Redfin Beneish M-Score Historical Data
The historical data trend for Redfin'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.
Redfin Beneish M-Score Chart
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Redfin Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.20 |
-1.77 |
2.93 |
-3.30 |
-3.41 |
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Redfin Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.64 |
-4.44 |
-4.89 |
-3.41 |
-3.09 |
Competitive Comparison of Redfin's Beneish M-Score
For the Real Estate Services subindustry, Redfin'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.
Redfin's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Redfin's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Redfin's Beneish M-Score falls into.
Redfin 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 Redfin 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 * 1.2576 | + | 0.528 * 0.8347 | + | 0.404 * 1.1651 | + | 0.892 * 0.9058 | + | 0.115 * 0.9542 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9139 | + | 4.679 * -0.15616 | - | 0.327 * 1.0524 |
| = | -3.09 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $54.8 Mil.
Revenue was 225.479 + 218.077 + 268.956 + 275.556 = $988.1 Mil.
Gross Profit was 70.812 + 73.151 + 98.34 + 100.19 = $342.5 Mil.
Total Current Assets was $378.3 Mil.
Total Assets was $1,071.1 Mil.
Property, Plant and Equipment(Net PPE) was $75.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $60.2 Mil.
Selling, General, & Admin. Expense(SGA) was $339.6 Mil.
Total Current Liabilities was $284.5 Mil.
Long-Term Debt & Capital Lease Obligation was $792.1 Mil.
Net Income was -66.774 + -22.898 + -18.972 + -27.358 = $-136.0 Mil.
Non Operating Income was 4.464 + 22.555 + 6.337 + 13.832 = $47.2 Mil.
Cash Flow from Operations was -45.98 + -34.67 + 102.543 + -37.819 = $-15.9 Mil.
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Total Receivables was $48.1 Mil.
Revenue was 214.083 + 221.935 + 305.774 + 349.049 = $1,090.8 Mil.
Gross Profit was 58.138 + 55.569 + 90.665 + 111.236 = $315.6 Mil.
Total Current Assets was $593.0 Mil.
Total Assets was $1,354.4 Mil.
Property, Plant and Equipment(Net PPE) was $91.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $67.1 Mil.
Selling, General, & Admin. Expense(SGA) was $410.2 Mil.
Total Current Liabilities was $329.2 Mil.
Long-Term Debt & Capital Lease Obligation was $964.4 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) |
| = | (54.839 / 988.068) | / | (48.142 / 1090.841) |
| = | 0.055501 | / | 0.044133 |
| | = | 1.2576 |
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) |
| = | (315.608 / 1090.841) | / | (342.493 / 988.068) |
| = | 0.289325 | / | 0.346629 |
| | = | 0.8347 |
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 - (378.291 + 75.594) / 1071.107) | / | (1 - (593.038 + 91.483) / 1354.441) |
| = | 0.576247 | / | 0.49461 |
| | = | 1.1651 |
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 |
| = | 988.068 | / | 1090.841 |
| | = | 0.9058 |
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)) |
| = | (67.107 / (67.107 + 91.483)) | / | (60.236 / (60.236 + 75.594)) |
| = | 0.423148 | / | 0.443466 |
| | = | 0.9542 |
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) |
| = | (339.562 / 988.068) | / | (410.212 / 1090.841) |
| = | 0.343663 | / | 0.376051 |
| | = | 0.9139 |
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) |
| = | ((792.062 + 284.538) / 1071.107) | / | ((964.408 + 329.195) / 1354.441) |
| = | 1.005128 | / | 0.955083 |
| | = | 1.0524 |
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 |
| = | (-136.002 - 47.188 | - | -15.926) | / | 1071.107 |
| | = | -0.15616 |
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.
Redfin has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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