Builders FirstSource Beneish M-Score Historical Data
The historical data trend for Builders FirstSource'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.
|
Builders FirstSource Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.93 |
-2.15 |
-0.92 |
-2.98 |
-2.81 |
|
Builders FirstSource Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.98 |
-3.52 |
-3.52 |
-3.15 |
-2.81 |
Competitive Comparison
For the Building Products & Equipment subindustry, Builders FirstSource'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.
Builders FirstSource Beneish M-Score Distribution
For the Construction industry and Industrials sector, Builders FirstSource's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Builders FirstSource's Beneish M-Score falls into.
Builders FirstSource 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 Builders FirstSource 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 * 1.3478 | + | 0.528 * 0.969 | + | 0.404 * 0.9788 | + | 0.892 * 0.7523 | + | 0.115 * 1.0001 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.283 | + | 4.679 * -0.072986 | - | 0.327 * 1.0574 |
| = | -2.81 |
* 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 $1,893 Mil.
Revenue was 4150.862 + 4534.264 + 4528.89 + 3883.314 = $17,097 Mil.
Gross Profit was 1464.886 + 1581.102 + 1594.946 + 1371.4 = $6,012 Mil.
Total Current Assets was $3,301 Mil.
Total Assets was $10,499 Mil.
Property, Plant and Equipment(Net PPE) was $2,306 Mil.
Depreciation, Depletion and Amortization(DDA) was $558 Mil.
Selling, General, & Admin. Expense(SGA) was $3,836 Mil.
Total Current Liabilities was $1,863 Mil.
Long-Term Debt & Capital Lease Obligation was $3,611 Mil.
Net Income was 350.693 + 451.457 + 404.619 + 333.786 = $1,541 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 611.699 + 649.466 + 391.326 + 654.381 = $2,307 Mil.
|
Total Receivables was $1,867 Mil.
Revenue was 4357.565 + 5761.463 + 6926.259 + 5681.131 = $22,726 Mil.
Gross Profit was 1485.127 + 2014.732 + 2412.147 + 1832.373 = $7,744 Mil.
Total Current Assets was $3,498 Mil.
Total Assets was $10,595 Mil.
Property, Plant and Equipment(Net PPE) was $2,053 Mil.
Depreciation, Depletion and Amortization(DDA) was $497 Mil.
Selling, General, & Admin. Expense(SGA) was $3,974 Mil.
Total Current Liabilities was $1,843 Mil.
Long-Term Debt & Capital Lease Obligation was $3,382 Mil.
|
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) |
| = | (1892.904 / 17097.33) | / | (1866.805 / 22726.418) |
| = | 0.110713 | / | 0.082143 |
| | = | 1.3478 |
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) |
| = | (7744.379 / 22726.418) | / | (6012.334 / 17097.33) |
| = | 0.340765 | / | 0.351653 |
| | = | 0.969 |
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 - (3300.728 + 2306.008) / 10499.452) | / | (1 - (3497.647 + 2053.335) / 10595.16) |
| = | 0.465997 | / | 0.476083 |
| | = | 0.9788 |
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 |
| = | 17097.33 | / | 22726.418 |
| | = | 0.7523 |
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)) |
| = | (497.14 / (497.14 + 2053.335)) | / | (558.275 / (558.275 + 2306.008)) |
| = | 0.194921 | / | 0.194909 |
| | = | 1.0001 |
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) |
| = | (3836.015 / 17097.33) | / | (3974.173 / 22726.418) |
| = | 0.224363 | / | 0.17487 |
| | = | 1.283 |
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) |
| = | ((3611.492 + 1863.437) / 10499.452) | / | ((3382.305 + 1842.779) / 10595.16) |
| = | 0.521449 | / | 0.493158 |
| | = | 1.0574 |
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 |
| = | (1540.555 - 0 | - | 2306.872) | / | 10499.452 |
| | = | -0.072986 |
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.
Builders FirstSource has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BLDR has been successfully added to your