Redfin Beneish M-Score Historical Data
The historical data trend for Redfin'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.
Redfin Beneish M-Score Chart
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Redfin Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.77 |
2.93 |
-3.30 |
-3.41 |
-3.18 |
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Redfin Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.09 |
-3.20 |
-2.46 |
-3.18 |
-3.73 |
Competitive Comparison of Redfin's Beneish M-Score
For the Real Estate Services subindustry, Redfin'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.
Redfin's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Redfin's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Redfin's Beneish M-Score falls into.
Redfin 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 Redfin 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 * 0.6905 | + | 0.528 * 0.9907 | + | 0.404 * 0.8977 | + | 0.892 * 1.2132 | + | 0.115 * 1.1778 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9889 | + | 4.679 * -0.210937 | - | 0.327 * 1.0687 |
| = | -3.61 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was R$229 Mil.
Revenue was 1272.696 + 1490.364 + 1539.591 + 1589.993 = R$5,893 Mil.
Gross Profit was 406.718 + 499.916 + 564.097 + 590.241 = R$2,061 Mil.
Total Current Assets was R$2,641 Mil.
Total Assets was R$6,197 Mil.
Property, Plant and Equipment(Net PPE) was R$350 Mil.
Depreciation, Depletion and Amortization(DDA) was R$209 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,003 Mil.
Total Current Liabilities was R$2,277 Mil.
Long-Term Debt & Capital Lease Obligation was R$4,380 Mil.
Net Income was -532.734 + -221.863 + -187.078 + -150.164 = R$-1,092 Mil.
Non Operating Income was -121.006 + -6.327 + -14.692 + 26.381 = R$-116 Mil.
Cash Flow from Operations was 218.105 + 388.872 + -233.241 + -42.809 = R$331 Mil.
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Total Receivables was R$273 Mil.
Revenue was 1122.84 + 1068.534 + 1328.293 + 1337.466 = R$4,857 Mil.
Gross Profit was 352.63 + 358.425 + 485.672 + 486.292 = R$1,683 Mil.
Total Current Assets was R$1,884 Mil.
Total Assets was R$5,334 Mil.
Property, Plant and Equipment(Net PPE) was R$376 Mil.
Depreciation, Depletion and Amortization(DDA) was R$296 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,670 Mil.
Total Current Liabilities was R$1,417 Mil.
Long-Term Debt & Capital Lease Obligation was R$3,944 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) |
| = | (228.775 / 5892.644) | / | (273.087 / 4857.133) |
| = | 0.038824 | / | 0.056224 |
| | = | 0.6905 |
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) |
| = | (1683.019 / 4857.133) | / | (2060.972 / 5892.644) |
| = | 0.346505 | / | 0.349753 |
| | = | 0.9907 |
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 - (2641.379 + 349.839) / 6196.746) | / | (1 - (1883.814 + 376.443) / 5333.899) |
| = | 0.517292 | / | 0.576247 |
| | = | 0.8977 |
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 |
| = | 5892.644 | / | 4857.133 |
| | = | 1.2132 |
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)) |
| = | (296.062 / (296.062 + 376.443)) | / | (208.826 / (208.826 + 349.839)) |
| = | 0.440238 | / | 0.373795 |
| | = | 1.1778 |
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) |
| = | (2003.454 / 5892.644) | / | (1669.927 / 4857.133) |
| = | 0.339992 | / | 0.343809 |
| | = | 0.9889 |
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) |
| = | ((4380.02 + 2276.712) / 6196.746) | / | ((3944.31 + 1416.942) / 5333.899) |
| = | 1.07423 | / | 1.005128 |
| | = | 1.0687 |
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 |
| = | (-1091.839 - -115.644 | - | 330.927) | / | 6196.746 |
| | = | -0.210937 |
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.
Redfin has a M-score of -3.61 suggests that the company is unlikely to be a manipulator.
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