.27 Mil.
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Total Receivables was $16.01 Mil.
Revenue was 15.787 + 15.126 + 15.541 + 16.686 = $63.14 Mil.
Gross Profit was 8.801 + 9.053 + 8.949 + 12.153 = $38.96 Mil.
Total Current Assets was $2,598.23 Mil.
Total Assets was $2,854.89 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.81 Mil.
Selling, General, & Admin. Expense(SGA) was $30.38 Mil.
Total Current Liabilities was $31.15 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 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) |
| = | (15.737 / 60.524) | / | (16.009 / 63.14) |
| = | 0.260013 | / | 0.253548 |
| | = | 1.0255 |
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) |
| = | (38.956 / 63.14) | / | (33.062 / 60.524) |
| = | 0.616978 | / | 0.546263 |
| | = | 1.1295 |
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 - (2176.272 + 0) / 2425.041) | / | (1 - (2598.231 + 0) / 2854.885) |
| = | 0.102583 | / | 0.0899 |
| | = | 1.1411 |
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 |
| = | 60.524 | / | 63.14 |
| | = | 0.9586 |
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)) |
| = | (17.81 / (17.81 + 0)) | / | (17.444 / (17.444 + 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) |
| = | (36.974 / 60.524) | / | (30.378 / 63.14) |
| = | 0.610898 | / | 0.481121 |
| | = | 1.2697 |
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) |
| = | ((0 + 34.928) / 2425.041) | / | ((0 + 31.153) / 2854.885) |
| = | 0.014403 | / | 0.010912 |
| | = | 1.3199 |
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 |
| = | (91.164 - 0 | - | 122.268) | / | 2425.041 |
| | = | -0.012826 |
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.
Equity Commonwealth has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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