Howard Hughes Holdings Beneish M-Score Historical Data
The historical data trend for Howard Hughes Holdings'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.
Howard Hughes Holdings Beneish M-Score Chart
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Howard Hughes Holdings 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 |
-1.96 |
-1.70 |
-2.47 |
-2.06 |
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Howard Hughes Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-2.38 |
-2.33 |
-2.02 |
-2.06 |
Competitive Comparison of Howard Hughes Holdings's Beneish M-Score
For the Real Estate - Diversified subindustry, Howard Hughes Holdings'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.
Howard Hughes Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Howard Hughes Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Howard Hughes Holdings's Beneish M-Score falls into.
Howard Hughes Holdings 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 Howard Hughes Holdings 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 * 1.8284 | + | 0.528 * 0.9296 | + | 0.404 * 0.9903 | + | 0.892 * 0.6367 | + | 0.115 * 0.9788 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7516 | + | 4.679 * 0.041937 | - | 0.327 * 1.1149 |
| = | -2.06 |
* 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 $761 Mil.
Revenue was 335.838 + 268.659 + 223.316 + 196.289 = $1,024 Mil.
Gross Profit was 163.112 + 110.157 + 78.754 + 81.944 = $434 Mil.
Total Current Assets was $1,914 Mil.
Total Assets was $9,577 Mil.
Property, Plant and Equipment(Net PPE) was $45 Mil.
Depreciation, Depletion and Amortization(DDA) was $216 Mil.
Selling, General, & Admin. Expense(SGA) was $91 Mil.
Total Current Liabilities was $597 Mil.
Long-Term Debt & Capital Lease Obligation was $5,354 Mil.
Net Income was 34.296 + -544.181 + -19.143 + -22.745 = $-552 Mil.
Non Operating Income was -6.484 + -687.14 + -6.202 + 4.909 = $-695 Mil.
Cash Flow from Operations was 101.258 + -109.382 + -106.088 + -144.27 = $-258 Mil.
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Total Receivables was $654 Mil.
Revenue was 482.005 + 639.549 + 276.708 + 210.226 = $1,608 Mil.
Gross Profit was 188.541 + 227.687 + 126.766 + 90.623 = $634 Mil.
Total Current Assets was $1,842 Mil.
Total Assets was $9,603 Mil.
Property, Plant and Equipment(Net PPE) was $47 Mil.
Depreciation, Depletion and Amortization(DDA) was $200 Mil.
Selling, General, & Admin. Expense(SGA) was $82 Mil.
Total Current Liabilities was $554 Mil.
Long-Term Debt & Capital Lease Obligation was $4,799 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) |
| = | (760.922 / 1024.102) | / | (653.636 / 1608.488) |
| = | 0.743014 | / | 0.406367 |
| | = | 1.8284 |
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) |
| = | (633.617 / 1608.488) | / | (433.967 / 1024.102) |
| = | 0.393921 | / | 0.423754 |
| | = | 0.9296 |
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 - (1913.525 + 44.897) / 9577.003) | / | (1 - (1842.409 + 46.926) / 9603.463) |
| = | 0.795508 | / | 0.803265 |
| | = | 0.9903 |
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 |
| = | 1024.102 | / | 1608.488 |
| | = | 0.6367 |
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)) |
| = | (200.31 / (200.31 + 46.926)) | / | (215.744 / (215.744 + 44.897)) |
| = | 0.810198 | / | 0.827744 |
| | = | 0.9788 |
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) |
| = | (91.193 / 1024.102) | / | (81.772 / 1608.488) |
| = | 0.089047 | / | 0.050838 |
| | = | 1.7516 |
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) |
| = | ((5354.204 + 597.17) / 9577.003) | / | ((4798.504 + 554.258) / 9603.463) |
| = | 0.621423 | / | 0.557378 |
| | = | 1.1149 |
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 |
| = | (-551.773 - -694.917 | - | -258.482) | / | 9577.003 |
| | = | 0.041937 |
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.
Howard Hughes Holdings has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
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