Ralph Lauren Beneish M-Score Historical Data
The historical data trend for Ralph Lauren'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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Ralph Lauren Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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|
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-2.74 |
-3.06 |
-2.14 |
-2.45 |
-2.24 |
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Ralph Lauren 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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-2.21 |
-2.24 |
-2.53 |
-2.63 |
-2.75 |
Competitive Comparison
For the Apparel Manufacturing subindustry, Ralph Lauren'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.
Ralph Lauren Beneish M-Score Distribution
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Ralph Lauren's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ralph Lauren's Beneish M-Score falls into.
Ralph Lauren 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 Ralph Lauren 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 * 0.8996 | + | 0.528 * 0.9905 | + | 0.404 * 1.0239 | + | 0.892 * 1.0278 | + | 0.115 * 0.9445 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0106 | + | 4.679 * -0.043515 | - | 0.327 * 0.9744 |
| = | -2.75 |
* 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 $527 Mil.
Revenue was 1934 + 1633 + 1496.5 + 1540.8 = $6,604 Mil.
Gross Profit was 1286 + 1070.1 + 1032 + 950.6 = $4,339 Mil.
Total Current Assets was $3,639 Mil.
Total Assets was $7,005 Mil.
Property, Plant and Equipment(Net PPE) was $1,951 Mil.
Depreciation, Depletion and Amortization(DDA) was $230 Mil.
Selling, General, & Admin. Expense(SGA) was $3,582 Mil.
Total Current Liabilities was $1,678 Mil.
Long-Term Debt & Capital Lease Obligation was $2,479 Mil.
Net Income was 276.6 + 146.9 + 132.1 + 32.3 = $588 Mil.
Non Operating Income was 1.3 + -9.6 + -32 + -29.7 = $-70 Mil.
Cash Flow from Operations was 605.1 + 72.9 + 270.7 + 14 = $963 Mil.
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Total Receivables was $570 Mil.
Revenue was 1832.3 + 1579.9 + 1490.6 + 1522.7 = $6,426 Mil.
Gross Profit was 1190.7 + 1023.1 + 1001.4 + 966.1 = $4,181 Mil.
Total Current Assets was $3,631 Mil.
Total Assets was $7,040 Mil.
Property, Plant and Equipment(Net PPE) was $2,021 Mil.
Depreciation, Depletion and Amortization(DDA) was $224 Mil.
Selling, General, & Admin. Expense(SGA) was $3,448 Mil.
Total Current Liabilities was $1,750 Mil.
Long-Term Debt & Capital Lease Obligation was $2,538 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) |
| = | (527.4 / 6604.3) | / | (570.4 / 6425.5) |
| = | 0.079857 | / | 0.088771 |
| | = | 0.8996 |
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) |
| = | (4181.3 / 6425.5) | / | (4338.7 / 6604.3) |
| = | 0.650735 | / | 0.656951 |
| | = | 0.9905 |
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 - (3639.4 + 1951) / 7004.5) | / | (1 - (3631.3 + 2020.5) / 7039.9) |
| = | 0.201885 | / | 0.197176 |
| | = | 1.0239 |
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 |
| = | 6604.3 | / | 6425.5 |
| | = | 1.0278 |
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)) |
| = | (223.7 / (223.7 + 2020.5)) | / | (230.2 / (230.2 + 1951)) |
| = | 0.099679 | / | 0.105538 |
| | = | 0.9445 |
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) |
| = | (3581.5 / 6604.3) | / | (3447.9 / 6425.5) |
| = | 0.542298 | / | 0.536596 |
| | = | 1.0106 |
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) |
| = | ((2478.6 + 1678.2) / 7004.5) | / | ((2538.1 + 1749.6) / 7039.9) |
| = | 0.593447 | / | 0.609057 |
| | = | 0.9744 |
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 |
| = | (587.9 - -70 | - | 962.7) | / | 7004.5 |
| | = | -0.043515 |
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.
Ralph Lauren has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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