M/I Homes Beneish M-Score Historical Data
The historical data trend for M/I Homes'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.
M/I Homes Beneish M-Score Chart
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M/I Homes Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.19 |
-2.18 |
-1.65 |
-1.92 |
-2.62 |
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M/I Homes Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.38 |
-2.62 |
-2.62 |
-2.48 |
-2.27 |
Competitive Comparison of M/I Homes's Beneish M-Score
For the Residential Construction subindustry, M/I Homes'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.
M/I Homes's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, M/I Homes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where M/I Homes's Beneish M-Score falls into.
M/I Homes 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 M/I Homes 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 * 0.9138 | + | 0.404 * 0.9783 | + | 0.892 * 0.9837 | + | 0.115 * 1.001 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0992 | + | 4.679 * 0.057921 | - | 0.327 * 0.921 |
| = | -2.27 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $0 Mil.
Revenue was 1109.781 + 1046.703 + 972.588 + 1046.371 = $4,175 Mil.
Gross Profit was 309.28 + 283.343 + 244.386 + 281.733 = $1,119 Mil.
Total Current Assets was $4,003 Mil.
Total Assets was $4,340 Mil.
Property, Plant and Equipment(Net PPE) was $93 Mil.
Depreciation, Depletion and Amortization(DDA) was $15 Mil.
Selling, General, & Admin. Expense(SGA) was $457 Mil.
Total Current Liabilities was $372 Mil.
Long-Term Debt & Capital Lease Obligation was $975 Mil.
Net Income was 146.746 + 138.061 + 105.282 + 139.016 = $529 Mil.
Non Operating Income was 0 + 0 + -0.001 + -0.001 = $-0 Mil.
Cash Flow from Operations was 27.511 + 115.772 + 54.901 + 79.541 = $278 Mil.
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Total Receivables was $0 Mil.
Revenue was 1014.013 + 1000.53 + 1217 + 1012.928 = $4,244 Mil.
Gross Profit was 258.184 + 234.626 + 274.531 + 271.915 = $1,039 Mil.
Total Current Assets was $3,546 Mil.
Total Assets was $3,862 Mil.
Property, Plant and Equipment(Net PPE) was $94 Mil.
Depreciation, Depletion and Amortization(DDA) was $15 Mil.
Selling, General, & Admin. Expense(SGA) was $422 Mil.
Total Current Liabilities was $363 Mil.
Long-Term Debt & Capital Lease Obligation was $939 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 / 4175.443) | / | (0 / 4244.471) |
| = | 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) |
| = | (1039.256 / 4244.471) | / | (1118.742 / 4175.443) |
| = | 0.244849 | / | 0.267934 |
| | = | 0.9138 |
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 - (4003.176 + 93.135) / 4340.07) | / | (1 - (3546.146 + 93.899) / 3861.749) |
| = | 0.056165 | / | 0.05741 |
| | = | 0.9783 |
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 |
| = | 4175.443 | / | 4244.471 |
| | = | 0.9837 |
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)) |
| = | (14.755 / (14.755 + 93.899)) | / | (14.618 / (14.618 + 93.135)) |
| = | 0.135798 | / | 0.135662 |
| | = | 1.001 |
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) |
| = | (456.655 / 4175.443) | / | (422.33 / 4244.471) |
| = | 0.109367 | / | 0.099501 |
| | = | 1.0992 |
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) |
| = | ((975.218 + 372.118) / 4340.07) | / | ((938.962 + 362.747) / 3861.749) |
| = | 0.310441 | / | 0.337078 |
| | = | 0.921 |
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 |
| = | (529.105 - -0.002 | - | 277.725) | / | 4340.07 |
| | = | 0.057921 |
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.
M/I Homes has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
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