Taylor Morrison Home Beneish M-Score Historical Data
The historical data trend for Taylor Morrison 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.
Taylor Morrison Home Beneish M-Score Chart
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Taylor Morrison Home Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.28 |
-1.97 |
-2.21 |
-2.41 |
-1.96 |
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Taylor Morrison Home 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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-2.41 |
-2.19 |
-1.79 |
-1.98 |
-1.96 |
Competitive Comparison of Taylor Morrison Home's Beneish M-Score
For the Residential Construction subindustry, Taylor Morrison 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.
Taylor Morrison Home's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, Taylor Morrison Home's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Taylor Morrison Home's Beneish M-Score falls into.
Taylor Morrison 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 Taylor Morrison 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 * 1.0715 | + | 0.528 * 0.9895 | + | 0.404 * 1.0211 | + | 0.892 * 1.1011 | + | 0.115 * 0.8574 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0015 | + | 4.679 * 0.077175 | - | 0.327 * 0.948 |
| = | -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 $218 Mil.
Revenue was 2356.489 + 2120.842 + 1991.053 + 1699.752 = $8,168 Mil.
Gross Profit was 564.01 + 531.069 + 472.288 + 416.845 = $1,984 Mil.
Total Current Assets was $7,518 Mil.
Total Assets was $9,297 Mil.
Property, Plant and Equipment(Net PPE) was $600 Mil.
Depreciation, Depletion and Amortization(DDA) was $41 Mil.
Selling, General, & Admin. Expense(SGA) was $770 Mil.
Total Current Liabilities was $755 Mil.
Long-Term Debt & Capital Lease Obligation was $2,199 Mil.
Net Income was 242.453 + 251.126 + 199.46 + 190.27 = $883 Mil.
Non Operating Income was -46.529 + 4.342 + -4.249 + 2.156 = $-44 Mil.
Cash Flow from Operations was 438.249 + 135.889 + -233.322 + -130.737 = $210 Mil.
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Total Receivables was $185 Mil.
Revenue was 2019.865 + 1675.545 + 2060.564 + 1661.857 = $7,418 Mil.
Gross Profit was 492.104 + 391.718 + 499.685 + 399.566 = $1,783 Mil.
Total Current Assets was $7,021 Mil.
Total Assets was $8,672 Mil.
Property, Plant and Equipment(Net PPE) was $574 Mil.
Depreciation, Depletion and Amortization(DDA) was $33 Mil.
Selling, General, & Admin. Expense(SGA) was $699 Mil.
Total Current Liabilities was $805 Mil.
Long-Term Debt & Capital Lease Obligation was $2,102 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) |
| = | (217.703 / 8168.136) | / | (184.518 / 7417.831) |
| = | 0.026653 | / | 0.024875 |
| | = | 1.0715 |
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) |
| = | (1783.073 / 7417.831) | / | (1984.212 / 8168.136) |
| = | 0.240377 | / | 0.242921 |
| | = | 0.9895 |
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 - (7517.531 + 600.434) / 9297.131) | / | (1 - (7021.332 + 573.541) / 8672.087) |
| = | 0.126831 | / | 0.124216 |
| | = | 1.0211 |
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 |
| = | 8168.136 | / | 7417.831 |
| | = | 1.1011 |
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)) |
| = | (33.406 / (33.406 + 573.541)) | / | (41.19 / (41.19 + 600.434)) |
| = | 0.055039 | / | 0.064196 |
| | = | 0.8574 |
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) |
| = | (770.498 / 8168.136) | / | (698.707 / 7417.831) |
| = | 0.09433 | / | 0.094193 |
| | = | 1.0015 |
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) |
| = | ((2199.481 + 755.296) / 9297.131) | / | ((2102.101 + 805.099) / 8672.087) |
| = | 0.317816 | / | 0.335236 |
| | = | 0.948 |
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 |
| = | (883.309 - -44.28 | - | 210.079) | / | 9297.131 |
| | = | 0.077175 |
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.
Taylor Morrison Home has a M-score of -1.96 suggests that the company is unlikely to be a manipulator.
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