Simon Property Group Beneish M-Score Historical Data
The historical data trend for Simon 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.
Simon Property Group Beneish M-Score Chart
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Simon 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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-2.72 |
-2.24 |
-2.94 |
-2.79 |
-2.88 |
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Simon 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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-2.79 |
-2.86 |
-2.93 |
-2.88 |
-2.88 |
Competitive Comparison of Simon Property Group's Beneish M-Score
For the REIT - Retail subindustry, Simon 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.
Simon Property Group's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Simon Property Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Simon Property Group's Beneish M-Score falls into.
Simon 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 Simon 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 * 0.8932 | + | 0.528 * 0.9909 | + | 0.404 * 0.9567 | + | 0.892 * 1.0694 | + | 0.115 * 0.9844 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0864 | + | 4.679 * -0.069835 | - | 0.327 * 1.0073 |
| = | -2.88 |
* 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 $1,419 Mil.
Revenue was 1527.438 + 1410.948 + 1369.601 + 1350.849 = $5,659 Mil.
Gross Profit was 1271.894 + 1136.291 + 1116.499 + 1105.768 = $4,630 Mil.
Total Current Assets was $3,588 Mil.
Total Assets was $34,283 Mil.
Property, Plant and Equipment(Net PPE) was $484 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,334 Mil.
Selling, General, & Admin. Expense(SGA) was $166 Mil.
Total Current Liabilities was $3,456 Mil.
Long-Term Debt & Capital Lease Obligation was $26,518 Mil.
Net Income was 748.314 + 594.973 + 487.177 + 452.661 = $2,283 Mil.
Non Operating Income was 333.902 + 241.956 + 128.153 + 42.508 = $747 Mil.
Cash Flow from Operations was 1036.754 + 935.867 + 1129.491 + 828.681 = $3,931 Mil.
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Total Receivables was $1,486 Mil.
Revenue was 1399.897 + 1315.786 + 1279.842 + 1295.922 = $5,291 Mil.
Gross Profit was 1133.476 + 1063.357 + 1035.395 + 1058.263 = $4,290 Mil.
Total Current Assets was $2,108 Mil.
Total Assets was $33,011 Mil.
Property, Plant and Equipment(Net PPE) was $497 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,292 Mil.
Selling, General, & Admin. Expense(SGA) was $143 Mil.
Total Current Liabilities was $3,193 Mil.
Long-Term Debt & Capital Lease Obligation was $25,458 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) |
| = | (1419.383 / 5658.836) | / | (1485.873 / 5291.447) |
| = | 0.250826 | / | 0.280807 |
| | = | 0.8932 |
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) |
| = | (4290.491 / 5291.447) | / | (4630.452 / 5658.836) |
| = | 0.810835 | / | 0.818269 |
| | = | 0.9909 |
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 - (3588.374 + 484.073) / 34283.495) | / | (1 - (2107.501 + 496.93) / 33011.274) |
| = | 0.881213 | / | 0.921105 |
| | = | 0.9567 |
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 |
| = | 5658.836 | / | 5291.447 |
| | = | 1.0694 |
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)) |
| = | (1292.113 / (1292.113 + 496.93)) | / | (1333.584 / (1333.584 + 484.073)) |
| = | 0.722237 | / | 0.733683 |
| | = | 0.9844 |
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) |
| = | (165.859 / 5658.836) | / | (142.764 / 5291.447) |
| = | 0.02931 | / | 0.02698 |
| | = | 1.0864 |
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) |
| = | ((26518.284 + 3456.012) / 34283.495) | / | ((25458.239 + 3193.408) / 33011.274) |
| = | 0.874307 | / | 0.867935 |
| | = | 1.0073 |
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 |
| = | (2283.125 - 746.519 | - | 3930.793) | / | 34283.495 |
| | = | -0.069835 |
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.
Simon Property Group has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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