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.
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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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|
|
|
|
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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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|
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-1.60 |
-2.24 |
-2.52 |
-2.69 |
-2.57 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 0.9028 | + | 0.528 * 0.9382 | + | 0.404 * 1.018 | + | 0.892 * 1.1146 | + | 0.115 * 0.9096 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0344 | + | 4.679 * -0.027353 | - | 0.327 * 0.8018 |
| = | -2.57 |
* 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 $331 Mil.
Revenue was 960.097 + 1045.717 + 1072.367 + 884.166 = $3,962 Mil.
Gross Profit was 530.697 + 581.636 + 621.307 + 476.37 = $2,210 Mil.
Total Current Assets was $911 Mil.
Total Assets was $4,644 Mil.
Property, Plant and Equipment(Net PPE) was $526 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $1,164 Mil.
Total Current Liabilities was $698 Mil.
Long-Term Debt & Capital Lease Obligation was $1,911 Mil.
Net Income was 253.586 + 177.025 + 212.412 + 149.543 = $793 Mil.
Non Operating Income was -9.679 + -1.746 + 1.268 + -0.696 = $-11 Mil.
Cash Flow from Operations was 349.718 + 250.113 + 320.682 + 9.931 = $930 Mil.
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Total Receivables was $329 Mil.
Revenue was 945.162 + 985.094 + 964.581 + 660.148 = $3,555 Mil.
Gross Profit was 496.323 + 541.302 + 497.733 + 324.924 = $1,860 Mil.
Total Current Assets was $1,026 Mil.
Total Assets was $4,502 Mil.
Property, Plant and Equipment(Net PPE) was $421 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $1,010 Mil.
Total Current Liabilities was $641 Mil.
Long-Term Debt & Capital Lease Obligation was $2,513 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) |
| = | (331.231 / 3962.347) | / | (329.188 / 3554.985) |
| = | 0.083595 | / | 0.092599 |
| | = | 0.9028 |
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) |
| = | (1860.282 / 3554.985) | / | (2210.01 / 3962.347) |
| = | 0.523288 | / | 0.557753 |
| | = | 0.9382 |
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 - (910.704 + 525.755) / 4643.834) | / | (1 - (1025.975 + 421.434) / 4501.797) |
| = | 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 |
| = | 3962.347 | / | 3554.985 |
| | = | 1.1146 |
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)) |
| = | (39.229 / (39.229 + 421.434)) | / | (54.304 / (54.304 + 525.755)) |
| = | 0.085158 | / | 0.093618 |
| | = | 0.9096 |
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) |
| = | (1163.94 / 3962.347) | / | (1009.526 / 3554.985) |
| = | 0.29375 | / | 0.283975 |
| | = | 1.0344 |
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) |
| = | ((1910.765 + 698.296) / 4643.834) | / | ((2513.146 + 641.274) / 4501.797) |
| = | 0.561833 | / | 0.700702 |
| | = | 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 |
| = | (792.566 - -10.853 | - | 930.444) | / | 4643.834 |
| | = | -0.027353 |
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 -2.57 suggests that the company is unlikely to be a manipulator.
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