Opendoor Technologies Beneish M-Score Historical Data
The historical data trend for Opendoor Technologies'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.
Opendoor Technologies Beneish M-Score Chart
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Opendoor Technologies Annual Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
1.01 |
-2.51 |
-6.86 |
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Opendoor Technologies Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar22 |
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Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-3.46 |
-26.10 |
-8.88 |
-6.86 |
Competitive Comparison of Opendoor Technologies's Beneish M-Score
For the Real Estate Services subindustry, Opendoor Technologies'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.
Opendoor Technologies's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Opendoor Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Opendoor Technologies's Beneish M-Score falls into.
Opendoor Technologies 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 Opendoor Technologies 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 | + | 0.528 * 0.6111 | + | 0.404 * 1.3356 | + | 0.892 * 0.4462 | + | 0.115 * 1.078 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1471 | + | 4.679 * -0.820858 | - | 0.327 * 0.8719 |
| = | -6.86 |
* 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 $0 Mil.
Revenue was 870 + 980 + 1976 + 3120 = $6,946 Mil.
Gross Profit was 72 + 96 + 149 + 170 = $487 Mil.
Total Current Assets was $3,445 Mil.
Total Assets was $3,567 Mil.
Property, Plant and Equipment(Net PPE) was $91 Mil.
Depreciation, Depletion and Amortization(DDA) was $72 Mil.
Selling, General, & Admin. Expense(SGA) was $692 Mil.
Total Current Liabilities was $70 Mil.
Long-Term Debt & Capital Lease Obligation was $2,529 Mil.
Net Income was -91 + -106 + 23 + -101 = $-275 Mil.
Non Operating Income was 57 + 20 + 135 + 97 = $309 Mil.
Cash Flow from Operations was -542 + -216 + 940 + 2162 = $2,344 Mil.
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Total Receivables was $0 Mil.
Revenue was 2857 + 3361 + 4198 + 5151 = $15,567 Mil.
Gross Profit was 71 + -425 + 486 + 535 = $667 Mil.
Total Current Assets was $6,466 Mil.
Total Assets was $6,608 Mil.
Property, Plant and Equipment(Net PPE) was $99 Mil.
Depreciation, Depletion and Amortization(DDA) was $90 Mil.
Selling, General, & Admin. Expense(SGA) was $1,352 Mil.
Total Current Liabilities was $1,505 Mil.
Long-Term Debt & Capital Lease Obligation was $4,017 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) |
| = | (0 / 6946) | / | (0 / 15567) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (667 / 15567) | / | (487 / 6946) |
| = | 0.042847 | / | 0.070112 |
| | = | 0.6111 |
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 - (3445 + 91) / 3567) | / | (1 - (6466 + 99) / 6608) |
| = | 0.008691 | / | 0.006507 |
| | = | 1.3356 |
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 |
| = | 6946 | / | 15567 |
| | = | 0.4462 |
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)) |
| = | (90 / (90 + 99)) | / | (72 / (72 + 91)) |
| = | 0.47619 | / | 0.441718 |
| | = | 1.078 |
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) |
| = | (692 / 6946) | / | (1352 / 15567) |
| = | 0.099626 | / | 0.08685 |
| | = | 1.1471 |
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) |
| = | ((2529 + 70) / 3567) | / | ((4017 + 1505) / 6608) |
| = | 0.728623 | / | 0.835654 |
| | = | 0.8719 |
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 |
| = | (-275 - 309 | - | 2344) | / | 3567 |
| | = | -0.820858 |
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.
Opendoor Technologies has a M-score of -6.86 suggests that the company is unlikely to be a manipulator.
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