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The zones of discrimination for M-Score is as such:
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.
Warning Sign:
Beneish M-Score -1.08 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Beazer Homes USA's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Beazer Homes USA was 2.64. The lowest was -3.37. And the median was -2.34.
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.
Beazer Homes USA Annual Data | |||||||||||||||||||||
Trend | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | Sep20 | Sep21 | Sep22 | Sep23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.95 | -3.37 | -2.13 | -2.12 | -2.43 |
Beazer Homes USA Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.61 | -2.77 | -2.43 | -1.29 | -1.08 |
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.
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.
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 * 2.0672 | + | 0.528 * 1.0753 | + | 0.404 * 0.9413 | + | 0.892 * 0.916 | + | 0.115 * 1.2652 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1219 | + | 4.679 * 0.097546 | - | 0.327 * 0.9616 | |||||||
= | -1.08 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $54 Mil. Revenue was 541.54 + 386.818 + 645.405 + 572.544 = $2,146 Mil. Gross Profit was 101.853 + 77.73 + 137.287 + 116.744 = $434 Mil. Total Current Assets was $2,277 Mil. Total Assets was $2,515 Mil. Property, Plant and Equipment(Net PPE) was $53 Mil. Depreciation, Depletion and Amortization(DDA) was $12 Mil. Selling, General, & Admin. Expense(SGA) was $182 Mil. Total Current Liabilities was $243 Mil. Long-Term Debt & Capital Lease Obligation was $1,041 Mil. Net Income was 39.171 + 21.728 + 55.756 + 43.817 = $160 Mil. Non Operating Income was 9.919 + 2.644 + 2.167 + 2.158 = $17 Mil. Cash Flow from Operations was -13.99 + -225.583 + 82.225 + 55.564 = $-102 Mil. |
Total Receivables was $29 Mil. Revenue was 543.908 + 444.928 + 827.667 + 526.666 = $2,343 Mil. Gross Profit was 102.896 + 85.768 + 187.892 + 132.465 = $509 Mil. Total Current Assets was $2,050 Mil. Total Assets was $2,268 Mil. Property, Plant and Equipment(Net PPE) was $41 Mil. Depreciation, Depletion and Amortization(DDA) was $13 Mil. Selling, General, & Admin. Expense(SGA) was $177 Mil. Total Current Liabilities was $202 Mil. Long-Term Debt & Capital Lease Obligation was $1,002 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) |
= | (54.472 / 2146.307) | / | (28.768 / 2343.169) | |
= | 0.025379 | / | 0.012277 | |
= | 2.0672 |
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) | |
= | (509.021 / 2343.169) | / | (433.614 / 2146.307) | |
= | 0.217236 | / | 0.202028 | |
= | 1.0753 |
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 - (2277.327 + 52.706) / 2515.41) | / | (1 - (2049.874 + 40.641) / 2268.096) | |
= | 0.073697 | / | 0.078295 | |
= | 0.9413 |
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 | |
= | 2146.307 | / | 2343.169 | |
= | 0.916 |
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)) |
= | (12.981 / (12.981 + 40.641)) | / | (12.471 / (12.471 + 52.706)) | |
= | 0.242083 | / | 0.191341 | |
= | 1.2652 |
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) |
= | (182.357 / 2146.307) | / | (177.45 / 2343.169) | |
= | 0.084963 | / | 0.075731 | |
= | 1.1219 |
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) |
= | ((1040.854 + 242.617) / 2515.41) | / | ((1001.894 + 201.652) / 2268.096) | |
= | 0.510243 | / | 0.530642 | |
= | 0.9616 |
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 | |
= | (160.472 - 16.888 | - | -101.784) | / | 2515.41 | |
= | 0.097546 |
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 -1.08 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Beazer Homes USA's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Lloyd Emerson Johnson | director | 16737 NEW PROVIDENCE LANE, CHARLOTTE NC 28277 |
Robert L. Salomon | officer: EVP, Chief Financial Officer | 5535 LEXINGTON WOODS LANE, ALPHARETTA GA 30005 |
Pei Sun | officer: VP & Chief Accounting Officer | 1000 ABERNATHY ROAD, SUITE 260, ATLANTA GA 30328 |
C Christian Winkle | director | ONE RAVINIA DRIVE, STE 1500, ATLANTA GA 30346 |
David I Goldberg | officer: SVP, Chief Financial Officer | 1000 ABERNATHY ROAD, NE, SUITE 260, ATLANTA GA 30328 |
Zelnak Stephen P Jr | director | MARTIN MARIETTA MATERIALS INC, 2710 WYCLIFF ROAD, RALEIGH NC 27607 |
David J Spitz | director | C/O CHANNELADVISOR CORPORATION, 2701 AERIAL CENTER PARKWAY, MORRISVILLE NC 27568 |
Allan P Merrill | director, officer: President and CEO | BEAZER HOMES, 1000 ABERNATHY RD, SUITE 1200, ATLANTA GA 30328 |
Danny R Shepherd | director | VULCAN MATERIALS COMPANY, 1200 URBAN CENTER DRIVE, BIRMINGHAM AL 35242 |
Belknap Keith L Jr | officer: EVP, General Counsel | 3585 ENGINEERING DRIVE, SUITE 100, NORCROSS GA 30092 |
Larry T Solari | director | |
Brian C Beazer | director | C/O NUMEREX, 1600 PARKWOOD CIRCLE #200, ATLANTA GA 30339-2119 |
Peter M Orser | director | 1000 ABERNATHY ROAD, SUITE 260, ATLANTA GA 30328 |
Elizabeth S Acton | director | 5408 WALDENHILL COURT, SUPERIOR TOWNSHIP MI 48198 |
Laurent Alpert | director |
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