Torrid Holdings Beneish M-Score Historical Data
The historical data trend for Torrid Holdings'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.
Torrid Holdings Beneish M-Score Chart
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Torrid Holdings Annual Data
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Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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- |
- |
-3.57 |
-2.35 |
-2.48 |
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Torrid Holdings Quarterly Data
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Jan19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
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Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.35 |
-2.50 |
-2.61 |
-2.67 |
-2.48 |
Competitive Comparison of Torrid Holdings's Beneish M-Score
For the Apparel Retail subindustry, Torrid Holdings'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.
Torrid Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Torrid Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Torrid Holdings's Beneish M-Score falls into.
Torrid Holdings 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 Torrid Holdings 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 * 1.134 | + | 0.528 * 1.0122 | + | 0.404 * 1.7309 | + | 0.892 * 0.8943 | + | 0.115 * 0.9335 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0899 | + | 4.679 * -0.065315 | - | 0.327 * 1.0046 |
| = | -2.48 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $3 Mil.
Revenue was 293.539 + 275.408 + 289.144 + 293.854 = $1,152 Mil.
Gross Profit was 101.157 + 91.502 + 102.677 + 110.642 = $406 Mil.
Total Current Assets was $179 Mil.
Total Assets was $477 Mil.
Property, Plant and Equipment(Net PPE) was $266 Mil.
Depreciation, Depletion and Amortization(DDA) was $79 Mil.
Selling, General, & Admin. Expense(SGA) was $349 Mil.
Total Current Liabilities was $232 Mil.
Long-Term Debt & Capital Lease Obligation was $445 Mil.
Net Income was -4.07 + -2.748 + 6.629 + 11.808 = $12 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 9.041 + 2.035 + 20.472 + 11.223 = $43 Mil.
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Total Receivables was $3 Mil.
Revenue was 301.228 + 300.201 + 353.522 + 333.193 = $1,288 Mil.
Gross Profit was 96.179 + 101.938 + 131.492 + 129.93 = $460 Mil.
Total Current Assets was $216 Mil.
Total Assets was $527 Mil.
Property, Plant and Equipment(Net PPE) was $291 Mil.
Depreciation, Depletion and Amortization(DDA) was $79 Mil.
Selling, General, & Admin. Expense(SGA) was $358 Mil.
Total Current Liabilities was $267 Mil.
Long-Term Debt & Capital Lease Obligation was $478 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) |
| = | (2.759 / 1151.945) | / | (2.721 / 1288.144) |
| = | 0.002395 | / | 0.002112 |
| | = | 1.134 |
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) |
| = | (459.539 / 1288.144) | / | (405.978 / 1151.945) |
| = | 0.356745 | / | 0.352428 |
| | = | 1.0122 |
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 - (179.123 + 265.96) / 476.947) | / | (1 - (216.121 + 290.792) / 527.264) |
| = | 0.066808 | / | 0.038597 |
| | = | 1.7309 |
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 |
| = | 1151.945 | / | 1288.144 |
| | = | 0.8943 |
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)) |
| = | (79.431 / (79.431 + 290.792)) | / | (79.368 / (79.368 + 265.96)) |
| = | 0.214549 | / | 0.229834 |
| | = | 0.9335 |
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) |
| = | (348.83 / 1151.945) | / | (357.914 / 1288.144) |
| = | 0.302818 | / | 0.277852 |
| | = | 1.0899 |
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) |
| = | ((445.108 + 232.107) / 476.947) | / | ((477.897 + 267.327) / 527.264) |
| = | 1.419896 | / | 1.413379 |
| | = | 1.0046 |
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 |
| = | (11.619 - 0 | - | 42.771) | / | 476.947 |
| | = | -0.065315 |
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.
Torrid Holdings has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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