Landsea Homes Beneish M-Score Historical Data
The historical data trend for Landsea Homes'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.
Landsea Homes Beneish M-Score Chart
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Landsea Homes Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-0.84 |
-0.01 |
-2.40 |
-2.20 |
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Landsea Homes Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.40 |
-2.29 |
-2.38 |
-2.00 |
-2.20 |
Competitive Comparison of Landsea Homes's Beneish M-Score
For the Real Estate - Development subindustry, Landsea Homes'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.
Landsea Homes's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Landsea Homes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Landsea Homes's Beneish M-Score falls into.
Landsea Homes 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 Landsea Homes 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 * 0.6532 | + | 0.528 * 1.2092 | + | 0.404 * 1.5388 | + | 0.892 * 1.2813 | + | 0.115 * 1.6787 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.895 | + | 4.679 * -0.006811 | - | 0.327 * 1.1472 |
| = | -2.20 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $32 Mil.
Revenue was 486.681 + 338.472 + 431.143 + 294.041 = $1,550 Mil.
Gross Profit was 61.338 + 58.817 + 64.176 + 43.461 = $228 Mil.
Total Current Assets was $1,446 Mil.
Total Assets was $1,701 Mil.
Property, Plant and Equipment(Net PPE) was $64 Mil.
Depreciation, Depletion and Amortization(DDA) was $7 Mil.
Selling, General, & Admin. Expense(SGA) was $200 Mil.
Total Current Liabilities was $404 Mil.
Long-Term Debt & Capital Lease Obligation was $585 Mil.
Net Income was 3.046 + 11.11 + 2.885 + 0.19 = $17 Mil.
Non Operating Income was 1.307 + 1.449 + -5.353 + 1.813 = $-1 Mil.
Cash Flow from Operations was 47.816 + -18.615 + 33.636 + -33.235 = $30 Mil.
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Total Receivables was $38 Mil.
Revenue was 397.615 + 277.348 + 293.244 + 241.74 = $1,210 Mil.
Gross Profit was 66.054 + 54.286 + 50.661 + 43.973 = $215 Mil.
Total Current Assets was $1,339 Mil.
Total Assets was $1,471 Mil.
Property, Plant and Equipment(Net PPE) was $25 Mil.
Depreciation, Depletion and Amortization(DDA) was $5 Mil.
Selling, General, & Admin. Expense(SGA) was $175 Mil.
Total Current Liabilities was $496 Mil.
Long-Term Debt & Capital Lease Obligation was $249 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) |
| = | (31.559 / 1550.337) | / | (37.708 / 1209.947) |
| = | 0.020356 | / | 0.031165 |
| | = | 0.6532 |
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) |
| = | (214.974 / 1209.947) | / | (227.792 / 1550.337) |
| = | 0.177672 | / | 0.146931 |
| | = | 1.2092 |
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 - (1446.073 + 64.431) / 1701.337) | / | (1 - (1339.461 + 24.532) / 1471.232) |
| = | 0.112166 | / | 0.072891 |
| | = | 1.5388 |
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 |
| = | 1550.337 | / | 1209.947 |
| | = | 1.2813 |
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)) |
| = | (5.104 / (5.104 + 24.532)) | / | (7.366 / (7.366 + 64.431)) |
| = | 0.172223 | / | 0.102595 |
| | = | 1.6787 |
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) |
| = | (200.333 / 1550.337) | / | (174.69 / 1209.947) |
| = | 0.129219 | / | 0.144378 |
| | = | 0.895 |
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) |
| = | ((584.844 + 403.984) / 1701.337) | / | ((249.213 + 496.145) / 1471.232) |
| = | 0.581206 | / | 0.506622 |
| | = | 1.1472 |
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 |
| = | (17.231 - -0.784 | - | 29.602) | / | 1701.337 |
| | = | -0.006811 |
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.
Landsea Homes has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
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