KB Home Beneish M-Score Historical Data
The historical data trend for KB Home'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.
KB Home Beneish M-Score Chart
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KB Home Annual Data
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Trend |
Nov15 |
Nov16 |
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Nov18 |
Nov19 |
Nov20 |
Nov21 |
Nov22 |
Nov23 |
Nov24 |
| Beneish M-Score |
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-2.52 |
-1.97 |
-2.06 |
-2.67 |
-2.26 |
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KB Home Quarterly Data
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Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
May24 |
Aug24 |
Nov24 |
Feb25 |
May25 |
| Beneish M-Score |
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-2.39 |
-2.18 |
-2.26 |
-2.09 |
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Competitive Comparison of KB Home's Beneish M-Score
For the Residential Construction subindustry, KB Home'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.
KB Home's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, KB Home's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KB Home's Beneish M-Score falls into.
KB Home 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 KB Home 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 * 0.9223 | + | 0.528 * 1.025 | + | 0.404 * 1.0877 | + | 0.892 * 1.0554 | + | 0.115 * 0.8729 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.993 | + | 4.679 * 0.084923 | - | 0.327 * 1.0483 |
| = | -2.09 |
* 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 (Feb25) TTM: | Last Year (Feb24) TTM: |
Total Receivables was $348 Mil.
Revenue was 1391.777 + 1999.899 + 1752.608 + 1709.813 = $6,854 Mil.
Gross Profit was 282.824 + 421.103 + 365.437 + 366.238 = $1,436 Mil.
Total Current Assets was $6,558 Mil.
Total Assets was $6,979 Mil.
Property, Plant and Equipment(Net PPE) was $93 Mil.
Depreciation, Depletion and Amortization(DDA) was $37 Mil.
Selling, General, & Admin. Expense(SGA) was $682 Mil.
Total Current Liabilities was $1,092 Mil.
Long-Term Debt & Capital Lease Obligation was $1,792 Mil.
Net Income was 109.557 + 190.605 + 157.329 + 168.419 = $626 Mil.
Non Operating Income was 6.742 + 10.541 + 9.385 + 6.659 = $33 Mil.
Cash Flow from Operations was -334.321 + 362.641 + -89.913 + 61.476 = $-0 Mil.
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Total Receivables was $357 Mil.
Revenue was 1467.766 + 1673.988 + 1587.011 + 1765.316 = $6,494 Mil.
Gross Profit was 319.692 + 352.106 + 345.101 + 377.286 = $1,394 Mil.
Total Current Assets was $6,282 Mil.
Total Assets was $6,683 Mil.
Property, Plant and Equipment(Net PPE) was $112 Mil.
Depreciation, Depletion and Amortization(DDA) was $37 Mil.
Selling, General, & Admin. Expense(SGA) was $650 Mil.
Total Current Liabilities was $916 Mil.
Long-Term Debt & Capital Lease Obligation was $1,719 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) |
| = | (347.774 / 6854.097) | / | (357.273 / 6494.081) |
| = | 0.05074 | / | 0.055015 |
| | = | 0.9223 |
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) |
| = | (1394.185 / 6494.081) | / | (1435.602 / 6854.097) |
| = | 0.214685 | / | 0.209452 |
| | = | 1.025 |
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 - (6558.154 + 92.764) / 6979.26) | / | (1 - (6281.94 + 112.477) / 6683.492) |
| = | 0.047045 | / | 0.043252 |
| | = | 1.0877 |
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 |
| = | 6854.097 | / | 6494.081 |
| | = | 1.0554 |
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)) |
| = | (37.036 / (37.036 + 112.477)) | / | (36.752 / (36.752 + 92.764)) |
| = | 0.247711 | / | 0.283764 |
| | = | 0.8729 |
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) |
| = | (681.642 / 6854.097) | / | (650.361 / 6494.081) |
| = | 0.09945 | / | 0.100147 |
| | = | 0.993 |
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) |
| = | ((1792.307 + 1091.989) / 6979.26) | / | ((1718.785 + 916.087) / 6683.492) |
| = | 0.413267 | / | 0.394236 |
| | = | 1.0483 |
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 |
| = | (625.91 - 33.327 | - | -0.117) | / | 6979.26 |
| | = | 0.084923 |
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.
KB Home has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.
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