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Beazer Homes USA Beneish M-Score

: -1.66 (As of Today)
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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 -1.66 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:

BZH' s Beneish M-Score Range Over the Past 10 Years
Min: -12.19   Med: -2.2   Max: 2.63
Current: -1.66

During the past 13 years, the highest Beneish M-Score of Beazer Homes USA was 2.63. The lowest was -12.19. And the median was -2.20.


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.

* Premium members only.

Beazer Homes USA Annual Data
Trend Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.87 -2.97 -2.14 -3.53 -2.07

Beazer Homes USA Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.36 -2.77 -2.07 -2.18 -1.66

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 * 1.4648+0.528 * 0.817+0.404 * 0.8713+0.892 * 0.9664+0.115 * 1.1166
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9961+4.679 * 0.1118-0.327 * 0.9067
=-1.66

* 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 (Mar22) TTM:Last Year (Mar21) TTM:
Accounts Receivable was $24 Mil.
Revenue was 508.506 + 454.149 + 590.943 + 570.932 = $2,125 Mil.
Gross Profit was 119.75 + 97.4 + 115.513 + 115.523 = $448 Mil.
Total Current Assets was $1,908 Mil.
Total Assets was $2,160 Mil.
Property, Plant and Equipment(Net PPE) was $34 Mil.
Depreciation, Depletion and Amortization(DDA) was $13 Mil.
Selling, General, & Admin. Expense(SGA) was $244 Mil.
Total Current Liabilities was $230 Mil.
Long-Term Debt & Capital Lease Obligation was $1,063 Mil.
Net Income was 44.672 + 34.885 + 48.361 + 37.135 = $165 Mil.
Non Operating Income was 0.139 + 0.419 + 0.402 + -0.747 = $0 Mil.
Cash Flow from Operations was 19.687 + -77.817 + -46.886 + 28.403 = $-77 Mil.
Accounts Receivable was $17 Mil.
Revenue was 549.889 + 428.539 + 686.748 + 533.112 = $2,198 Mil.
Gross Profit was 97.926 + 75.293 + 116.6 + 89.058 = $379 Mil.
Total Current Assets was $1,784 Mil.
Total Assets was $2,056 Mil.
Property, Plant and Equipment(Net PPE) was $35 Mil.
Depreciation, Depletion and Amortization(DDA) was $15 Mil.
Selling, General, & Admin. Expense(SGA) was $253 Mil.
Total Current Liabilities was $219 Mil.
Long-Term Debt & Capital Lease Obligation was $1,138 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(24.289 / 2124.53) / (17.158 / 2198.288)
=0.01143265 / 0.00780516
=1.4648

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)
=(378.877 / 2198.288) / (448.186 / 2124.53)
=0.17235094 / 0.21095772
=0.817

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 - (1908.375 + 34.469) / 2160.004) / (1 - (1783.672 + 34.708) / 2055.571)
=0.10053685 / 0.11538935
=0.8713

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
=2124.53 / 2198.288
=0.9664

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))
=(15.391 / (15.391 + 34.708)) / (13.083 / (13.083 + 34.469))
=0.30721172 / 0.27513038
=1.1166

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)
=(243.99 / 2124.53) / (253.443 / 2198.288)
=0.11484422 / 0.11529108
=0.9961

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)
=((1062.807 + 229.529) / 2160.004) / ((1137.604 + 218.794) / 2055.571)
=0.5983026 / 0.65986434
=0.9067

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
=(165.053 - 0.213 - -76.613) / 2160.004
=0.1118

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 -1.66 signals that the company is likely to be a manipulator.


Beazer Homes USA Beneish M-Score Related Terms

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Beazer Homes USA Business Description

Beazer Homes USA logo
Industry
Traded in Other Exchanges
Address
1000 Abernathy Road, Suite 260, Atlanta, GA, USA, 30328
Beazer Homes USA Inc is an American construction company that focuses on residential construction. The company specializes in single-family housing and multi-unit building construction in over 13 states and over 22 metro markets. Beazer Homes builds homes and communities that target first-time, move-up, and luxury homebuyers with an average selling price of roughly $300,000. From a geographic perspective, home sales in the western and eastern United States have been the leading sources of revenue for the company. Key metro areas include Atlanta, Las Vegas, Los Angeles, Orlando, and Tampa. The company also focuses on land purchasing and development to support future construction efforts as well as mortgage services for its homebuyers.
Executives
Salomon Robert L. officer: EVP, Chief Financial Officer 5535 LEXINGTON WOODS LANE ALPHARETTA GA 30005
Zelnak Stephen P Jr director MARTIN MARIETTA MATERIALS INC 2710 WYCLIFF ROAD RALEIGH NC 27607
Acton Elizabeth S director 5408 WALDENHILL COURT SUPERIOR TOWNSHIP MI 48198
Orser Peter M director 1000 ABERNATHY ROAD SUITE 260 ATLANTA GA 30328
Shepherd Danny R director VULCAN MATERIALS COMPANY 1200 URBAN CENTER DRIVE BIRMINGHAM AL 35242
Spitz David J director C/O CHANNELADVISOR CORPORATION 2701 AERIAL CENTER PARKWAY MORRISVILLE NC 27568
Belknap Keith L Jr officer: EVP, General Counsel 3585 ENGINEERING DRIVE SUITE 100 NORCROSS GA 30092
Provencio Norma Ann director 2150 ST. ELZEAR BLVD. WEST LAVAL A8 H7L 4A8
Merrill Allan P director, officer: Chairman, President and CEO BEAZER HOMES 1000 ABERNATHY RD, SUITE 1200 ATLANTA GA 30328
Winkle C Christian director ONE RAVINIA DRIVE STE 1500 ATLANTA GA 30346
Alpert Laurent director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: ALPERT LAURENT a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Beazer Brian C director C/O NUMEREX 1600 PARKWOOD CIRCLE #200 ATLANTA GA 30339-2119
Leemputte Peter G director CHICAGO TITLE CORP 171 N CLARK ST CHICAGO IL 80601
Khoury Kenneth F officer: Administration BEAZER HOMES 1000 ABERNATHY RD, SUITE 1200 ATLANTA GA 30328
Solari Larry T director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: SOLARI LARRY T a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}

Beazer Homes USA Headlines

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