Brixmor Property Group Beneish M-Score Historical Data
The historical data trend for Brixmor Property 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.
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Brixmor Property 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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-2.64 |
-2.64 |
-2.67 |
-2.53 |
-2.61 |
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Brixmor Property Group 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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-2.53 |
-2.64 |
-2.63 |
-2.61 |
-2.61 |
Competitive Comparison
For the REIT - Retail subindustry, Brixmor Property 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.
Brixmor Property Group Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Brixmor Property Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Brixmor Property Group's Beneish M-Score falls into.
Brixmor Property 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 Brixmor Property 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 * 1.0325 | + | 0.528 * 1.0014 | + | 0.404 * 0.9995 | + | 0.892 * 1.0221 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9775 | + | 4.679 * -0.039989 | - | 0.327 * 0.9963 |
| = | -2.61 |
* 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 $279 Mil.
Revenue was 316.485 + 307.314 + 309.793 + 311.444 = $1,245 Mil.
Gross Profit was 233.709 + 230.1 + 230.376 + 230.861 = $925 Mil.
Total Current Assets was $318 Mil.
Total Assets was $8,333 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $362 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $1,060 Mil.
Long-Term Debt & Capital Lease Obligation was $4,422 Mil.
Net Income was 72.697 + 63.736 + 56.408 + 112.246 = $305 Mil.
Non Operating Income was 5.601 + 6.163 + -9.214 + 46.963 = $50 Mil.
Cash Flow from Operations was 135.282 + 158.571 + 159.887 + 135.054 = $589 Mil.
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Total Receivables was $264 Mil.
Revenue was 308.569 + 304.745 + 306.131 + 298.629 = $1,218 Mil.
Gross Profit was 227.493 + 227.267 + 229.33 + 222.193 = $906 Mil.
Total Current Assets was $318 Mil.
Total Assets was $8,436 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $345 Mil.
Selling, General, & Admin. Expense(SGA) was $117 Mil.
Total Current Liabilities was $951 Mil.
Long-Term Debt & Capital Lease Obligation was $4,620 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) |
| = | (278.775 / 1245.036) | / | (264.146 / 1218.074) |
| = | 0.223909 | / | 0.216855 |
| | = | 1.0325 |
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) |
| = | (906.283 / 1218.074) | / | (925.046 / 1245.036) |
| = | 0.74403 | / | 0.742987 |
| | = | 1.0014 |
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 - (317.593 + 0) / 8332.716) | / | (1 - (317.513 + 0) / 8435.93) |
| = | 0.961886 | / | 0.962362 |
| | = | 0.9995 |
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 |
| = | 1245.036 | / | 1218.074 |
| | = | 1.0221 |
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)) |
| = | (344.731 / (344.731 + 0)) | / | (362.277 / (362.277 + 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) |
| = | (117.128 / 1245.036) | / | (117.225 / 1218.074) |
| = | 0.094076 | / | 0.096238 |
| | = | 0.9775 |
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) |
| = | ((4422.099 + 1060.316) / 8332.716) | / | ((4619.915 + 951.005) / 8435.93) |
| = | 0.657939 | / | 0.66038 |
| | = | 0.9963 |
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 |
| = | (305.087 - 49.513 | - | 588.794) | / | 8332.716 |
| | = | -0.039989 |
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.
Brixmor Property Group has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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