M.D.C. Holdings Beneish M-Score Historical Data
The historical data trend for M.D.C. Holdings'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.
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M.D.C. Holdings Annual Data
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|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-2.08 |
-1.88 |
-1.55 |
-2.50 |
-2.43 |
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M.D.C. Holdings 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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-2.50 |
-3.40 |
-3.56 |
-3.26 |
-2.43 |
Competitive Comparison
For the Residential Construction subindustry, M.D.C. Holdings'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.
M.D.C. Holdings Beneish M-Score Distribution
For the Homebuilding & Construction industry and Consumer Cyclical sector, M.D.C. Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where M.D.C. Holdings's Beneish M-Score falls into.
M.D.C. Holdings 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 M.D.C. Holdings 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 * 1.2595 | + | 0.528 * 1.229 | + | 0.404 * 0.8861 | + | 0.892 * 0.812 | + | 0.115 * 1.2017 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.987 | + | 4.679 * -0.029139 | - | 0.327 * 0.9486 |
| = | -2.43 |
* 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 $119 Mil.
Revenue was 1346.456 + 1110.819 + 1136.089 + 1049.502 = $4,643 Mil.
Gross Profit was 265.42 + 216.501 + 198.111 + 185.705 = $866 Mil.
Total Current Assets was $5,415 Mil.
Total Assets was $5,631 Mil.
Property, Plant and Equipment(Net PPE) was $104 Mil.
Depreciation, Depletion and Amortization(DDA) was $26 Mil.
Selling, General, & Admin. Expense(SGA) was $430 Mil.
Total Current Liabilities was $519 Mil.
Long-Term Debt & Capital Lease Obligation was $1,506 Mil.
Net Income was 119.507 + 107.305 + 93.493 + 80.7 = $401 Mil.
Non Operating Income was -9.27 + 4.203 + 3.733 + 4.793 = $3 Mil.
Cash Flow from Operations was -61.519 + -28.78 + 225.765 + 426.164 = $562 Mil.
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Total Receivables was $116 Mil.
Revenue was 1519.541 + 1441.743 + 1487.052 + 1269.651 = $5,718 Mil.
Gross Profit was 238.865 + 334.628 + 406.235 + 330.678 = $1,310 Mil.
Total Current Assets was $5,153 Mil.
Total Assets was $5,363 Mil.
Property, Plant and Equipment(Net PPE) was $89 Mil.
Depreciation, Depletion and Amortization(DDA) was $28 Mil.
Selling, General, & Admin. Expense(SGA) was $536 Mil.
Total Current Liabilities was $525 Mil.
Long-Term Debt & Capital Lease Obligation was $1,509 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) |
| = | (119.004 / 4642.866) | / | (116.364 / 5717.987) |
| = | 0.025632 | / | 0.020351 |
| | = | 1.2595 |
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) |
| = | (1310.406 / 5717.987) | / | (865.737 / 4642.866) |
| = | 0.229173 | / | 0.186466 |
| | = | 1.229 |
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 - (5414.732 + 104.035) / 5631.085) | / | (1 - (5153.184 + 89.366) / 5363.272) |
| = | 0.019946 | / | 0.022509 |
| | = | 0.8861 |
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 |
| = | 4642.866 | / | 5717.987 |
| | = | 0.812 |
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)) |
| = | (27.751 / (27.751 + 89.366)) | / | (25.553 / (25.553 + 104.035)) |
| = | 0.236951 | / | 0.197186 |
| | = | 1.2017 |
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) |
| = | (429.894 / 4642.866) | / | (536.395 / 5717.987) |
| = | 0.092592 | / | 0.093808 |
| | = | 0.987 |
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) |
| = | ((1506.343 + 519.452) / 5631.085) | / | ((1509.15 + 524.815) / 5363.272) |
| = | 0.359752 | / | 0.37924 |
| | = | 0.9486 |
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 |
| = | (401.005 - 3.459 | - | 561.63) | / | 5631.085 |
| | = | -0.029139 |
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.
M.D.C. Holdings has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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