Beazer Homes USA Beneish M-Score Historical Data
The historical data trend for Beazer Homes USA'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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Beazer Homes USA Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-1.95 |
-3.37 |
-2.13 |
-2.12 |
-2.43 |
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Beazer Homes USA 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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-2.20 |
-2.61 |
-2.77 |
-2.43 |
-1.29 |
Competitive Comparison
For the Residential Construction subindustry, Beazer Homes USA'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.
Beazer Homes USA Beneish M-Score Distribution
For the Homebuilding & Construction industry and Consumer Cyclical sector, Beazer Homes USA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Beazer Homes USA's Beneish M-Score falls into.
Beazer Homes USA 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 Beazer Homes USA 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 * 2.0352 | + | 0.528 * 1.1265 | + | 0.404 * 0.9051 | + | 0.892 * 0.9311 | + | 0.115 * 1.4959 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0796 | + | 4.679 * 0.045524 | - | 0.327 * 0.9508 |
| = | -1.29 |
* 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 $65 Mil.
Revenue was 386.818 + 645.405 + 572.544 + 543.908 = $2,149 Mil.
Gross Profit was 77.73 + 137.287 + 116.744 + 102.896 = $435 Mil.
Total Current Assets was $2,157 Mil.
Total Assets was $2,389 Mil.
Property, Plant and Equipment(Net PPE) was $51 Mil.
Depreciation, Depletion and Amortization(DDA) was $12 Mil.
Selling, General, & Admin. Expense(SGA) was $181 Mil.
Total Current Liabilities was $221 Mil.
Long-Term Debt & Capital Lease Obligation was $993 Mil.
Net Income was 21.728 + 55.756 + 43.817 + 34.707 = $156 Mil.
Non Operating Income was 2.644 + 2.167 + 2.158 + 1.007 = $8 Mil.
Cash Flow from Operations was -225.583 + 82.225 + 55.564 + 127.048 = $39 Mil.
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Total Receivables was $34 Mil.
Revenue was 444.928 + 827.667 + 526.666 + 508.506 = $2,308 Mil.
Gross Profit was 85.768 + 187.892 + 132.465 + 119.75 = $526 Mil.
Total Current Assets was $1,970 Mil.
Total Assets was $2,186 Mil.
Property, Plant and Equipment(Net PPE) was $33 Mil.
Depreciation, Depletion and Amortization(DDA) was $13 Mil.
Selling, General, & Admin. Expense(SGA) was $180 Mil.
Total Current Liabilities was $173 Mil.
Long-Term Debt & Capital Lease Obligation was $995 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) |
| = | (65.302 / 2148.675) | / | (34.463 / 2307.767) |
| = | 0.030392 | / | 0.014933 |
| | = | 2.0352 |
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) |
| = | (525.875 / 2307.767) | / | (434.657 / 2148.675) |
| = | 0.227872 | / | 0.202291 |
| | = | 1.1265 |
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 - (2157.224 + 51.063) / 2389.451) | / | (1 - (1970.331 + 32.904) / 2186.385) |
| = | 0.075818 | / | 0.083768 |
| | = | 0.9051 |
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 |
| = | 2148.675 | / | 2307.767 |
| | = | 0.9311 |
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)) |
| = | (12.992 / (12.992 + 32.904)) | / | (11.918 / (11.918 + 51.063)) |
| = | 0.283075 | / | 0.189232 |
| | = | 1.4959 |
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) |
| = | (181.132 / 2148.675) | / | (180.201 / 2307.767) |
| = | 0.084299 | / | 0.078085 |
| | = | 1.0796 |
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) |
| = | ((992.935 + 220.695) / 2389.451) | / | ((994.517 + 173.492) / 2186.385) |
| = | 0.507912 | / | 0.534219 |
| | = | 0.9508 |
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 |
| = | (156.008 - 7.976 | - | 39.254) | / | 2389.451 |
| | = | 0.045524 |
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.
Beazer Homes USA has a M-score of -1.29 signals that the company is likely to be a manipulator.
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