Levi Strauss Beneish M-Score Historical Data
The historical data trend for Levi Strauss'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.
Levi Strauss Beneish M-Score Chart
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Levi Strauss Annual Data
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Trend |
Nov14 |
Nov15 |
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Nov19 |
Nov20 |
Nov21 |
Nov22 |
Nov23 |
| Beneish M-Score |
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-2.04 |
-3.22 |
-2.14 |
-2.24 |
-2.41 |
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Levi Strauss Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
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Feb23 |
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Feb24 |
| Beneish M-Score |
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-1.87 |
-2.31 |
-2.24 |
-2.41 |
-3.02 |
Competitive Comparison of Levi Strauss's Beneish M-Score
For the Apparel Manufacturing subindustry, Levi Strauss'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.
Levi Strauss's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Levi Strauss's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Levi Strauss's Beneish M-Score falls into.
Levi Strauss 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 Levi Strauss 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 * 0.8917 | + | 0.528 * 0.9839 | + | 0.404 * 1.0432 | + | 0.892 * 0.9652 | + | 0.115 * 1.0049 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0779 | + | 4.679 * -0.086102 | - | 0.327 * 1.0039 |
| = | -3.02 |
* 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 $662 Mil.
Revenue was 1557.6 + 1642.3 + 1511 + 1336.8 = $6,048 Mil.
Gross Profit was 906.5 + 949.7 + 839.5 + 784.2 = $3,480 Mil.
Total Current Assets was $2,525 Mil.
Total Assets was $5,962 Mil.
Property, Plant and Equipment(Net PPE) was $1,695 Mil.
Depreciation, Depletion and Amortization(DDA) was $170 Mil.
Selling, General, & Admin. Expense(SGA) was $3,077 Mil.
Total Current Liabilities was $1,770 Mil.
Long-Term Debt & Capital Lease Obligation was $1,904 Mil.
Net Income was -10.6 + 126.9 + 9.6 + -1.6 = $124 Mil.
Non Operating Income was -118.5 + -24.4 + -97.9 + -3.9 = $-245 Mil.
Cash Flow from Operations was 286 + 258.9 + 51.2 + 286.2 = $882 Mil.
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Total Receivables was $769 Mil.
Revenue was 1688.9 + 1588.7 + 1517.2 + 1471.1 = $6,266 Mil.
Gross Profit was 942.3 + 887.3 + 862.9 + 855 = $3,548 Mil.
Total Current Assets was $2,649 Mil.
Total Assets was $5,874 Mil.
Property, Plant and Equipment(Net PPE) was $1,580 Mil.
Depreciation, Depletion and Amortization(DDA) was $160 Mil.
Selling, General, & Admin. Expense(SGA) was $2,957 Mil.
Total Current Liabilities was $1,774 Mil.
Long-Term Debt & Capital Lease Obligation was $1,832 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) |
| = | (661.6 / 6047.7) | / | (768.7 / 6265.9) |
| = | 0.109397 | / | 0.12268 |
| | = | 0.8917 |
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) |
| = | (3547.5 / 6265.9) | / | (3479.9 / 6047.7) |
| = | 0.56616 | / | 0.575409 |
| | = | 0.9839 |
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 - (2524.8 + 1695.3) / 5961.5) | / | (1 - (2648.9 + 1580.2) / 5873.9) |
| = | 0.292108 | / | 0.280018 |
| | = | 1.0432 |
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 |
| = | 6047.7 | / | 6265.9 |
| | = | 0.9652 |
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)) |
| = | (159.6 / (159.6 + 1580.2)) | / | (170.3 / (170.3 + 1695.3)) |
| = | 0.091735 | / | 0.091284 |
| | = | 1.0049 |
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) |
| = | (3076.7 / 6047.7) | / | (2957.3 / 6265.9) |
| = | 0.508739 | / | 0.471967 |
| | = | 1.0779 |
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) |
| = | ((1903.8 + 1770.4) / 5961.5) | / | ((1831.8 + 1774.2) / 5873.9) |
| = | 0.616321 | / | 0.613902 |
| | = | 1.0039 |
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 |
| = | (124.3 - -244.7 | - | 882.3) | / | 5961.5 |
| | = | -0.086102 |
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.
Levi Strauss has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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