Invitation Homes Beneish M-Score Historical Data
The historical data trend for Invitation Homes'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.
Invitation Homes Beneish M-Score Chart
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Invitation Homes Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.79 |
-2.24 |
-2.62 |
-2.24 |
-2.57 |
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Invitation Homes 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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-2.12 |
-2.14 |
-2.29 |
-2.57 |
-2.54 |
Competitive Comparison of Invitation Homes's Beneish M-Score
For the REIT - Residential subindustry, Invitation Homes'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.
Invitation Homes's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Invitation Homes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Invitation Homes's Beneish M-Score falls into.
Invitation Homes 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 Invitation Homes 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 * 1.0937 | + | 0.528 * 1.018 | + | 0.404 * 0.9776 | + | 0.892 * 1.0454 | + | 0.115 * 1.0047 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1017 | + | 4.679 * -0.036394 | - | 0.327 * 1.0584 |
| = | -2.56 |
* 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 €65 Mil.
Revenue was 594.356 + 572.502 + 578.78 + 554.143 = €2,300 Mil.
Gross Profit was 353.653 + 339.779 + 341.825 + 335.034 = €1,370 Mil.
Total Current Assets was €1,110 Mil.
Total Assets was €17,673 Mil.
Property, Plant and Equipment(Net PPE) was €42 Mil.
Depreciation, Depletion and Amortization(DDA) was €633 Mil.
Selling, General, & Admin. Expense(SGA) was €82 Mil.
Total Current Liabilities was €221 Mil.
Long-Term Debt & Capital Lease Obligation was €7,861 Mil.
Net Income was 130.962 + 118.794 + 123.513 + 127.248 = €501 Mil.
Non Operating Income was 43.228 + 41.268 + 44.563 + 36.434 = €165 Mil.
Cash Flow from Operations was 244.338 + 80.278 + 394.292 + 259.317 = €978 Mil.
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Total Receivables was €57 Mil.
Revenue was 550.957 + 547.365 + 574.362 + 527.206 = €2,200 Mil.
Gross Profit was 334.194 + 327.994 + 345.928 + 326.186 = €1,334 Mil.
Total Current Assets was €717 Mil.
Total Assets was €17,282 Mil.
Property, Plant and Equipment(Net PPE) was €38 Mil.
Depreciation, Depletion and Amortization(DDA) was €620 Mil.
Selling, General, & Admin. Expense(SGA) was €71 Mil.
Total Current Liabilities was €211 Mil.
Long-Term Debt & Capital Lease Obligation was €7,255 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) |
| = | (64.762 / 2299.781) | / | (56.643 / 2199.89) |
| = | 0.02816 | / | 0.025748 |
| | = | 1.0937 |
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) |
| = | (1334.302 / 2199.89) | / | (1370.291 / 2299.781) |
| = | 0.606531 | / | 0.595835 |
| | = | 1.018 |
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 - (1109.56 + 41.578) / 17673.143) | / | (1 - (717.291 + 37.64) / 17281.994) |
| = | 0.934865 | / | 0.956317 |
| | = | 0.9776 |
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 |
| = | 2299.781 | / | 2199.89 |
| | = | 1.0454 |
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)) |
| = | (620.018 / (620.018 + 37.64)) | / | (633.013 / (633.013 + 41.578)) |
| = | 0.942767 | / | 0.938366 |
| | = | 1.0047 |
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) |
| = | (81.651 / 2299.781) | / | (70.895 / 2199.89) |
| = | 0.035504 | / | 0.032227 |
| | = | 1.1017 |
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) |
| = | ((7860.831 + 221.295) / 17673.143) | / | ((7255.362 + 211.469) / 17281.994) |
| = | 0.457311 | / | 0.432058 |
| | = | 1.0584 |
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 |
| = | (500.517 - 165.493 | - | 978.225) | / | 17673.143 |
| | = | -0.036394 |
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.
Invitation Homes has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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