Broadstone Net Lease Beneish M-Score Historical Data
The historical data trend for Broadstone Net Lease'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.
Broadstone Net Lease Beneish M-Score Chart
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Broadstone Net Lease Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.40 |
-2.33 |
-2.47 |
-2.47 |
-2.49 |
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Broadstone Net Lease 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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-2.46 |
-2.46 |
-2.42 |
-2.49 |
-2.58 |
Competitive Comparison of Broadstone Net Lease's Beneish M-Score
For the REIT - Diversified subindustry, Broadstone Net Lease'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.
Broadstone Net Lease's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Broadstone Net Lease's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Broadstone Net Lease's Beneish M-Score falls into.
Broadstone Net Lease 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 Broadstone Net Lease 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 * 1.0713 | + | 0.528 * 0.9997 | + | 0.404 * 0.9597 | + | 0.892 * 0.9578 | + | 0.115 * 0.9481 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9933 | + | 4.679 * -0.026737 | - | 0.327 * 0.9877 |
| = | -2.59 |
* 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 €138.0 Mil.
Revenue was 96.937 + 96.286 + 102.642 + 100.933 = €396.8 Mil.
Gross Profit was 91.73 + 90.788 + 97.294 + 96.329 = €376.1 Mil.
Total Current Assets was €342.0 Mil.
Total Assets was €4,848.1 Mil.
Property, Plant and Equipment(Net PPE) was €0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was €139.0 Mil.
Selling, General, & Admin. Expense(SGA) was €35.5 Mil.
Total Current Liabilities was €166.3 Mil.
Long-Term Debt & Capital Lease Obligation was €1,721.5 Mil.
Net Income was 59.905 + 5.94 + 46.552 + 55.393 = €167.8 Mil.
Non Operating Income was 31.674 + -22.911 + 15.579 + 25.648 = €50.0 Mil.
Cash Flow from Operations was 65.198 + 55.554 + 69.233 + 57.436 = €247.4 Mil.
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Total Receivables was €134.5 Mil.
Revenue was 111.139 + 105.855 + 104.559 + 92.72 = €414.3 Mil.
Gross Profit was 105.641 + 99.817 + 98.867 + 88.278 = €392.6 Mil.
Total Current Assets was €148.9 Mil.
Total Assets was €4,983.7 Mil.
Property, Plant and Equipment(Net PPE) was €8.2 Mil.
Depreciation, Depletion and Amortization(DDA) was €149.4 Mil.
Selling, General, & Admin. Expense(SGA) was €37.4 Mil.
Total Current Liabilities was €204.2 Mil.
Long-Term Debt & Capital Lease Obligation was €1,760.6 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) |
| = | (138.036 / 396.798) | / | (134.529 / 414.273) |
| = | 0.347875 | / | 0.324735 |
| | = | 1.0713 |
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) |
| = | (392.603 / 414.273) | / | (376.141 / 396.798) |
| = | 0.947691 | / | 0.947941 |
| | = | 0.9997 |
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 - (342.037 + 0) / 4848.083) | / | (1 - (148.923 + 8.187) / 4983.701) |
| = | 0.929449 | / | 0.968475 |
| | = | 0.9597 |
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 |
| = | 396.798 | / | 414.273 |
| | = | 0.9578 |
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)) |
| = | (149.425 / (149.425 + 8.187)) | / | (139.043 / (139.043 + 0)) |
| = | 0.948056 | / | 1 |
| | = | 0.9481 |
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) |
| = | (35.537 / 396.798) | / | (37.351 / 414.273) |
| = | 0.089559 | / | 0.09016 |
| | = | 0.9933 |
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) |
| = | ((1721.53 + 166.265) / 4848.083) | / | ((1760.555 + 204.162) / 4983.701) |
| = | 0.38939 | / | 0.394229 |
| | = | 0.9877 |
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 |
| = | (167.79 - 49.99 | - | 247.421) | / | 4848.083 |
| | = | -0.026737 |
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.
Broadstone Net Lease has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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