CBRE Group Beneish M-Score Historical Data
The historical data trend for CBRE 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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CBRE 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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-2.28 |
-2.68 |
-2.68 |
-2.65 |
-2.13 |
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CBRE 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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-2.65 |
-2.59 |
-2.40 |
-2.26 |
-2.13 |
Competitive Comparison
For the Real Estate Services subindustry, CBRE 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.
CBRE Group Beneish M-Score Distribution
For the Real Estate industry and Real Estate sector, CBRE Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CBRE Group's Beneish M-Score falls into.
CBRE 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 CBRE 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 * 1.1795 | + | 0.528 * 1.0884 | + | 0.404 * 0.9844 | + | 0.892 * 1.0364 | + | 0.115 * 1.0161 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4768 | + | 4.679 * 0.007539 | - | 0.327 * 1.0608 |
| = | -2.13 |
* 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 $7,647 Mil.
Revenue was 8949.975 + 7868.046 + 7719.863 + 7411.114 = $31,949 Mil.
Gross Profit was 1857.708 + 1471.222 + 1540.367 + 1404.701 = $6,274 Mil.
Total Current Assets was $9,666 Mil.
Total Assets was $22,548 Mil.
Property, Plant and Equipment(Net PPE) was $1,937 Mil.
Depreciation, Depletion and Amortization(DDA) was $622 Mil.
Selling, General, & Admin. Expense(SGA) was $2,298 Mil.
Total Current Liabilities was $8,243 Mil.
Long-Term Debt & Capital Lease Obligation was $3,893 Mil.
Net Income was 477.151 + 190.553 + 201.403 + 116.892 = $986 Mil.
Non Operating Income was 175.731 + 5.684 + 7.371 + 147.216 = $336 Mil.
Cash Flow from Operations was 853.38 + 382.245 + -10.868 + -744.757 = $480 Mil.
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Total Receivables was $6,256 Mil.
Revenue was 8194.243 + 7529.546 + 7771.278 + 7332.933 = $30,828 Mil.
Gross Profit was 1695.911 + 1595.056 + 1717.294 + 1580.739 = $6,589 Mil.
Total Current Assets was $8,529 Mil.
Total Assets was $20,513 Mil.
Property, Plant and Equipment(Net PPE) was $1,869 Mil.
Depreciation, Depletion and Amortization(DDA) was $613 Mil.
Selling, General, & Admin. Expense(SGA) was $4,649 Mil.
Total Current Liabilities was $8,242 Mil.
Long-Term Debt & Capital Lease Obligation was $2,166 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) |
| = | (7647 / 31948.998) | / | (6256 / 30828) |
| = | 0.23935 | / | 0.202932 |
| | = | 1.1795 |
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) |
| = | (6589 / 30828) | / | (6273.998 / 31948.998) |
| = | 0.213734 | / | 0.196375 |
| | = | 1.0884 |
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 - (9666 + 1937) / 22548) | / | (1 - (8529 + 1869) / 20513) |
| = | 0.485409 | / | 0.493102 |
| | = | 0.9844 |
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 |
| = | 31948.998 | / | 30828 |
| | = | 1.0364 |
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)) |
| = | (613 / (613 + 1869)) | / | (622 / (622 + 1937)) |
| = | 0.246978 | / | 0.243064 |
| | = | 1.0161 |
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) |
| = | (2297.716 / 31948.998) | / | (4649.46 / 30828) |
| = | 0.071918 | / | 0.150819 |
| | = | 0.4768 |
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) |
| = | ((3893 + 8243) / 22548) | / | ((2166 + 8242) / 20513) |
| = | 0.53823 | / | 0.507386 |
| | = | 1.0608 |
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 |
| = | (985.999 - 336.002 | - | 480) | / | 22548 |
| | = | 0.007539 |
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.
CBRE Group has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.
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