Crocs Beneish M-Score Historical Data
The historical data trend for Crocs'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.
Crocs Beneish M-Score Chart
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Crocs Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.76 |
-0.95 |
-1.76 |
-1.60 |
-2.57 |
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Crocs 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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-1.60 |
-2.24 |
-2.52 |
-2.69 |
-2.57 |
Competitive Comparison of Crocs's Beneish M-Score
For the Footwear & Accessories subindustry, Crocs'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.
Crocs's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Crocs's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Crocs's Beneish M-Score falls into.
Crocs 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 Crocs 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 * 0.9038 | + | 0.528 * 0.9396 | + | 0.404 * 1.018 | + | 0.892 * 1.0814 | + | 0.115 * 0.9083 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.035 | + | 4.679 * -0.027283 | - | 0.327 * 0.8018 |
| = | -2.60 |
* 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 €304 Mil.
Revenue was 880.409 + 979.837 + 989.795 + 825.811 = €3,676 Mil.
Gross Profit was 486.649 + 544.993 + 573.466 + 444.93 = €2,050 Mil.
Total Current Assets was €835 Mil.
Total Assets was €4,258 Mil.
Property, Plant and Equipment(Net PPE) was €482 Mil.
Depreciation, Depletion and Amortization(DDA) was €50 Mil.
Selling, General, & Admin. Expense(SGA) was €1,079 Mil.
Total Current Liabilities was €640 Mil.
Long-Term Debt & Capital Lease Obligation was €1,752 Mil.
Net Income was 232.538 + 165.872 + 196.056 + 139.673 = €734 Mil.
Non Operating Income was -8.876 + -1.636 + 1.17 + -0.65 = €-10 Mil.
Cash Flow from Operations was 320.691 + 234.356 + 295.989 + 9.276 = €860 Mil.
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Total Receivables was €311 Mil.
Revenue was 892.233 + 994.945 + 912.494 + 599.414 = €3,399 Mil.
Gross Profit was 468.529 + 546.715 + 470.855 + 295.031 = €1,781 Mil.
Total Current Assets was €969 Mil.
Total Assets was €4,250 Mil.
Property, Plant and Equipment(Net PPE) was €398 Mil.
Depreciation, Depletion and Amortization(DDA) was €37 Mil.
Selling, General, & Admin. Expense(SGA) was €964 Mil.
Total Current Liabilities was €605 Mil.
Long-Term Debt & Capital Lease Obligation was €2,372 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) |
| = | (303.739 / 3675.852) | / | (310.753 / 3399.086) |
| = | 0.082631 | / | 0.091423 |
| | = | 0.9038 |
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) |
| = | (1781.13 / 3399.086) | / | (2050.038 / 3675.852) |
| = | 0.524003 | / | 0.557704 |
| | = | 0.9396 |
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 - (835.116 + 482.117) / 4258.396) | / | (1 - (968.52 + 397.834) / 4249.696) |
| = | 0.690674 | / | 0.678482 |
| | = | 1.018 |
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 |
| = | 3675.852 | / | 3399.086 |
| | = | 1.0814 |
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)) |
| = | (37.409 / (37.409 + 397.834)) | / | (50.391 / (50.391 + 482.117)) |
| = | 0.08595 | / | 0.09463 |
| | = | 0.9083 |
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) |
| = | (1079.411 / 3675.852) | / | (964.364 / 3399.086) |
| = | 0.293649 | / | 0.283713 |
| | = | 1.035 |
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) |
| = | ((1752.172 + 640.337) / 4258.396) | / | ((2372.41 + 605.363) / 4249.696) |
| = | 0.561833 | / | 0.700703 |
| | = | 0.8018 |
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 |
| = | (734.139 - -9.992 | - | 860.312) | / | 4258.396 |
| | = | -0.027283 |
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.
Crocs has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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