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.
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Toll Brothers Annual Data
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Trend |
Oct14 |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-2.40 |
-2.72 |
-3.11 |
-2.22 |
-2.15 |
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Toll Brothers Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.56 |
-2.46 |
-2.78 |
-2.15 |
-2.07 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 1.4341 | + | 0.528 * 0.9124 | + | 0.404 * 1.0259 | + | 0.892 * 0.9901 | + | 0.115 * 1.0246 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.974 | + | 4.679 * 0.003396 | - | 0.327 * 0.9071 |
| = | -2.07 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $139 Mil.
Revenue was 1947.848 + 3020.147 + 2687.642 + 2506.979 = $10,163 Mil.
Gross Profit was 538.461 + 800.024 + 744.115 + 653.251 = $2,736 Mil.
Total Current Assets was $10,723 Mil.
Total Assets was $12,522 Mil.
Property, Plant and Equipment(Net PPE) was $425 Mil.
Depreciation, Depletion and Amortization(DDA) was $77 Mil.
Selling, General, & Admin. Expense(SGA) was $928 Mil.
Total Current Liabilities was $2,480 Mil.
Long-Term Debt & Capital Lease Obligation was $2,847 Mil.
Net Income was 239.558 + 445.536 + 414.789 + 320.216 = $1,420 Mil.
Non Operating Income was -7.722 + 33.404 + 29.797 + 4.878 = $60 Mil.
Cash Flow from Operations was -306.982 + 591.397 + 529.462 + 503.335 = $1,317 Mil.
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Total Receivables was $98 Mil.
Revenue was 1780.169 + 3712.134 + 2494.802 + 2277.541 = $10,265 Mil.
Gross Profit was 436.811 + 964.609 + 594.538 + 525.295 = $2,521 Mil.
Total Current Assets was $10,287 Mil.
Total Assets was $11,985 Mil.
Property, Plant and Equipment(Net PPE) was $415 Mil.
Depreciation, Depletion and Amortization(DDA) was $78 Mil.
Selling, General, & Admin. Expense(SGA) was $962 Mil.
Total Current Liabilities was $2,264 Mil.
Long-Term Debt & Capital Lease Obligation was $3,356 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) |
| = | (138.996 / 10162.616) | / | (97.89 / 10264.646) |
| = | 0.013677 | / | 0.009537 |
| | = | 1.4341 |
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) |
| = | (2521.253 / 10264.646) | / | (2735.851 / 10162.616) |
| = | 0.245625 | / | 0.269207 |
| | = | 0.9124 |
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 - (10722.51 + 424.536) / 12521.955) | / | (1 - (10287.105 + 415.108) / 11984.883) |
| = | 0.1098 | / | 0.107024 |
| | = | 1.0259 |
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 |
| = | 10162.616 | / | 10264.646 |
| | = | 0.9901 |
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)) |
| = | (77.619 / (77.619 + 415.108)) | / | (77.134 / (77.134 + 424.536)) |
| = | 0.157529 | / | 0.153754 |
| | = | 1.0246 |
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) |
| = | (927.995 / 10162.616) | / | (962.38 / 10264.646) |
| = | 0.091315 | / | 0.093757 |
| | = | 0.974 |
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) |
| = | ((2847.171 + 2479.522) / 12521.955) | / | ((3355.986 + 2264.096) / 11984.883) |
| = | 0.425388 | / | 0.468931 |
| | = | 0.9071 |
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 |
| = | (1420.099 - 60.357 | - | 1317.212) | / | 12521.955 |
| | = | 0.003396 |
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 -2.07 suggests that the company is unlikely to be a manipulator.
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