KE Holdings Beneish M-Score Historical Data
The historical data trend for KE Holdings'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.
KE Holdings Beneish M-Score Chart
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KE Holdings Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
-2.31 |
-2.15 |
-3.55 |
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KE Holdings Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-3.35 |
-3.55 |
-3.47 |
-3.16 |
-3.03 |
Competitive Comparison of KE Holdings's Beneish M-Score
For the Real Estate Services subindustry, KE Holdings'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.
KE Holdings's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, KE Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KE Holdings's Beneish M-Score falls into.
KE Holdings 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 KE Holdings 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 * 0.7793 | + | 0.528 * 0.7277 | + | 0.404 * 0.9994 | + | 0.892 * 1.1255 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9328 | + | 4.679 * -0.06417 | - | 0.327 * 1.0928 |
| = | -3.03 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $1,202 Mil.
Revenue was 2440.525 + 2720.686 + 2942.733 + 2402.16 = $10,506 Mil.
Gross Profit was 668.82 + 746.11 + 921.476 + 587.082 = $2,923 Mil.
Total Current Assets was $9,479 Mil.
Total Assets was $16,222 Mil.
Property, Plant and Equipment(Net PPE) was $2,463 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,874 Mil.
Total Current Liabilities was $5,203 Mil.
Long-Term Debt & Capital Lease Obligation was $1,109 Mil.
Net Income was 160.36 + 182.748 + 398.619 + 54.954 = $797 Mil.
Non Operating Income was 55.622 + 16.816 + 92.356 + -54.535 = $110 Mil.
Cash Flow from Operations was 268.111 + -27.389 + 1106.943 + 379.706 = $1,727 Mil.
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Total Receivables was $1,370 Mil.
Revenue was 2506.814 + 2057.756 + 1977.74 + 2792.414 = $9,335 Mil.
Gross Profit was 678.054 + 404.536 + 349.864 + 457.705 = $1,890 Mil.
Total Current Assets was $9,564 Mil.
Total Assets was $15,384 Mil.
Property, Plant and Equipment(Net PPE) was $1,758 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $1,785 Mil.
Total Current Liabilities was $4,601 Mil.
Long-Term Debt & Capital Lease Obligation was $877 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) |
| = | (1201.786 / 10506.104) | / | (1370.116 / 9334.724) |
| = | 0.114389 | / | 0.146776 |
| | = | 0.7793 |
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) |
| = | (1890.159 / 9334.724) | / | (2923.488 / 10506.104) |
| = | 0.202487 | / | 0.278266 |
| | = | 0.7277 |
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 - (9478.617 + 2462.506) / 16221.755) | / | (1 - (9564.069 + 1758.017) / 15384.16) |
| = | 0.263882 | / | 0.264043 |
| | = | 0.9994 |
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 |
| = | 10506.104 | / | 9334.724 |
| | = | 1.1255 |
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)) |
| = | (0 / (0 + 1758.017)) | / | (0 / (0 + 2462.506)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1874.197 / 10506.104) | / | (1785.224 / 9334.724) |
| = | 0.178391 | / | 0.191246 |
| | = | 0.9328 |
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) |
| = | ((1108.796 + 5203.473) / 16221.755) | / | ((877.236 + 4600.682) / 15384.16) |
| = | 0.389124 | / | 0.356075 |
| | = | 1.0928 |
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 |
| = | (796.681 - 110.259 | - | 1727.371) | / | 16221.755 |
| | = | -0.06417 |
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.
KE Holdings has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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