Toll Brothers Beneish M-Score Historical Data
The historical data trend for Toll Brothers'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.
Toll Brothers Beneish M-Score Chart
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Toll Brothers Annual Data
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| Beneish M-Score |
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-2.72 |
-3.11 |
-2.22 |
-2.15 |
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Toll Brothers Quarterly Data
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| Beneish M-Score |
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-2.15 |
3.12 |
3.64 |
2.66 |
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Competitive Comparison of Toll Brothers's Beneish M-Score
For the Residential Construction subindustry, Toll Brothers'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.
Toll Brothers's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, Toll Brothers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Toll Brothers's Beneish M-Score falls into.
Toll Brothers 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 Toll Brothers 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 * 6.5581 | + | 0.528 * 0.9377 | + | 0.404 * 0.6755 | + | 0.892 * 0.9856 | + | 0.115 * 1.091 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.027 | + | 4.679 * 0.041425 | - | 0.327 * 1.0027 |
| = | 2.66 |
* 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 (Jul24) TTM: | Last Year (Jul23) TTM: |
Total Receivables was $578 Mil.
Revenue was 2727.944 + 2837.486 + 1947.848 + 3020.147 = $10,533 Mil.
Gross Profit was 742.004 + 861.224 + 538.461 + 800.024 = $2,942 Mil.
Total Current Assets was $11,917 Mil.
Total Assets was $13,360 Mil.
Property, Plant and Equipment(Net PPE) was $459 Mil.
Depreciation, Depletion and Amortization(DDA) was $78 Mil.
Selling, General, & Admin. Expense(SGA) was $954 Mil.
Total Current Liabilities was $3,107 Mil.
Long-Term Debt & Capital Lease Obligation was $2,822 Mil.
Net Income was 374.611 + 481.617 + 239.558 + 445.536 = $1,541 Mil.
Non Operating Income was 6.436 + 26.253 + 2.746 + 33.404 = $69 Mil.
Cash Flow from Operations was 175.612 + 459.026 + -306.982 + 591.397 = $919 Mil.
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Total Receivables was $89 Mil.
Revenue was 2687.642 + 2506.979 + 1780.169 + 3712.134 = $10,687 Mil.
Gross Profit was 744.115 + 653.251 + 436.811 + 964.609 = $2,799 Mil.
Total Current Assets was $10,592 Mil.
Total Assets was $12,354 Mil.
Property, Plant and Equipment(Net PPE) was $415 Mil.
Depreciation, Depletion and Amortization(DDA) was $78 Mil.
Selling, General, & Admin. Expense(SGA) was $942 Mil.
Total Current Liabilities was $2,493 Mil.
Long-Term Debt & Capital Lease Obligation was $2,975 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) |
| = | (577.993 / 10533.425) | / | (89.422 / 10686.924) |
| = | 0.054872 | / | 0.008367 |
| | = | 6.5581 |
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) |
| = | (2798.786 / 10686.924) | / | (2941.713 / 10533.425) |
| = | 0.261889 | / | 0.279274 |
| | = | 0.9377 |
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 - (11916.885 + 459.234) / 13359.711) | / | (1 - (10592.087 + 415.237) / 12353.674) |
| = | 0.073624 | / | 0.108984 |
| | = | 0.6755 |
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 |
| = | 10533.425 | / | 10686.924 |
| | = | 0.9856 |
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)) |
| = | (77.798 / (77.798 + 415.237)) | / | (77.652 / (77.652 + 459.234)) |
| = | 0.157794 | / | 0.144634 |
| | = | 1.091 |
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) |
| = | (953.965 / 10533.425) | / | (942.419 / 10686.924) |
| = | 0.090566 | / | 0.088184 |
| | = | 1.027 |
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) |
| = | ((2822.077 + 3106.588) / 13359.711) | / | ((2974.605 + 2492.68) / 12353.674) |
| = | 0.443772 | / | 0.442563 |
| | = | 1.0027 |
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 |
| = | (1541.322 - 68.839 | - | 919.053) | / | 13359.711 |
| | = | 0.041425 |
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.
Toll Brothers has a M-score of 2.66 signals that the company is likely to be a manipulator.
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