Foot Locker Beneish M-Score Historical Data
The historical data trend for Foot Locker'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.
Foot Locker Beneish M-Score Chart
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Foot Locker Annual Data
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Trend |
Jan15 |
Jan16 |
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Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-3.00 |
-2.58 |
-1.76 |
-2.10 |
-2.38 |
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Foot Locker Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
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Jul22 |
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Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.10 |
-2.29 |
-2.34 |
-2.41 |
-2.38 |
Competitive Comparison of Foot Locker's Beneish M-Score
For the Apparel Retail subindustry, Foot Locker'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.
Foot Locker's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Foot Locker's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Foot Locker's Beneish M-Score falls into.
Foot Locker 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 Foot Locker 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 * 1.0724 | + | 0.528 * 1.1504 | + | 0.404 * 0.8679 | + | 0.892 * 0.9325 | + | 0.115 * 0.9709 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0904 | + | 4.679 * 0.01922 | - | 0.327 * 1.0038 |
| = | -2.38 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $160 Mil.
Revenue was 2384 + 1989 + 1864 + 1931 = $8,168 Mil.
Gross Profit was 638 + 546 + 507 + 582 = $2,273 Mil.
Total Current Assets was $2,225 Mil.
Total Assets was $6,868 Mil.
Property, Plant and Equipment(Net PPE) was $3,118 Mil.
Depreciation, Depletion and Amortization(DDA) was $199 Mil.
Selling, General, & Admin. Expense(SGA) was $1,935 Mil.
Total Current Liabilities was $1,291 Mil.
Long-Term Debt & Capital Lease Obligation was $2,446 Mil.
Net Income was -389 + 28 + -5 + 36 = $-330 Mil.
Non Operating Income was -499 + -2 + -12 + -40 = $-553 Mil.
Cash Flow from Operations was 189 + 86 + -66 + -118 = $91 Mil.
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Total Receivables was $160 Mil.
Revenue was 2337 + 2176 + 2068 + 2178 = $8,759 Mil.
Gross Profit was 705 + 699 + 657 + 743 = $2,804 Mil.
Total Current Assets was $2,521 Mil.
Total Assets was $7,907 Mil.
Property, Plant and Equipment(Net PPE) was $3,363 Mil.
Depreciation, Depletion and Amortization(DDA) was $208 Mil.
Selling, General, & Admin. Expense(SGA) was $1,903 Mil.
Total Current Liabilities was $1,610 Mil.
Long-Term Debt & Capital Lease Obligation was $2,676 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) |
| = | (160 / 8168) | / | (160 / 8759) |
| = | 0.019589 | / | 0.018267 |
| | = | 1.0724 |
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) |
| = | (2804 / 8759) | / | (2273 / 8168) |
| = | 0.320128 | / | 0.278281 |
| | = | 1.1504 |
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 - (2225 + 3118) / 6868) | / | (1 - (2521 + 3363) / 7907) |
| = | 0.222044 | / | 0.255849 |
| | = | 0.8679 |
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 |
| = | 8168 | / | 8759 |
| | = | 0.9325 |
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)) |
| = | (208 / (208 + 3363)) | / | (199 / (199 + 3118)) |
| = | 0.058247 | / | 0.059994 |
| | = | 0.9709 |
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) |
| = | (1935 / 8168) | / | (1903 / 8759) |
| = | 0.2369 | / | 0.217262 |
| | = | 1.0904 |
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) |
| = | ((2446 + 1291) / 6868) | / | ((2676 + 1610) / 7907) |
| = | 0.544118 | / | 0.542051 |
| | = | 1.0038 |
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 |
| = | (-330 - -553 | - | 91) | / | 6868 |
| | = | 0.01922 |
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.
Foot Locker has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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