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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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for JOANN's Beneish M-Score or its related term are showing as below:
During the past 6 years, the highest Beneish M-Score of JOANN was -2.47. The lowest was -2.94. And the median was -2.60.
The historical data trend for JOANN'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.
JOANN Annual Data | |||||||||||||||
Trend | Jan18 | Jan19 | Jan20 | Jan21 | Jan22 | Jan23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | - | -2.48 | -2.69 |
JOANN Quarterly Data | |||||||||||||||||||
Jan18 | Jan19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | Apr23 | Jul23 | Oct23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.60 | -2.69 | -2.93 | -2.94 | -2.86 |
For the Specialty Retail subindustry, JOANN'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 Retail - Cyclical industry and Consumer Cyclical sector, JOANN's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JOANN'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 JOANN 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 | + | 0.528 * 0.9528 | + | 0.404 * 0.9156 | + | 0.892 * 0.958 | + | 0.115 * 0.8928 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0714 | + | 4.679 * -0.045666 | - | 0.327 * 1.1339 | |||||||
= | -2.86 |
* 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 (Oct23) TTM: | Last Year (Oct22) TTM: |
Total Receivables was $0 Mil. Revenue was 539.8 + 453.8 + 478.1 + 692.8 = $2,165 Mil. Gross Profit was 282.1 + 232 + 249 + 303.7 = $1,067 Mil. Total Current Assets was $790 Mil. Total Assets was $2,258 Mil. Property, Plant and Equipment(Net PPE) was $999 Mil. Depreciation, Depletion and Amortization(DDA) was $82 Mil. Selling, General, & Admin. Expense(SGA) was $1,093 Mil. Total Current Liabilities was $554 Mil. Long-Term Debt & Capital Lease Obligation was $1,840 Mil. Net Income was -21.6 + -73.3 + -54.2 + -91.1 = $-240 Mil. Non Operating Income was 10.4 + 0 + 0 + -95 = $-85 Mil. Cash Flow from Operations was -68.6 + -48.5 + -33.8 + 98.4 = $-53 Mil. |
Total Receivables was $0 Mil. Revenue was 562.8 + 463.3 + 498 + 735.3 = $2,259 Mil. Gross Profit was 281 + 214.9 + 240.7 + 324.4 = $1,061 Mil. Total Current Assets was $854 Mil. Total Assets was $2,525 Mil. Property, Plant and Equipment(Net PPE) was $1,098 Mil. Depreciation, Depletion and Amortization(DDA) was $80 Mil. Selling, General, & Admin. Expense(SGA) was $1,065 Mil. Total Current Liabilities was $563 Mil. Long-Term Debt & Capital Lease Obligation was $1,798 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) |
= | (0 / 2164.5) | / | (0 / 2259.4) | |
= | 0 | / | 0 | |
= | 1 |
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) | |
= | (1061 / 2259.4) | / | (1066.8 / 2164.5) | |
= | 0.469594 | / | 0.492862 | |
= | 0.9528 |
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 - (790.3 + 998.9) / 2257.7) | / | (1 - (854.1 + 1098.4) / 2524.7) | |
= | 0.207512 | / | 0.226641 | |
= | 0.9156 |
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 | |
= | 2164.5 | / | 2259.4 | |
= | 0.958 |
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)) |
= | (79.9 / (79.9 + 1098.4)) | / | (82.1 / (82.1 + 998.9)) | |
= | 0.06781 | / | 0.075948 | |
= | 0.8928 |
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) |
= | (1093.1 / 2164.5) | / | (1065 / 2259.4) | |
= | 0.505013 | / | 0.471364 | |
= | 1.0714 |
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) |
= | ((1840.2 + 553.7) / 2257.7) | / | ((1797.9 + 562.9) / 2524.7) | |
= | 1.060327 | / | 0.935081 | |
= | 1.1339 |
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 | |
= | (-240.2 - -84.6 | - | -52.5) | / | 2257.7 | |
= | -0.045666 |
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.
JOANN has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of JOANN's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Joseph Thibault | officer: SVP, Store Operations | 5555 DARROW ROAD, HUDSON OH 44236 |
John Craig Stalcup | officer: SVP, Chief Information Officer | C/O JOANN INC., 5555 DARROW RD., HUDSON OH 44236 |
Marybeth Hays | director | C/O JO-ANN STORES HOLDINGS INC., 5555 DARROW ROAD, HUDSON OH 44236 |
Scott Sekella | officer: SVP, Chief Financial Officer | C/O JOANN INC., 5555 DARROW ROAD, HUDSON OH 44236 |
Ann Aber | officer: SVP, GC & Secretary | C/O JO-ANN STORES HOLDINGS INC., 5555 DARROW ROAD, HUDSON OH 44236 |
Robert Will | officer: SVP, Chief Merch. Officer | C/O JO-ANN STORES HOLDINGS INC., 5555 DARROW ROAD, HUDSON OH 44236 |
Christopher Ditullio | officer: SVP, Chief Customer Officer | C/O JO-ANN STORES HOLDINGS INC., 5555 DARROW ROAD, HUDSON OH 44236 |
Green Equity Investors Cf, L.p. | director, 10 percent owner | 11111 SANTA MONICA BOULEVARD, SUITE 2000, LOS ANGELES CA 90025 |
Thomas A Dryer | officer: VP, Interim CFO & Controller | C/O JOANN INC., 5555 DARROW ROAD, HUDSON OH 44236 |
Brian William Coleman | director | 11111 SANTA MONICA BOULEVARD, SUITE 2000, LOS ANGELES CA 90025 |
Mario Sampson | officer: SVP, Supply Chain | C/O JOANN INC., 5555 DARROW ROAD, HUDSON OH 44236 |
Darrell Webb | director | 5555 DARROW ROAD, HUDSON OH 44236 |
Varadheesh Chennakrishnan | officer: SVP, CIO | C/O JO-ANN STORES HOLDINGS INC., 5555 DARROW ROAD, HUDSON OH 44236 |
Matthew B. Susz | officer: SVP, CFO | C/O JO-ANN STORES HOLDINGS INC., 5555 DARROW ROAD, HUDSON OH 44236 |
Wade D Miquelon | director, officer: President and CEO | 108 WILMOT ROAD, DEERFIELD IL 60015 |
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