Active Clothing Co Beneish M-Score Historical Data
The historical data trend for Active Clothing Co'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.
Active Clothing Co Beneish M-Score Chart
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Active Clothing Co Annual Data
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Mar23 |
| Beneish M-Score |
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-2.14 |
-2.44 |
-3.45 |
-2.45 |
1.55 |
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Active Clothing Co Quarterly Data
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Dec23 |
| Beneish M-Score |
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1.55 |
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Competitive Comparison of Active Clothing Co's Beneish M-Score
For the Apparel Manufacturing subindustry, Active Clothing Co'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.
Active Clothing Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Active Clothing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Active Clothing Co's Beneish M-Score falls into.
Active Clothing Co 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 Active Clothing Co 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 * 0.7004 | + | 0.528 * 0.9958 | + | 0.404 * 10.6677 | + | 0.892 * 1.7414 | + | 0.115 * 1.3506 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7072 | + | 4.679 * -0.067294 | - | 0.327 * 1.1027 |
| = | 1.55 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹476 Mil.
Revenue was ₹1,999 Mil.
Gross Profit was ₹566 Mil.
Total Current Assets was ₹1,212 Mil.
Total Assets was ₹1,782 Mil.
Property, Plant and Equipment(Net PPE) was ₹453 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹35 Mil.
Selling, General, & Admin. Expense(SGA) was ₹24 Mil.
Total Current Liabilities was ₹850 Mil.
Long-Term Debt & Capital Lease Obligation was ₹272 Mil.
Net Income was ₹23 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹143 Mil.
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Total Receivables was ₹390 Mil.
Revenue was ₹1,148 Mil.
Gross Profit was ₹324 Mil.
Total Current Assets was ₹1,133 Mil.
Total Assets was ₹1,456 Mil.
Property, Plant and Equipment(Net PPE) was ₹314 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹34 Mil.
Selling, General, & Admin. Expense(SGA) was ₹19 Mil.
Total Current Liabilities was ₹622 Mil.
Long-Term Debt & Capital Lease Obligation was ₹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) |
| = | (475.836 / 1999.093) | / | (390.15 / 1147.978) |
| = | 0.238026 | / | 0.339858 |
| | = | 0.7004 |
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) |
| = | (323.951 / 1147.978) | / | (566.491 / 1999.093) |
| = | 0.282193 | / | 0.283374 |
| | = | 0.9958 |
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 - (1211.89 + 453.167) / 1781.864) | / | (1 - (1133.077 + 313.73) / 1455.752) |
| = | 0.065553 | / | 0.006145 |
| | = | 10.6677 |
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 |
| = | 1999.093 | / | 1147.978 |
| | = | 1.7414 |
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)) |
| = | (33.96 / (33.96 + 313.73)) | / | (35.326 / (35.326 + 453.167)) |
| = | 0.097673 | / | 0.072316 |
| | = | 1.3506 |
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) |
| = | (23.819 / 1999.093) | / | (19.34 / 1147.978) |
| = | 0.011915 | / | 0.016847 |
| | = | 0.7072 |
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) |
| = | ((272.419 + 849.687) / 1781.864) | / | ((209.748 + 621.637) / 1455.752) |
| = | 0.629737 | / | 0.571103 |
| | = | 1.1027 |
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 |
| = | (22.599 - 0 | - | 142.508) | / | 1781.864 |
| | = | -0.067294 |
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.
Active Clothing Co has a M-score of 1.55 signals that the company is likely to be a manipulator.
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