Installed Building Products Beneish M-Score Historical Data
The historical data trend for Installed Building Products'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.
Installed Building Products Beneish M-Score Chart
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Installed Building Products Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.65 |
-2.74 |
-2.34 |
-2.37 |
-2.72 |
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Installed Building Products 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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-2.37 |
-2.50 |
-2.64 |
-2.72 |
-2.72 |
Competitive Comparison of Installed Building Products's Beneish M-Score
For the Residential Construction subindustry, Installed Building Products'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.
Installed Building Products's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, Installed Building Products's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Installed Building Products's Beneish M-Score falls into.
Installed Building Products 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 Installed Building Products 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 * 1.024 | + | 0.528 * 0.9257 | + | 0.404 * 0.8934 | + | 0.892 * 1.0408 | + | 0.115 * 1.0211 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0927 | + | 4.679 * -0.04921 | - | 0.327 * 0.9152 |
| = | -2.72 |
* 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 $423 Mil.
Revenue was 720.726 + 706.465 + 692.1 + 659.309 = $2,779 Mil.
Gross Profit was 245.709 + 242.094 + 232.475 + 210.422 = $931 Mil.
Total Current Assets was $1,070 Mil.
Total Assets was $1,981 Mil.
Property, Plant and Equipment(Net PPE) was $215 Mil.
Depreciation, Depletion and Amortization(DDA) was $126 Mil.
Selling, General, & Admin. Expense(SGA) was $517 Mil.
Total Current Liabilities was $346 Mil.
Long-Term Debt & Capital Lease Obligation was $892 Mil.
Net Income was 64.837 + 67.992 + 61.597 + 49.274 = $244 Mil.
Non Operating Income was 0.456 + 0.205 + 0.186 + 0.153 = $1 Mil.
Cash Flow from Operations was 89.661 + 112.446 + 64.26 + 73.833 = $340 Mil.
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Total Receivables was $397 Mil.
Revenue was 686.445 + 719.114 + 676.749 + 587.492 = $2,670 Mil.
Gross Profit was 217.411 + 221.277 + 216.709 + 172.403 = $828 Mil.
Total Current Assets was $884 Mil.
Total Assets was $1,779 Mil.
Property, Plant and Equipment(Net PPE) was $195 Mil.
Depreciation, Depletion and Amortization(DDA) was $118 Mil.
Selling, General, & Admin. Expense(SGA) was $455 Mil.
Total Current Liabilities was $328 Mil.
Long-Term Debt & Capital Lease Obligation was $886 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) |
| = | (423.3 / 2778.6) | / | (397.2 / 2669.8) |
| = | 0.152343 | / | 0.148775 |
| | = | 1.024 |
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) |
| = | (827.8 / 2669.8) | / | (930.7 / 2778.6) |
| = | 0.310061 | / | 0.334953 |
| | = | 0.9257 |
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 - (1070 + 215.3) / 1981.3) | / | (1 - (884.4 + 195) / 1778.9) |
| = | 0.351285 | / | 0.393221 |
| | = | 0.8934 |
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 |
| = | 2778.6 | / | 2669.8 |
| | = | 1.0408 |
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)) |
| = | (117.7 / (117.7 + 195)) | / | (125.7 / (125.7 + 215.3)) |
| = | 0.376399 | / | 0.368622 |
| | = | 1.0211 |
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) |
| = | (517.1 / 2778.6) | / | (454.7 / 2669.8) |
| = | 0.186101 | / | 0.170312 |
| | = | 1.0927 |
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) |
| = | ((891.6 + 346.4) / 1981.3) | / | ((886.4 + 328.1) / 1778.9) |
| = | 0.624842 | / | 0.682725 |
| | = | 0.9152 |
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 |
| = | (243.7 - 1 | - | 340.2) | / | 1981.3 |
| | = | -0.04921 |
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.
Installed Building Products has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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