PulteGroup Beneish M-Score Historical Data
The historical data trend for PulteGroup'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.
PulteGroup Beneish M-Score Chart
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PulteGroup Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.63 |
-2.04 |
-1.95 |
-2.42 |
-1.96 |
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PulteGroup Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.42 |
-3.02 |
-2.87 |
-2.86 |
-1.96 |
Competitive Comparison of PulteGroup's Beneish M-Score
For the Residential Construction subindustry, PulteGroup'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.
PulteGroup's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, PulteGroup's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PulteGroup's Beneish M-Score falls into.
PulteGroup 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 PulteGroup 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 * 0.9856 | + | 0.528 * 1.01 | + | 0.404 * 0.9708 | + | 0.892 * 1.1174 | + | 0.115 * 1.0412 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9008 | + | 4.679 * 0.077488 | - | 0.327 * 0.8453 |
| = | -1.96 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $260 Mil.
Revenue was 4921.794 + 4476.342 + 4599.655 + 3949.16 = $17,947 Mil.
Gross Profit was 1354.703 + 1300.883 + 1393.966 + 1171.652 = $5,221 Mil.
Total Current Assets was $16,578 Mil.
Total Assets was $17,364 Mil.
Property, Plant and Equipment(Net PPE) was $347 Mil.
Depreciation, Depletion and Amortization(DDA) was $89 Mil.
Selling, General, & Admin. Expense(SGA) was $1,321 Mil.
Total Current Liabilities was $1,496 Mil.
Long-Term Debt & Capital Lease Obligation was $2,255 Mil.
Net Income was 913.239 + 697.914 + 809.133 + 662.976 = $3,083 Mil.
Non Operating Income was 15.071 + 1.08 + 0.965 + 39.861 = $57 Mil.
Cash Flow from Operations was 567.61 + 455.92 + 417.477 + 239.787 = $1,681 Mil.
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Total Receivables was $236 Mil.
Revenue was 4293.652 + 4003.533 + 4188.753 + 3575.641 = $16,062 Mil.
Gross Profit was 1249.557 + 1182.499 + 1253.12 + 1034.309 = $4,719 Mil.
Total Current Assets was $15,370 Mil.
Total Assets was $16,087 Mil.
Property, Plant and Equipment(Net PPE) was $299 Mil.
Depreciation, Depletion and Amortization(DDA) was $81 Mil.
Selling, General, & Admin. Expense(SGA) was $1,313 Mil.
Total Current Liabilities was $1,557 Mil.
Long-Term Debt & Capital Lease Obligation was $2,553 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) |
| = | (260.041 / 17946.951) | / | (236.127 / 16061.579) |
| = | 0.014489 | / | 0.014701 |
| | = | 0.9856 |
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) |
| = | (4719.485 / 16061.579) | / | (5221.204 / 17946.951) |
| = | 0.293837 | / | 0.290924 |
| | = | 1.01 |
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 - (16578.401 + 346.992) / 17363.763) | / | (1 - (15369.813 + 298.888) / 16087.05) |
| = | 0.025246 | / | 0.026005 |
| | = | 0.9708 |
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 |
| = | 17946.951 | / | 16061.579 |
| | = | 1.1174 |
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)) |
| = | (80.824 / (80.824 + 298.888)) | / | (89.162 / (89.162 + 346.992)) |
| = | 0.212856 | / | 0.204428 |
| | = | 1.0412 |
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) |
| = | (1321.275 / 17946.951) | / | (1312.641 / 16061.579) |
| = | 0.073621 | / | 0.081726 |
| | = | 0.9008 |
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) |
| = | ((2254.513 + 1495.979) / 17363.763) | / | ((2553.399 + 1557.374) / 16087.05) |
| = | 0.215995 | / | 0.255533 |
| | = | 0.8453 |
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 |
| = | (3083.262 - 56.977 | - | 1680.794) | / | 17363.763 |
| | = | 0.077488 |
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.
PulteGroup has a M-score of -1.96 suggests that the company is unlikely to be a manipulator.
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