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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Builders FirstSource's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Builders FirstSource was -0.92. The lowest was -2.98. And the median was -2.46.
The historical data trend for Builders FirstSource'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.
Builders FirstSource Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.93 | -2.15 | -0.92 | -2.98 | -2.81 |
Builders FirstSource Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.98 | -3.52 | -3.52 | -3.15 | -2.81 |
For the Building Products & Equipment subindustry, Builders FirstSource'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.
For the Construction industry and Industrials sector, Builders FirstSource's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Builders FirstSource's Beneish M-Score falls into.
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 Builders FirstSource 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 * 1.3478 | + | 0.528 * 0.969 | + | 0.404 * 0.9788 | + | 0.892 * 0.7523 | + | 0.115 * 1.0001 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.283 | + | 4.679 * -0.072986 | - | 0.327 * 1.0574 | |||||||
= | -2.81 |
* 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 $1,893 Mil. Revenue was 4150.862 + 4534.264 + 4528.89 + 3883.314 = $17,097 Mil. Gross Profit was 1464.886 + 1581.102 + 1594.946 + 1371.4 = $6,012 Mil. Total Current Assets was $3,301 Mil. Total Assets was $10,499 Mil. Property, Plant and Equipment(Net PPE) was $2,306 Mil. Depreciation, Depletion and Amortization(DDA) was $558 Mil. Selling, General, & Admin. Expense(SGA) was $3,836 Mil. Total Current Liabilities was $1,863 Mil. Long-Term Debt & Capital Lease Obligation was $3,611 Mil. Net Income was 350.693 + 451.457 + 404.619 + 333.786 = $1,541 Mil. Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil. Cash Flow from Operations was 611.699 + 649.466 + 391.326 + 654.381 = $2,307 Mil. |
Total Receivables was $1,867 Mil. Revenue was 4357.565 + 5761.463 + 6926.259 + 5681.131 = $22,726 Mil. Gross Profit was 1485.127 + 2014.732 + 2412.147 + 1832.373 = $7,744 Mil. Total Current Assets was $3,498 Mil. Total Assets was $10,595 Mil. Property, Plant and Equipment(Net PPE) was $2,053 Mil. Depreciation, Depletion and Amortization(DDA) was $497 Mil. Selling, General, & Admin. Expense(SGA) was $3,974 Mil. Total Current Liabilities was $1,843 Mil. Long-Term Debt & Capital Lease Obligation was $3,382 Mil. |
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) |
= | (1892.904 / 17097.33) | / | (1866.805 / 22726.418) | |
= | 0.110713 | / | 0.082143 | |
= | 1.3478 |
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) | |
= | (7744.379 / 22726.418) | / | (6012.334 / 17097.33) | |
= | 0.340765 | / | 0.351653 | |
= | 0.969 |
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 - (3300.728 + 2306.008) / 10499.452) | / | (1 - (3497.647 + 2053.335) / 10595.16) | |
= | 0.465997 | / | 0.476083 | |
= | 0.9788 |
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 | |
= | 17097.33 | / | 22726.418 | |
= | 0.7523 |
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)) |
= | (497.14 / (497.14 + 2053.335)) | / | (558.275 / (558.275 + 2306.008)) | |
= | 0.194921 | / | 0.194909 | |
= | 1.0001 |
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) |
= | (3836.015 / 17097.33) | / | (3974.173 / 22726.418) | |
= | 0.224363 | / | 0.17487 | |
= | 1.283 |
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) |
= | ((3611.492 + 1863.437) / 10499.452) | / | ((3382.305 + 1842.779) / 10595.16) | |
= | 0.521449 | / | 0.493158 | |
= | 1.0574 |
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 | |
= | (1540.555 - 0 | - | 2306.872) | / | 10499.452 | |
= | -0.072986 |
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.
Builders FirstSource has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Builders FirstSource's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Michael Alan Farmer | officer: President - Commercial Ops | C/O BMC STOCK HOLDINGS, INC., 4800 FALLS OF NEUSE RD, SUITE 400, RALEIGH NC 27609 |
Michael Hiller | officer: President - Central Division | 2001 BRYAN ST STE 1600, DALLAS TX 75201 |
Timothy D Johnson | officer: EVP & General Counsel | 5020 WESTON PARKWAY, SUITE 400, CARY NC 27513 |
Jami Lynn Coulter | officer: Principal Accounting Officer | 2001 BRYAN ST., SUITE 1600, DALLAS TX 75201 |
Paul M Mccrobie | officer: President - East Division | 2001 BRYAN STREET, SUITE 1600, DALLAS TX 75201 |
Dirkson R Charles | director | 50 MAIN STREET, 4TH FLOOR, WHITE PLAINS NY 10606 |
Floyd F Sherman | director, officer: President & CEO | BUILDERS FIRSTSOURCE INC., 2001 BRYAN STREET, SUITE 1600, DALLAS TX 75201 |
Amy B Messersmith | officer: Chief People Officer | 2001 BRYAN ST STE 1600, DALLAS TX 75201 |
James Oleary | director | |
David W Bullock | director | C/O GRAHAM PACKAGING HOLDINGS COMPANY, 2401 PLEASANT VALLEY ROAD, YORK PA 17402 |
Mark A Alexander | director | C/O W. P. CAREY INC., 395 9TH AVENUE, 58TH FLOOR, NEW YORK, NEW YORK NY 10001 |
David E Flitman | director, officer: President | C/O NALCO COMPANY, 1601 WEST DIEHL ROAD, NAPERVILLE IL 60563 |
Boydston Cory Jacobs | director | C/O BMC STOCK HOLDINGS, INC., 4800 FALLS OF NEUSE RD, SUITE 400, RALEIGH NC 27617 |
Stephen J Herron | officer: President - East Division | 2001 BRYAN ST STE 1600, DALLAS TX 75201 |
David E Rush | officer: SVP - COO - East | 2001 BRYAN ST., SUITE 1600, DALLAS TX 75201 |
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