ABC-Mart Beneish M-Score Historical Data
The historical data trend for ABC-Mart'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.
ABC-Mart Beneish M-Score Chart
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ABC-Mart Annual Data
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Trend |
Feb15 |
Feb16 |
Feb17 |
Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
Feb24 |
| Beneish M-Score |
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-2.60 |
-2.10 |
-2.53 |
-2.01 |
-2.51 |
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ABC-Mart Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
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Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.01 |
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-2.51 |
Competitive Comparison of ABC-Mart's Beneish M-Score
For the Apparel Retail subindustry, ABC-Mart'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.
ABC-Mart's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, ABC-Mart's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ABC-Mart's Beneish M-Score falls into.
ABC-Mart 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 ABC-Mart 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 * 0.9078 | + | 0.528 * 1.0109 | + | 0.404 * 0.9592 | + | 0.892 * 1.0473 | + | 0.115 * 1.0448 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9614 | + | 4.679 * -0.02897 | - | 0.327 * 0.9263 |
| = | -2.63 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was €101 Mil.
Revenue was €2,133 Mil.
Gross Profit was €1,088 Mil.
Total Current Assets was €1,788 Mil.
Total Assets was €2,400 Mil.
Property, Plant and Equipment(Net PPE) was €434 Mil.
Depreciation, Depletion and Amortization(DDA) was €36 Mil.
Selling, General, & Admin. Expense(SGA) was €172 Mil.
Total Current Liabilities was €272 Mil.
Long-Term Debt & Capital Lease Obligation was €0 Mil.
Net Income was €248 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €317 Mil.
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Total Receivables was €106 Mil.
Revenue was €2,036 Mil.
Gross Profit was €1,050 Mil.
Total Current Assets was €1,835 Mil.
Total Assets was €2,498 Mil.
Property, Plant and Equipment(Net PPE) was €471 Mil.
Depreciation, Depletion and Amortization(DDA) was €41 Mil.
Selling, General, & Admin. Expense(SGA) was €170 Mil.
Total Current Liabilities was €306 Mil.
Long-Term Debt & Capital Lease Obligation was €0 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) |
| = | (100.758 / 2132.611) | / | (105.976 / 2036.373) |
| = | 0.047246 | / | 0.052042 |
| | = | 0.9078 |
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) |
| = | (1050.188 / 2036.373) | / | (1087.963 / 2132.611) |
| = | 0.515715 | / | 0.510155 |
| | = | 1.0109 |
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 - (1788.305 + 434.234) / 2399.896) | / | (1 - (1834.994 + 470.642) / 2498.107) |
| = | 0.073902 | / | 0.077047 |
| | = | 0.9592 |
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 |
| = | 2132.611 | / | 2036.373 |
| | = | 1.0473 |
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)) |
| = | (40.724 / (40.724 + 470.642)) | / | (35.831 / (35.831 + 434.234)) |
| = | 0.079638 | / | 0.076226 |
| | = | 1.0448 |
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) |
| = | (171.651 / 2132.611) | / | (170.483 / 2036.373) |
| = | 0.080489 | / | 0.083719 |
| | = | 0.9614 |
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) |
| = | ((0 + 272.446) / 2399.896) | / | ((0 + 306.168) / 2498.107) |
| = | 0.113524 | / | 0.12256 |
| | = | 0.9263 |
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 |
| = | (247.892 - 0 | - | 317.416) | / | 2399.896 |
| | = | -0.02897 |
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.
ABC-Mart has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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