PulteGroup Beneish M-Score Historical Data
The historical data trend for PulteGroup'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.
PulteGroup Beneish M-Score Chart
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PulteGroup Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.78 |
-2.63 |
-2.04 |
-1.95 |
-2.42 |
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PulteGroup 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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-2.13 |
-2.38 |
-2.48 |
-2.42 |
-3.02 |
Competitive Comparison of PulteGroup's Beneish M-Score
For the Residential Construction subindustry, PulteGroup'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.
PulteGroup's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, PulteGroup's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PulteGroup's Beneish M-Score falls into.
PulteGroup 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 PulteGroup 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 * 0 | + | 0.528 * 1.0173 | + | 0.404 * 1.1366 | + | 0.892 * 0.965 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9597 | + | 4.679 * 0.059286 | - | 0.327 * 0.911 |
| = | -3.05 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €0 Mil.
Revenue was 3633.227 + 3937.279 + 3751.31 + 3866.219 = €15,188 Mil.
Gross Profit was 1077.92 + 1145.844 + 1108.002 + 1156.63 = €4,488 Mil.
Total Current Assets was €13,311 Mil.
Total Assets was €15,177 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €76 Mil.
Selling, General, & Admin. Expense(SGA) was €1,233 Mil.
Total Current Liabilities was €2,674 Mil.
Long-Term Debt & Capital Lease Obligation was €2,292 Mil.
Net Income was 609.938 + 651.981 + 598.532 + 664.878 = €2,525 Mil.
Non Operating Income was 36.672 + -10.552 + 1.332 + 1.819 = €29 Mil.
Cash Flow from Operations was 220.604 + 264.479 + 428.922 + 682.295 = €1,596 Mil.
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Total Receivables was €393 Mil.
Revenue was 3339.649 + 4794.242 + 3934.013 + 3670.245 = €15,738 Mil.
Gross Profit was 966.045 + 1413.672 + 1198.449 + 1153.483 = €4,732 Mil.
Total Current Assets was €12,354 Mil.
Total Assets was €13,852 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €71 Mil.
Selling, General, & Admin. Expense(SGA) was €1,331 Mil.
Total Current Liabilities was €2,765 Mil.
Long-Term Debt & Capital Lease Obligation was €2,210 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 / 15188.035) | / | (392.876 / 15738.149) |
| = | 0 | / | 0.024963 |
| | = | 0 |
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) |
| = | (4731.649 / 15738.149) | / | (4488.396 / 15188.035) |
| = | 0.300648 | / | 0.295522 |
| | = | 1.0173 |
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 - (13311.46 + 0) / 15176.532) | / | (1 - (12354.396 + 0) / 13852.193) |
| = | 0.122892 | / | 0.108127 |
| | = | 1.1366 |
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 |
| = | 15188.035 | / | 15738.149 |
| | = | 0.965 |
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)) |
| = | (70.806 / (70.806 + 0)) | / | (76.473 / (76.473 + 0)) |
| = | 1 | / | 1 |
| | = | 1 |
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) |
| = | (1233.042 / 15188.035) | / | (1331.393 / 15738.149) |
| = | 0.081185 | / | 0.084597 |
| | = | 0.9597 |
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) |
| = | ((2291.894 + 2673.803) / 15176.532) | / | ((2209.922 + 2765.149) / 13852.193) |
| = | 0.327196 | / | 0.359154 |
| | = | 0.911 |
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 |
| = | (2525.329 - 29.271 | - | 1596.3) | / | 15176.532 |
| | = | 0.059286 |
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.
PulteGroup has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
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