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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -3.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Columbia Sportswear Co's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Columbia Sportswear Co was -1.75. The lowest was -3.38. And the median was -2.53.
The historical data trend for Columbia Sportswear 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.
Columbia Sportswear Co Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.53 | -2.79 | -2.40 | -1.84 | -3.27 |
Columbia Sportswear Co Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -1.97 | -1.96 | -2.35 | -3.27 | -3.38 |
For the Apparel Manufacturing subindustry, Columbia Sportswear 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.
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Columbia Sportswear Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Columbia Sportswear Co's Beneish M-Score falls into.
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 Columbia Sportswear 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 * 0.8048 | + | 0.528 * 0.9823 | + | 0.404 * 0.9657 | + | 0.892 * 0.9754 | + | 0.115 * 0.8573 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0748 | + | 4.679 * -0.142715 | - | 0.327 * 0.9444 | |||||||
= | -3.38 |
* 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 $366 Mil. Revenue was 769.982 + 1059.994 + 985.683 + 620.933 = $3,437 Mil. Gross Profit was 389.559 + 536.19 + 480.197 + 314.045 = $1,720 Mil. Total Current Assets was $1,846 Mil. Total Assets was $2,762 Mil. Property, Plant and Equipment(Net PPE) was $639 Mil. Depreciation, Depletion and Amortization(DDA) was $128 Mil. Selling, General, & Admin. Expense(SGA) was $1,418 Mil. Total Current Liabilities was $447 Mil. Long-Term Debt & Capital Lease Obligation was $340 Mil. Net Income was 42.3 + 93.34 + 103.508 + 8.35 = $247 Mil. Non Operating Income was 0.271 + -23.133 + -0.311 + -0.185 = $-23 Mil. Cash Flow from Operations was 106.773 + 614.123 + 12.466 + -68.294 = $665 Mil. |
Total Receivables was $467 Mil. Revenue was 820.593 + 1169.52 + 955.059 + 578.063 = $3,523 Mil. Gross Profit was 399.5 + 589.976 + 458.495 + 284.16 = $1,732 Mil. Total Current Assets was $1,987 Mil. Total Assets was $2,889 Mil. Property, Plant and Equipment(Net PPE) was $602 Mil. Depreciation, Depletion and Amortization(DDA) was $101 Mil. Selling, General, & Admin. Expense(SGA) was $1,353 Mil. Total Current Liabilities was $569 Mil. Long-Term Debt & Capital Lease Obligation was $304 Mil. |
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) |
= | (366.375 / 3436.592) | / | (466.69 / 3523.235) | |
= | 0.10661 | / | 0.132461 | |
= | 0.8048 |
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) | |
= | (1732.131 / 3523.235) | / | (1719.991 / 3436.592) | |
= | 0.491631 | / | 0.500493 | |
= | 0.9823 |
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 - (1846.218 + 639.05) / 2762.231) | / | (1 - (1987.364 + 601.649) / 2888.974) | |
= | 0.100268 | / | 0.10383 | |
= | 0.9657 |
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 | |
= | 3436.592 | / | 3523.235 | |
= | 0.9754 |
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)) |
= | (100.656 / (100.656 + 601.649)) | / | (128.288 / (128.288 + 639.05)) | |
= | 0.143322 | / | 0.167186 | |
= | 0.8573 |
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) |
= | (1418.185 / 3436.592) | / | (1352.706 / 3523.235) | |
= | 0.412672 | / | 0.383939 | |
= | 1.0748 |
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) |
= | ((340.31 + 447.306) / 2762.231) | / | ((303.571 + 568.685) / 2888.974) | |
= | 0.285138 | / | 0.301926 | |
= | 0.9444 |
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 | |
= | (247.498 - -23.358 | - | 665.068) | / | 2762.231 | |
= | -0.142715 |
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.
Columbia Sportswear Co has a M-score of -3.38 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Columbia Sportswear Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Ronald E. Nelson | director | 14375 NW SCIENCE PARK DR., PORTLAND OR 97229 |
Sabrina Simmons | director | GAP INC., 2 FOLSOM STREET, SAN FRANCISCO CA 94105 |
Richelle T Luther | officer: EVP, CORP AFFAIRS & CHRO | 220 NW SECOND AVE, PORTLAND OR 97209 |
Joseph P Boyle | officer: EVP Columbia Brand President | 14375 NW SCIENCE PARK DR., PORTLAND OR 97229 |
Tim Sheerin | officer: SVP Global Wholesale | 14375 NW SCIENCE PARK DR., PORTLAND OR 97229 |
Craig Zanon | officer: SVP Emerging Brands | 14375 NW SCIENCE PARK DR., PORTLAND OR 97229 |
Steven M. Potter | officer: EVP, CDIO | 14375 NW SCIENCE PARK DR., PORTLAND OR 97229 |
Timothy P Boyle | director, 10 percent owner, officer: Chairman, President, CEO | 14375 NW SCIENCE PARK DRIVE, PORTLAND OR 97229 |
Jim A Swanson | officer: EVP & CFO | 14375 NW SCIENCE PARK DR, PORTLAND OR 97229 |
Peter J Bragdon | officer: EVP, CAO, Gen. Counsel | 14375 NW SCIENCE PARK DRIVE, PORTLAND OR 97229 |
Lisa Kulok | officer: EVP Chief Supply Chain Officer | 14375 NW SCIENCE PARK DR., PORTLAND OR 97229 |
Christiana Smith Shi | director | 500 WESTRIDGE DRIVE, WATSONVILLE CA 95076 |
Andy D Bryant | director | INTEL CORPORATION- ATTN: GENERAL COUNCEL, 2200 MISSION COLLEDGE BOULEVARD, SANTA CLARA CA 95052 |
John Culver | director | 2401 UTAH AVE. S. SUITE 800, SEATTLE WA 98134 |
Stephen E Babson | director | 14375 NW SCIENCE PARK DR, PORTLAND OR 97229 |
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