KB Home Beneish M-Score Historical Data
The historical data trend for KB Home'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.
KB Home Beneish M-Score Chart
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KB Home Annual Data
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Trend |
Nov14 |
Nov15 |
Nov16 |
Nov17 |
Nov18 |
Nov19 |
Nov20 |
Nov21 |
Nov22 |
Nov23 |
| Beneish M-Score |
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-2.72 |
-2.52 |
-1.97 |
-2.05 |
-2.67 |
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KB Home Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.19 |
-2.61 |
-2.81 |
-2.67 |
-2.76 |
Competitive Comparison of KB Home's Beneish M-Score
For the Residential Construction subindustry, KB Home'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.
KB Home's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, KB Home's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KB Home's Beneish M-Score falls into.
KB Home 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 KB Home 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 * 1.0781 | + | 0.528 * 1.1288 | + | 0.404 * 0.871 | + | 0.892 * 0.9426 | + | 0.115 * 0.9049 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1015 | + | 4.679 * -0.065045 | - | 0.327 * 0.9567 |
| = | -2.76 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $357 Mil.
Revenue was 1467.766 + 1673.988 + 1587.011 + 1765.316 = $6,494 Mil.
Gross Profit was 319.692 + 352.106 + 345.101 + 377.286 = $1,394 Mil.
Total Current Assets was $6,282 Mil.
Total Assets was $6,683 Mil.
Property, Plant and Equipment(Net PPE) was $112 Mil.
Depreciation, Depletion and Amortization(DDA) was $37 Mil.
Selling, General, & Admin. Expense(SGA) was $650 Mil.
Total Current Liabilities was $820 Mil.
Long-Term Debt & Capital Lease Obligation was $1,719 Mil.
Net Income was 138.665 + 150.302 + 149.933 + 164.442 = $603 Mil.
Non Operating Income was 6.61 + 5.009 + 4.037 + 5.113 = $21 Mil.
Cash Flow from Operations was 28.518 + 310.176 + 163.793 + 514.813 = $1,017 Mil.
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Total Receivables was $352 Mil.
Revenue was 1384.314 + 1940.03 + 1844.895 + 1720.062 = $6,889 Mil.
Gross Profit was 300.135 + 439.548 + 492.845 + 436.948 = $1,669 Mil.
Total Current Assets was $6,075 Mil.
Total Assets was $6,514 Mil.
Property, Plant and Equipment(Net PPE) was $116 Mil.
Depreciation, Depletion and Amortization(DDA) was $33 Mil.
Selling, General, & Admin. Expense(SGA) was $626 Mil.
Total Current Liabilities was $769 Mil.
Long-Term Debt & Capital Lease Obligation was $1,817 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) |
| = | (357.273 / 6494.081) | / | (351.545 / 6889.301) |
| = | 0.055015 | / | 0.051028 |
| | = | 1.0781 |
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) |
| = | (1669.476 / 6889.301) | / | (1394.185 / 6494.081) |
| = | 0.242329 | / | 0.214685 |
| | = | 1.1288 |
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 - (6281.94 + 112.477) / 6683.492) | / | (1 - (6074.998 + 115.614) / 6514.101) |
| = | 0.043252 | / | 0.04966 |
| | = | 0.871 |
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 |
| = | 6494.081 | / | 6889.301 |
| | = | 0.9426 |
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)) |
| = | (33.404 / (33.404 + 115.614)) | / | (37.036 / (37.036 + 112.477)) |
| = | 0.224161 | / | 0.247711 |
| | = | 0.9049 |
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) |
| = | (650.361 / 6494.081) | / | (626.392 / 6889.301) |
| = | 0.100147 | / | 0.090922 |
| | = | 1.1015 |
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) |
| = | ((1718.785 + 820.167) / 6683.492) | / | ((1817.294 + 769.274) / 6514.101) |
| = | 0.379884 | / | 0.397072 |
| | = | 0.9567 |
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 |
| = | (603.342 - 20.769 | - | 1017.3) | / | 6683.492 |
| | = | -0.065045 |
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.
KB Home has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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