Installed Building Products Beneish M-Score Historical Data
The historical data trend for Installed Building Products'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.
Installed Building Products Beneish M-Score Chart
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Installed Building Products Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.74 |
-2.34 |
-2.37 |
-2.72 |
-2.62 |
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Installed Building Products Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.73 |
-2.75 |
-2.69 |
-2.62 |
-2.69 |
Competitive Comparison of Installed Building Products's Beneish M-Score
For the Residential Construction subindustry, Installed Building Products'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.
Installed Building Products's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, Installed Building Products's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Installed Building Products's Beneish M-Score falls into.
Installed Building Products 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 Installed Building Products 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 * 0.945 | + | 0.528 * 1.0124 | + | 0.404 * 1.0492 | + | 0.892 * 1.043 | + | 0.115 * 1.0734 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0339 | + | 4.679 * -0.048267 | - | 0.327 * 1.0101 |
| = | -2.69 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $419 Mil.
Revenue was 684.8 + 750.2 + 760.6 + 737.6 = $2,933 Mil.
Gross Profit was 223.7 + 251.8 + 256.8 + 251.4 = $984 Mil.
Total Current Assets was $995 Mil.
Total Assets was $1,999 Mil.
Property, Plant and Equipment(Net PPE) was $273 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General, & Admin. Expense(SGA) was $573 Mil.
Total Current Liabilities was $345 Mil.
Long-Term Debt & Capital Lease Obligation was $906 Mil.
Net Income was 45.4 + 66.9 + 68.6 + 65.2 = $246 Mil.
Non Operating Income was -0.2 + 0 + 0.3 + -4.8 = $-5 Mil.
Cash Flow from Operations was 92.1 + 74.8 + 101.4 + 79 = $347 Mil.
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Total Receivables was $426 Mil.
Revenue was 692.9 + 720.7 + 706.5 + 692.1 = $2,812 Mil.
Gross Profit was 234.5 + 245.7 + 242.1 + 232.5 = $955 Mil.
Total Current Assets was $1,079 Mil.
Total Assets was $2,003 Mil.
Property, Plant and Equipment(Net PPE) was $226 Mil.
Depreciation, Depletion and Amortization(DDA) was $127 Mil.
Selling, General, & Admin. Expense(SGA) was $531 Mil.
Total Current Liabilities was $340 Mil.
Long-Term Debt & Capital Lease Obligation was $901 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) |
| = | (419.4 / 2933.2) | / | (425.5 / 2812.2) |
| = | 0.142984 | / | 0.151305 |
| | = | 0.945 |
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) |
| = | (954.8 / 2812.2) | / | (983.7 / 2933.2) |
| = | 0.339521 | / | 0.335368 |
| | = | 1.0124 |
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 - (994.7 + 273.3) / 1999.3) | / | (1 - (1079.2 + 225.6) / 2003.2) |
| = | 0.365778 | / | 0.348642 |
| | = | 1.0492 |
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 |
| = | 2933.2 | / | 2812.2 |
| | = | 1.043 |
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)) |
| = | (126.6 / (126.6 + 225.6)) | / | (137.6 / (137.6 + 273.3)) |
| = | 0.359455 | / | 0.334875 |
| | = | 1.0734 |
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) |
| = | (572.5 / 2933.2) | / | (530.9 / 2812.2) |
| = | 0.195179 | / | 0.188785 |
| | = | 1.0339 |
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) |
| = | ((906.4 + 344.7) / 1999.3) | / | ((901.3 + 339.7) / 2003.2) |
| = | 0.625769 | / | 0.619509 |
| | = | 1.0101 |
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 |
| = | (246.1 - -4.7 | - | 347.3) | / | 1999.3 |
| | = | -0.048267 |
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.
Installed Building Products has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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