Capri Holdings Beneish M-Score Historical Data
The historical data trend for Capri 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.
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Capri Holdings Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.17 |
-2.85 |
-2.29 |
-2.13 |
-2.68 |
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Capri Holdings 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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-2.55 |
-2.68 |
-2.75 |
-2.63 |
-2.53 |
Competitive Comparison
For the Luxury Goods subindustry, Capri 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.
Capri Holdings Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Capri Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Capri Holdings's Beneish M-Score falls into.
Capri 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 Capri 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 * 1.0565 | + | 0.528 * 1.0139 | + | 0.404 * 1.0193 | + | 0.892 * 0.9145 | + | 0.115 * 1.0151 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1374 | + | 4.679 * -0.001575 | - | 0.327 * 1.0328 |
| = | -2.53 |
* 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 $371 Mil.
Revenue was 1427 + 1291 + 1229 + 1335 = $5,282 Mil.
Gross Profit was 928 + 832 + 812 + 867 = $3,439 Mil.
Total Current Assets was $1,918 Mil.
Total Assets was $7,617 Mil.
Property, Plant and Equipment(Net PPE) was $2,045 Mil.
Depreciation, Depletion and Amortization(DDA) was $187 Mil.
Selling, General, & Admin. Expense(SGA) was $2,826 Mil.
Total Current Liabilities was $1,815 Mil.
Long-Term Debt & Capital Lease Obligation was $2,842 Mil.
Net Income was 105 + 90 + 48 + -34 = $209 Mil.
Non Operating Income was -9 + -16 + -20 + -154 = $-199 Mil.
Cash Flow from Operations was 362 + -137 + 40 + 155 = $420 Mil.
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Total Receivables was $384 Mil.
Revenue was 1512 + 1412 + 1360 + 1492 = $5,776 Mil.
Gross Profit was 1005 + 951 + 901 + 956 = $3,813 Mil.
Total Current Assets was $2,084 Mil.
Total Assets was $7,554 Mil.
Property, Plant and Equipment(Net PPE) was $1,915 Mil.
Depreciation, Depletion and Amortization(DDA) was $178 Mil.
Selling, General, & Admin. Expense(SGA) was $2,717 Mil.
Total Current Liabilities was $1,559 Mil.
Long-Term Debt & Capital Lease Obligation was $2,913 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) |
| = | (371 / 5282) | / | (384 / 5776) |
| = | 0.070239 | / | 0.066482 |
| | = | 1.0565 |
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) |
| = | (3813 / 5776) | / | (3439 / 5282) |
| = | 0.660145 | / | 0.651079 |
| | = | 1.0139 |
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 - (1918 + 2045) / 7617) | / | (1 - (2084 + 1915) / 7554) |
| = | 0.479716 | / | 0.470612 |
| | = | 1.0193 |
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 |
| = | 5282 | / | 5776 |
| | = | 0.9145 |
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)) |
| = | (178 / (178 + 1915)) | / | (187 / (187 + 2045)) |
| = | 0.085045 | / | 0.083781 |
| | = | 1.0151 |
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) |
| = | (2826 / 5282) | / | (2717 / 5776) |
| = | 0.535025 | / | 0.470395 |
| | = | 1.1374 |
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) |
| = | ((2842 + 1815) / 7617) | / | ((2913 + 1559) / 7554) |
| = | 0.611396 | / | 0.592004 |
| | = | 1.0328 |
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 |
| = | (209 - -199 | - | 420) | / | 7617 |
| | = | -0.001575 |
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.
Capri Holdings has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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