eXp World Holdings Beneish M-Score Historical Data
The historical data trend for eXp World 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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eXp World 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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-5.08 |
-3.05 |
-3.03 |
-4.86 |
-5.10 |
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eXp World 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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-4.86 |
-4.17 |
-4.39 |
-4.71 |
-5.10 |
Competitive Comparison
For the Real Estate Services subindustry, eXp World 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.
eXp World Holdings Beneish M-Score Distribution
For the Real Estate industry and Real Estate sector, eXp World Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where eXp World Holdings's Beneish M-Score falls into.
eXp World 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 eXp World 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 * 1.0581 | + | 0.528 * 1.0542 | + | 0.404 * 0.9889 | + | 0.892 * 0.931 | + | 0.115 * 0.7162 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9844 | + | 4.679 * -0.549506 | - | 0.327 * 1.0952 |
| = | -5.10 |
* 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 $86 Mil.
Revenue was 983.049 + 1214.513 + 1232.927 + 850.616 = $4,281 Mil.
Gross Profit was 70.853 + 83.625 + 96.516 + 73.057 = $324 Mil.
Total Current Assets was $266 Mil.
Total Assets was $386 Mil.
Property, Plant and Equipment(Net PPE) was $13 Mil.
Depreciation, Depletion and Amortization(DDA) was $11 Mil.
Selling, General, & Admin. Expense(SGA) was $331 Mil.
Total Current Liabilities was $142 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was -21.197 + 1.349 + 9.422 + 1.453 = $-9 Mil.
Non Operating Income was -8.225 + 0.354 + 1.156 + 0.538 = $-6 Mil.
Cash Flow from Operations was 32.615 + 22.348 + 98.024 + 56.144 = $209 Mil.
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Total Receivables was $87 Mil.
Revenue was 933.395 + 1238.975 + 1415.06 + 1010.731 = $4,598 Mil.
Gross Profit was 83.063 + 93.122 + 107.25 + 83.464 = $367 Mil.
Total Current Assets was $255 Mil.
Total Assets was $382 Mil.
Property, Plant and Equipment(Net PPE) was $20 Mil.
Depreciation, Depletion and Amortization(DDA) was $10 Mil.
Selling, General, & Admin. Expense(SGA) was $361 Mil.
Total Current Liabilities was $127 Mil.
Long-Term Debt & Capital Lease Obligation was $1 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) |
| = | (85.969 / 4281.105) | / | (87.262 / 4598.161) |
| = | 0.020081 | / | 0.018978 |
| | = | 1.0581 |
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) |
| = | (366.899 / 4598.161) | / | (324.051 / 4281.105) |
| = | 0.079793 | / | 0.075693 |
| | = | 1.0542 |
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 - (266.475 + 12.988) / 385.668) | / | (1 - (255.113 + 20.278) / 381.682) |
| = | 0.275379 | / | 0.278481 |
| | = | 0.9889 |
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 |
| = | 4281.105 | / | 4598.161 |
| | = | 0.931 |
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)) |
| = | (9.838 / (9.838 + 20.278)) | / | (10.892 / (10.892 + 12.988)) |
| = | 0.32667 | / | 0.456114 |
| | = | 0.7162 |
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) |
| = | (331.309 / 4281.105) | / | (361.491 / 4598.161) |
| = | 0.077389 | / | 0.078616 |
| | = | 0.9844 |
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) |
| = | ((0 + 141.64) / 385.668) | / | ((0.694 + 127.299) / 381.682) |
| = | 0.367259 | / | 0.335339 |
| | = | 1.0952 |
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 |
| = | (-8.973 - -6.177 | - | 209.131) | / | 385.668 |
| | = | -0.549506 |
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.
eXp World Holdings has a M-score of -5.10 suggests that the company is unlikely to be a manipulator.
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