Bluegreen Vacations Holding Beneish M-Score Historical Data
The historical data trend for Bluegreen Vacations Holding'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.
Bluegreen Vacations Holding Beneish M-Score Chart
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Bluegreen Vacations Holding Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.64 |
-2.85 |
-2.92 |
-2.15 |
-2.14 |
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Bluegreen Vacations Holding Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-2.30 |
-2.14 |
-1.94 |
-1.71 |
-1.69 |
Competitive Comparison of Bluegreen Vacations Holding's Beneish M-Score
For the Resorts & Casinos subindustry, Bluegreen Vacations Holding'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.
Bluegreen Vacations Holding's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Bluegreen Vacations Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bluegreen Vacations Holding's Beneish M-Score falls into.
Bluegreen Vacations Holding 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 Bluegreen Vacations Holding 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 * 1.1885 | + | 0.528 * 1.0358 | + | 0.404 * 0.8549 | + | 0.892 * 1.0891 | + | 0.115 * 0.9616 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9857 | + | 4.679 * 0.129345 | - | 0.327 * 1.0758 |
| = | -1.69 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $676.3 Mil.
Revenue was 234.961 + 226.587 + 189.974 + 208.493 = $860.0 Mil.
Gross Profit was 176.463 + 166.233 + 138.692 + 155.538 = $636.9 Mil.
Total Current Assets was $1,334.0 Mil.
Total Assets was $1,539.9 Mil.
Property, Plant and Equipment(Net PPE) was $108.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.5 Mil.
Selling, General, & Admin. Expense(SGA) was $589.3 Mil.
Total Current Liabilities was $167.1 Mil.
Long-Term Debt & Capital Lease Obligation was $941.1 Mil.
Net Income was 20.657 + 21.913 + 11.499 + 7.649 = $61.7 Mil.
Non Operating Income was -0.063 + 3.078 + 0.265 + 1.24 = $4.5 Mil.
Cash Flow from Operations was -10.489 + -26.12 + -23.748 + -81.627 = $-142.0 Mil.
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Total Receivables was $522.4 Mil.
Revenue was 224.737 + 212.064 + 172.383 + 180.444 = $789.6 Mil.
Gross Profit was 173.836 + 164.083 + 129.713 + 138.096 = $605.7 Mil.
Total Current Assets was $1,070.4 Mil.
Total Assets was $1,278.4 Mil.
Property, Plant and Equipment(Net PPE) was $113.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.5 Mil.
Selling, General, & Admin. Expense(SGA) was $548.9 Mil.
Total Current Liabilities was $148.7 Mil.
Long-Term Debt & Capital Lease Obligation was $706.5 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) |
| = | (676.252 / 860.015) | / | (522.41 / 789.628) |
| = | 0.786326 | / | 0.66159 |
| | = | 1.1885 |
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) |
| = | (605.728 / 789.628) | / | (636.926 / 860.015) |
| = | 0.767106 | / | 0.740599 |
| | = | 1.0358 |
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 - (1334.043 + 108.897) / 1539.932) | / | (1 - (1070.383 + 113.836) / 1278.405) |
| = | 0.062985 | / | 0.073675 |
| | = | 0.8549 |
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 |
| = | 860.015 | / | 789.628 |
| | = | 1.0891 |
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)) |
| = | (20.466 / (20.466 + 113.836)) | / | (20.507 / (20.507 + 108.897)) |
| = | 0.152388 | / | 0.158473 |
| | = | 0.9616 |
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) |
| = | (589.265 / 860.015) | / | (548.901 / 789.628) |
| = | 0.68518 | / | 0.695139 |
| | = | 0.9857 |
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) |
| = | ((941.071 + 167.125) / 1539.932) | / | ((706.537 + 148.671) / 1278.405) |
| = | 0.71964 | / | 0.668965 |
| | = | 1.0758 |
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 |
| = | (61.718 - 4.52 | - | -141.984) | / | 1539.932 |
| | = | 0.129345 |
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.
Bluegreen Vacations Holding has a M-score of -1.69 signals that the company is likely to be a manipulator.
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