Mainstreet Equity Beneish M-Score Historical Data
The historical data trend for Mainstreet Equity'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.
Mainstreet Equity Beneish M-Score Chart
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Mainstreet Equity Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-1.60 |
-2.81 |
-2.56 |
-2.26 |
-2.49 |
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Mainstreet Equity 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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-1.92 |
-3.03 |
-2.49 |
-2.26 |
-2.70 |
Competitive Comparison of Mainstreet Equity's Beneish M-Score
For the Real Estate Services subindustry, Mainstreet Equity'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.
Mainstreet Equity's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Mainstreet Equity's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mainstreet Equity's Beneish M-Score falls into.
Mainstreet Equity 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 Mainstreet Equity 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 * 0.6929 | + | 0.528 * 0.9683 | + | 0.404 * 0.9597 | + | 0.892 * 1.1841 | + | 0.115 * 0.7505 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9246 | + | 4.679 * -0.010908 | - | 0.327 * 0.9973 |
| = | -2.70 |
* 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 C$2.1 Mil.
Revenue was 61.098 + 58.192 + 55.715 + 53.898 = C$228.9 Mil.
Gross Profit was 37.137 + 36.895 + 36.848 + 33.999 = C$144.9 Mil.
Total Current Assets was C$193.2 Mil.
Total Assets was C$3,420.7 Mil.
Property, Plant and Equipment(Net PPE) was C$6.9 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1.2 Mil.
Selling, General, & Admin. Expense(SGA) was C$17.8 Mil.
Total Current Liabilities was C$232.2 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,491.6 Mil.
Net Income was 33.61 + 68.548 + 39.495 + 34.196 = C$175.8 Mil.
Non Operating Income was 21.376 + 56.559 + 31.035 + 24.011 = C$133.0 Mil.
Cash Flow from Operations was 20.441 + 18.77 + 25.766 + 15.202 = C$80.2 Mil.
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Total Receivables was C$2.5 Mil.
Revenue was 51.553 + 48.862 + 47.403 + 45.497 = C$193.3 Mil.
Gross Profit was 30.357 + 30.103 + 30.109 + 27.912 = C$118.5 Mil.
Total Current Assets was C$50.0 Mil.
Total Assets was C$3,007.6 Mil.
Property, Plant and Equipment(Net PPE) was C$7.1 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.9 Mil.
Selling, General, & Admin. Expense(SGA) was C$16.2 Mil.
Total Current Liabilities was C$147.3 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,372.5 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) |
| = | (2.062 / 228.903) | / | (2.513 / 193.315) |
| = | 0.009008 | / | 0.013 |
| | = | 0.6929 |
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) |
| = | (118.481 / 193.315) | / | (144.879 / 228.903) |
| = | 0.612891 | / | 0.632927 |
| | = | 0.9683 |
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 - (193.221 + 6.914) / 3420.651) | / | (1 - (50.034 + 7.136) / 3007.616) |
| = | 0.941492 | / | 0.980992 |
| | = | 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 |
| = | 228.903 | / | 193.315 |
| | = | 1.1841 |
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)) |
| = | (0.871 / (0.871 + 7.136)) | / | (1.172 / (1.172 + 6.914)) |
| = | 0.10878 | / | 0.144942 |
| | = | 0.7505 |
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) |
| = | (17.776 / 228.903) | / | (16.236 / 193.315) |
| = | 0.077657 | / | 0.083987 |
| | = | 0.9246 |
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) |
| = | ((1491.645 + 232.181) / 3420.651) | / | ((1372.466 + 147.335) / 3007.616) |
| = | 0.503947 | / | 0.505318 |
| | = | 0.9973 |
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 |
| = | (175.849 - 132.981 | - | 80.179) | / | 3420.651 |
| | = | -0.010908 |
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.
Mainstreet Equity has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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