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 |
Sep12 |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
| Beneish M-Score |
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-2.87 |
-2.97 |
-1.95 |
-3.37 |
-2.13 |
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Beazer Homes USA Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.86 |
-2.13 |
-2.20 |
-1.78 |
-1.69 |
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 * 1.1587 | + | 0.528 * 0.8107 | + | 0.404 * 0.835 | + | 0.892 * 0.9303 | + | 0.115 * 1.1634 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.026 | + | 4.679 * 0.1769 | - | 0.327 * 0.9057 |
| = | -1.69 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $35 Mil.
Revenue was 526.666 + 508.506 + 454.149 + 590.943 = $2,080 Mil.
Gross Profit was 132.465 + 119.75 + 97.4 + 115.513 = $465 Mil.
Total Current Assets was $1,976 Mil.
Total Assets was $2,218 Mil.
Property, Plant and Equipment(Net PPE) was $36 Mil.
Depreciation, Depletion and Amortization(DDA) was $13 Mil.
Selling, General, & Admin. Expense(SGA) was $243 Mil.
Total Current Liabilities was $227 Mil.
Long-Term Debt & Capital Lease Obligation was $1,061 Mil.
Net Income was 54.324 + 44.672 + 34.885 + 48.361 = $182 Mil.
Non Operating Income was 0.223 + 0.139 + 0.419 + 0.402 = $1 Mil.
Cash Flow from Operations was -106.374 + 19.687 + -77.817 + -46.886 = $-211 Mil.
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Total Receivables was $33 Mil.
Revenue was 570.932 + 549.889 + 428.539 + 686.748 = $2,236 Mil.
Gross Profit was 115.523 + 97.926 + 75.293 + 116.6 = $405 Mil.
Total Current Assets was $1,824 Mil.
Total Assets was $2,093 Mil.
Property, Plant and Equipment(Net PPE) was $35 Mil.
Depreciation, Depletion and Amortization(DDA) was $15 Mil.
Selling, General, & Admin. Expense(SGA) was $254 Mil.
Total Current Liabilities was $217 Mil.
Long-Term Debt & Capital Lease Obligation was $1,125 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) |
| = | (35.066 / 2080.264) | / | (32.53 / 2236.108) |
| = | 0.01685651 | / | 0.0145476 |
| | = | 1.1587 |
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) |
| = | (405.342 / 2236.108) | / | (465.128 / 2080.264) |
| = | 0.18127121 | / | 0.22359085 |
| | = | 0.8107 |
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 - (1975.718 + 35.612) / 2218.4) | / | (1 - (1823.625 + 35.07) / 2092.629) |
| = | 0.09334205 | / | 0.11178952 |
| | = | 0.835 |
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 |
| = | 2080.264 | / | 2236.108 |
| | = | 0.9303 |
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)) |
| = | (15.3 / (15.3 + 35.07)) | / | (12.583 / (12.583 + 35.612)) |
| = | 0.30375223 | / | 0.26108517 |
| | = | 1.1634 |
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) |
| = | (242.886 / 2080.264) | / | (254.457 / 2236.108) |
| = | 0.1167573 | / | 0.11379459 |
| | = | 1.026 |
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) |
| = | ((1061.233 + 226.789) / 2218.4) | / | ((1124.866 + 216.689) / 2092.629) |
| = | 0.58060855 | / | 0.64108593 |
| | = | 0.9057 |
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 |
| = | (182.242 - 1.183 | - | -211.39) | / | 2218.4 |
| | = | 0.1769 |
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 -1.69 signals that the company is likely to be a manipulator.
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