Carter's Beneish M-Score Historical Data
The historical data trend for Carter's'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.
Carter's Beneish M-Score Chart
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Carter's Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.74 |
-3.50 |
-2.20 |
-2.06 |
-3.15 |
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Carter's Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.06 |
-2.56 |
-3.05 |
-3.10 |
-3.15 |
Competitive Comparison of Carter's's Beneish M-Score
For the Apparel Retail subindustry, Carter's'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.
Carter's's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Carter's's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carter's's Beneish M-Score falls into.
Carter's 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 Carter's 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 * 1.0093 | + | 0.528 * 0.967 | + | 0.404 * 1.0203 | + | 0.892 * 0.9168 | + | 0.115 * 1.0562 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0749 | + | 4.679 * -0.128086 | - | 0.327 * 0.9542 |
| = | -3.15 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $184 Mil.
Revenue was 857.864 + 791.651 + 600.199 + 695.88 = $2,946 Mil.
Gross Profit was 418.175 + 376.397 + 291.896 + 309.467 = $1,396 Mil.
Total Current Assets was $1,101 Mil.
Total Assets was $2,379 Mil.
Property, Plant and Equipment(Net PPE) was $712 Mil.
Depreciation, Depletion and Amortization(DDA) was $64 Mil.
Selling, General, & Admin. Expense(SGA) was $1,094 Mil.
Total Current Liabilities was $512 Mil.
Long-Term Debt & Capital Lease Obligation was $946 Mil.
Net Income was 106.51 + 66.127 + 23.867 + 35.996 = $233 Mil.
Non Operating Income was 7.516 + -0.507 + 0.767 + 0.258 = $8 Mil.
Cash Flow from Operations was 323.342 + -3.452 + 167.045 + 42.197 = $529 Mil.
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Total Receivables was $199 Mil.
Revenue was 912.13 + 818.624 + 700.695 + 781.284 = $3,213 Mil.
Gross Profit was 415.549 + 370.528 + 331.239 + 355.042 = $1,472 Mil.
Total Current Assets was $1,189 Mil.
Total Assets was $2,440 Mil.
Property, Plant and Equipment(Net PPE) was $682 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General, & Admin. Expense(SGA) was $1,110 Mil.
Total Current Liabilities was $529 Mil.
Long-Term Debt & Capital Lease Obligation was $1,038 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) |
| = | (183.774 / 2945.594) | / | (198.587 / 3212.733) |
| = | 0.062389 | / | 0.061812 |
| | = | 1.0093 |
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) |
| = | (1472.358 / 3212.733) | / | (1395.935 / 2945.594) |
| = | 0.458288 | / | 0.473906 |
| | = | 0.967 |
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 - (1101.243 + 711.518) / 2378.613) | / | (1 - (1188.72 + 682.157) / 2439.715) |
| = | 0.237892 | / | 0.233158 |
| | = | 1.0203 |
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 |
| = | 2945.594 | / | 3212.733 |
| | = | 0.9168 |
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)) |
| = | (65.276 / (65.276 + 682.157)) | / | (64.139 / (64.139 + 711.518)) |
| = | 0.087334 | / | 0.08269 |
| | = | 1.0562 |
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) |
| = | (1093.94 / 2945.594) | / | (1110.008 / 3212.733) |
| = | 0.371382 | / | 0.345503 |
| | = | 1.0749 |
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) |
| = | ((946.164 + 511.862) / 2378.613) | / | ((1038.365 + 528.949) / 2439.715) |
| = | 0.612973 | / | 0.642417 |
| | = | 0.9542 |
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 |
| = | (232.5 - 8.034 | - | 529.132) | / | 2378.613 |
| | = | -0.128086 |
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.
Carter's has a M-score of -3.15 suggests that the company is unlikely to be a manipulator.
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