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.
eXp World Holdings Beneish M-Score Chart
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eXp World Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.05 |
-3.03 |
-4.81 |
-5.21 |
-4.65 |
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eXp World Holdings Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-4.98 |
-4.51 |
-4.96 |
-4.65 |
-4.28 |
Competitive Comparison of eXp World Holdings's Beneish M-Score
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's Beneish M-Score Distribution in the Real Estate Industry
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 * 0.9423 | + | 0.528 * 1.0064 | + | 0.404 * 1.0523 | + | 0.892 * 1.0483 | + | 0.115 * 1.012 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9548 | + | 4.679 * -0.384781 | - | 0.327 * 1.0728 |
| = | -4.28 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $104 Mil.
Revenue was 954.906 + 1098.187 + 1231.187 + 1295.244 = $4,580 Mil.
Gross Profit was 76.135 + 78.859 + 87.652 + 97.576 = $340 Mil.
Total Current Assets was $301 Mil.
Total Assets was $436 Mil.
Property, Plant and Equipment(Net PPE) was $12 Mil.
Depreciation, Depletion and Amortization(DDA) was $10 Mil.
Selling, General, & Admin. Expense(SGA) was $268 Mil.
Total Current Liabilities was $224 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was -11.024 + -9.505 + -8.506 + 12.383 = $-17 Mil.
Non Operating Income was 1.023 + -4.587 + -17.48 + 1.375 = $-20 Mil.
Cash Flow from Operations was 39.838 + 13.714 + 45.999 + 71.147 = $171 Mil.
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Total Receivables was $105 Mil.
Revenue was 943.054 + 981.459 + 1212.793 + 1231.116 = $4,368 Mil.
Gross Profit was 78.308 + 70.085 + 82.723 + 95.501 = $327 Mil.
Total Current Assets was $300 Mil.
Total Assets was $427 Mil.
Property, Plant and Equipment(Net PPE) was $12 Mil.
Depreciation, Depletion and Amortization(DDA) was $11 Mil.
Selling, General, & Admin. Expense(SGA) was $268 Mil.
Total Current Liabilities was $204 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (104.045 / 4579.524) | / | (105.325 / 4368.422) |
| = | 0.02272 | / | 0.024111 |
| | = | 0.9423 |
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) |
| = | (326.617 / 4368.422) | / | (340.222 / 4579.524) |
| = | 0.074768 | / | 0.074292 |
| | = | 1.0064 |
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 - (300.924 + 12.209) / 435.783) | / | (1 - (300.377 + 12.238) / 426.749) |
| = | 0.281447 | / | 0.26745 |
| | = | 1.0523 |
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 |
| = | 4579.524 | / | 4368.422 |
| | = | 1.0483 |
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)) |
| = | (10.712 / (10.712 + 12.238)) | / | (10.451 / (10.451 + 12.209)) |
| = | 0.466754 | / | 0.461209 |
| | = | 1.012 |
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) |
| = | (268.262 / 4579.524) | / | (268.024 / 4368.422) |
| = | 0.058579 | / | 0.061355 |
| | = | 0.9548 |
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 + 223.803) / 435.783) | / | ((0 + 204.292) / 426.749) |
| = | 0.513565 | / | 0.478717 |
| | = | 1.0728 |
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 |
| = | (-16.652 - -19.669 | - | 170.698) | / | 435.783 |
| | = | -0.384781 |
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 -4.28 suggests that the company is unlikely to be a manipulator.
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