Paramount Group Beneish M-Score Historical Data
The historical data trend for Paramount 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.
Paramount Group Beneish M-Score Chart
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Paramount 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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-2.49 |
-2.62 |
-2.61 |
-2.54 |
-2.59 |
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Paramount Group 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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-2.63 |
-2.57 |
-2.58 |
-2.59 |
-2.61 |
Competitive Comparison of Paramount Group's Beneish M-Score
For the REIT - Office subindustry, Paramount 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.
Paramount Group's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Paramount Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Paramount Group's Beneish M-Score falls into.
Paramount 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 Paramount 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 * 0.9923 | + | 0.528 * 1.0337 | + | 0.404 * 1.0013 | + | 0.892 * 0.9973 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0975 | + | 4.679 * -0.023956 | - | 0.327 * 1.0196 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $369.9 Mil.
Revenue was 188.877 + 192.471 + 189.181 + 172.662 = $743.2 Mil.
Gross Profit was 117.137 + 115.395 + 113.679 + 101.584 = $447.8 Mil.
Total Current Assets was $817.9 Mil.
Total Assets was $7,929.7 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $252.6 Mil.
Selling, General, & Admin. Expense(SGA) was $64.0 Mil.
Total Current Liabilities was $123.4 Mil.
Long-Term Debt & Capital Lease Obligation was $3,669.9 Mil.
Net Income was 9.865 + -205.55 + -8.385 + -47.538 = $-251.6 Mil.
Non Operating Income was 13.975 + -266.555 + -27.767 + -71.077 = $-351.4 Mil.
Cash Flow from Operations was 69.89 + 102.262 + 37.541 + 80.088 = $289.8 Mil.
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Total Receivables was $373.7 Mil.
Revenue was 188.474 + 184.028 + 187.147 + 185.517 = $745.2 Mil.
Gross Profit was 118.165 + 113.926 + 114.302 + 117.703 = $464.1 Mil.
Total Current Assets was $884.7 Mil.
Total Assets was $8,480.1 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $234.7 Mil.
Selling, General, & Admin. Expense(SGA) was $58.5 Mil.
Total Current Liabilities was $137.0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,841.5 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) |
| = | (369.874 / 743.191) | / | (373.735 / 745.166) |
| = | 0.497684 | / | 0.501546 |
| | = | 0.9923 |
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) |
| = | (464.096 / 745.166) | / | (447.795 / 743.191) |
| = | 0.622809 | / | 0.60253 |
| | = | 1.0337 |
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 - (817.885 + 0) / 7929.725) | / | (1 - (884.71 + 0) / 8480.089) |
| = | 0.896858 | / | 0.895672 |
| | = | 1.0013 |
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 |
| = | 743.191 | / | 745.166 |
| | = | 0.9973 |
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)) |
| = | (234.745 / (234.745 + 0)) | / | (252.566 / (252.566 + 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) |
| = | (63.997 / 743.191) | / | (58.465 / 745.166) |
| = | 0.086111 | / | 0.078459 |
| | = | 1.0975 |
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) |
| = | ((3669.85 + 123.414) / 7929.725) | / | ((3841.492 + 137.042) / 8480.089) |
| = | 0.47836 | / | 0.469162 |
| | = | 1.0196 |
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 |
| = | (-251.608 - -351.424 | - | 289.781) | / | 7929.725 |
| | = | -0.023956 |
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.
Paramount Group has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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