TopBuild Beneish M-Score Historical Data
The historical data trend for TopBuild'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.
TopBuild Beneish M-Score Chart
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TopBuild Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-2.70 |
-2.13 |
-2.22 |
-2.77 |
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TopBuild Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.22 |
-2.37 |
-2.48 |
-2.58 |
-2.77 |
Competitive Comparison of TopBuild's Beneish M-Score
For the Engineering & Construction subindustry, TopBuild'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.
TopBuild's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, TopBuild's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TopBuild's Beneish M-Score falls into.
TopBuild 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 TopBuild 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 * 0.9215 | + | 0.528 * 0.9614 | + | 0.404 * 0.9081 | + | 0.892 * 1.0371 | + | 0.115 * 0.959 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0138 | + | 4.679 * -0.049668 | - | 0.327 * 0.8664 |
| = | -2.77 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $799 Mil.
Revenue was 1286.074 + 1326.12 + 1317.262 + 1265.238 = $5,195 Mil.
Gross Profit was 391.116 + 420.69 + 421.8 + 370.215 = $1,604 Mil.
Total Current Assets was $2,049 Mil.
Total Assets was $5,163 Mil.
Property, Plant and Equipment(Net PPE) was $469 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $725 Mil.
Total Current Liabilities was $772 Mil.
Long-Term Debt & Capital Lease Obligation was $1,523 Mil.
Net Income was 146.384 + 167.602 + 164.4 + 135.87 = $614 Mil.
Non Operating Income was 8.73 + 6.015 + 4.605 + 1.923 = $21 Mil.
Cash Flow from Operations was 260.931 + 202.681 + 215.996 + 169.801 = $849 Mil.
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Total Receivables was $836 Mil.
Revenue was 1264.543 + 1300.998 + 1274.285 + 1168.918 = $5,009 Mil.
Gross Profit was 375.673 + 395.748 + 384.097 + 331.201 = $1,487 Mil.
Total Current Assets was $1,549 Mil.
Total Assets was $4,607 Mil.
Property, Plant and Equipment(Net PPE) was $459 Mil.
Depreciation, Depletion and Amortization(DDA) was $123 Mil.
Selling, General, & Admin. Expense(SGA) was $690 Mil.
Total Current Liabilities was $790 Mil.
Long-Term Debt & Capital Lease Obligation was $1,574 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) |
| = | (799.009 / 5194.694) | / | (836.071 / 5008.744) |
| = | 0.153813 | / | 0.166922 |
| | = | 0.9215 |
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) |
| = | (1486.719 / 5008.744) | / | (1603.821 / 5194.694) |
| = | 0.296825 | / | 0.308742 |
| | = | 0.9614 |
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 - (2049.244 + 469.116) / 5162.851) | / | (1 - (1549.041 + 459.329) / 4606.831) |
| = | 0.512215 | / | 0.564045 |
| | = | 0.9081 |
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 |
| = | 5194.694 | / | 5008.744 |
| | = | 1.0371 |
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)) |
| = | (123.335 / (123.335 + 459.329)) | / | (132.878 / (132.878 + 469.116)) |
| = | 0.211674 | / | 0.22073 |
| | = | 0.959 |
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) |
| = | (724.995 / 5194.694) | / | (689.555 / 5008.744) |
| = | 0.139565 | / | 0.13767 |
| | = | 1.0138 |
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) |
| = | ((1523.391 + 771.538) / 5162.851) | / | ((1573.873 + 789.639) / 4606.831) |
| = | 0.444508 | / | 0.513045 |
| | = | 0.8664 |
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 |
| = | (614.256 - 21.273 | - | 849.409) | / | 5162.851 |
| | = | -0.049668 |
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.
TopBuild has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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