NVR Beneish M-Score Historical Data
The historical data trend for NVR'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.
NVR Beneish M-Score Chart
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NVR Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.22 |
-2.69 |
-2.48 |
-2.40 |
-1.90 |
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NVR Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.52 |
-2.58 |
-2.44 |
-1.90 |
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Competitive Comparison of NVR's Beneish M-Score
For the Residential Construction subindustry, NVR'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.
NVR's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, NVR's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NVR's Beneish M-Score falls into.
NVR 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 NVR 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 * 1.536 | + | 0.528 * 1.0448 | + | 0.404 * 1.1641 | + | 0.892 * 0.8801 | + | 0.115 * 1.1116 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2041 | + | 4.679 * 0.013209 | - | 0.327 * 0.8905 |
| = | -1.93 |
* 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 €27 Mil.
Revenue was 2235.049 + 2411.924 + 2161.807 + 2037.33 = €8,846 Mil.
Gross Profit was 572.557 + 629.587 + 566.728 + 535.542 = €2,304 Mil.
Total Current Assets was €5,496 Mil.
Total Assets was €6,054 Mil.
Property, Plant and Equipment(Net PPE) was €92 Mil.
Depreciation, Depletion and Amortization(DDA) was €16 Mil.
Selling, General, & Admin. Expense(SGA) was €631 Mil.
Total Current Liabilities was €1,121 Mil.
Long-Term Debt & Capital Lease Obligation was €930 Mil.
Net Income was 376.039 + 405.868 + 372.917 + 321.625 = €1,476 Mil.
Non Operating Income was 1.09 + 1.095 + 1.017 + 0.924 = €4 Mil.
Cash Flow from Operations was 454.562 + 616.624 + 26.473 + 294.698 = €1,392 Mil.
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Total Receivables was €20 Mil.
Revenue was 2563.67 + 2808.14 + 2517.982 + 2161.479 = €10,051 Mil.
Gross Profit was 681.596 + 694.759 + 697.191 + 662.039 = €2,736 Mil.
Total Current Assets was €4,905 Mil.
Total Assets was €5,344 Mil.
Property, Plant and Equipment(Net PPE) was €86 Mil.
Depreciation, Depletion and Amortization(DDA) was €17 Mil.
Selling, General, & Admin. Expense(SGA) was €595 Mil.
Total Current Liabilities was €1,082 Mil.
Long-Term Debt & Capital Lease Obligation was €951 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) |
| = | (26.593 / 8846.11) | / | (19.675 / 10051.271) |
| = | 0.003006 | / | 0.001957 |
| | = | 1.536 |
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) |
| = | (2735.585 / 10051.271) | / | (2304.414 / 8846.11) |
| = | 0.272163 | / | 0.2605 |
| | = | 1.0448 |
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 - (5496.227 + 91.95) / 6053.811) | / | (1 - (4905.28 + 85.575) / 5343.959) |
| = | 0.076916 | / | 0.066075 |
| | = | 1.1641 |
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 |
| = | 8846.11 | / | 10051.271 |
| | = | 0.8801 |
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)) |
| = | (16.55 / (16.55 + 85.575)) | / | (15.693 / (15.693 + 91.95)) |
| = | 0.162056 | / | 0.145787 |
| | = | 1.1116 |
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) |
| = | (630.783 / 8846.11) | / | (595.249 / 10051.271) |
| = | 0.071306 | / | 0.059221 |
| | = | 1.2041 |
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) |
| = | ((930.112 + 1121.246) / 6053.811) | / | ((951.244 + 1082.249) / 5343.959) |
| = | 0.338854 | / | 0.380522 |
| | = | 0.8905 |
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 |
| = | (1476.449 - 4.126 | - | 1392.357) | / | 6053.811 |
| | = | 0.013209 |
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.
NVR has a M-score of -1.93 suggests that the company is unlikely to be a manipulator.
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