Independence Realty Trust Beneish M-Score Historical Data
The historical data trend for Independence Realty 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.
Independence Realty Trust Beneish M-Score Chart
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Independence Realty Trust Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.61 |
-2.62 |
-2.30 |
-1.23 |
-2.57 |
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Independence Realty Trust 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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-1.83 |
-2.18 |
-2.40 |
-2.57 |
-2.57 |
Competitive Comparison of Independence Realty Trust's Beneish M-Score
For the REIT - Residential subindustry, Independence Realty 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.
Independence Realty Trust's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Independence Realty Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Independence Realty Trust's Beneish M-Score falls into.
Independence Realty 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 Independence Realty 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 | + | 0.528 * 1.0113 | + | 0.404 * 0.9817 | + | 0.892 * 1.0322 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.841 | + | 4.679 * -0.033913 | - | 0.327 * 0.9423 |
| = | -2.57 |
* 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 $0.0 Mil.
Revenue was 160.534 + 167.046 + 168.607 + 163.955 = $660.1 Mil.
Gross Profit was 93.064 + 100.683 + 98.075 + 95.066 = $386.9 Mil.
Total Current Assets was $140.5 Mil.
Total Assets was $5,972.8 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $219.2 Mil.
Selling, General, & Admin. Expense(SGA) was $23.0 Mil.
Total Current Liabilities was $839.8 Mil.
Long-Term Debt & Capital Lease Obligation was $1,565.0 Mil.
Net Income was 17.577 + -40.515 + 3.93 + 10.709 = $-8.3 Mil.
Non Operating Income was 7.602 + -57.855 + -12.85 + -1.957 = $-65.1 Mil.
Cash Flow from Operations was 44.057 + 59.178 + 75.798 + 80.283 = $259.3 Mil.
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Total Receivables was $0.0 Mil.
Revenue was 161.374 + 162.799 + 160.6 + 154.763 = $639.5 Mil.
Gross Profit was 95.748 + 98.756 + 94.889 + 89.648 = $379.0 Mil.
Total Current Assets was $34.8 Mil.
Total Assets was $6,493.7 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $228.2 Mil.
Selling, General, & Admin. Expense(SGA) was $26.5 Mil.
Total Current Liabilities was $970.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,804.0 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) |
| = | (0 / 660.142) | / | (0 / 639.536) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (379.041 / 639.536) | / | (386.888 / 660.142) |
| = | 0.592681 | / | 0.586068 |
| | = | 1.0113 |
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 - (140.503 + 0) / 5972.848) | / | (1 - (34.833 + 0) / 6493.747) |
| = | 0.976476 | / | 0.994636 |
| | = | 0.9817 |
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 |
| = | 660.142 | / | 639.536 |
| | = | 1.0322 |
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)) |
| = | (228.211 / (228.211 + 0)) | / | (219.153 / (219.153 + 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) |
| = | (22.993 / 660.142) | / | (26.486 / 639.536) |
| = | 0.03483 | / | 0.041414 |
| | = | 0.841 |
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) |
| = | ((1564.985 + 839.832) / 5972.848) | / | ((1803.986 + 970.73) / 6493.747) |
| = | 0.402625 | / | 0.42729 |
| | = | 0.9423 |
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 |
| = | (-8.299 - -65.06 | - | 259.316) | / | 5972.848 |
| | = | -0.033913 |
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.
Independence Realty Trust has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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