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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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Signet Jewelers's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Signet Jewelers was -0.82. The lowest was -4.02. And the median was -2.46.
The historical data trend for Signet Jewelers'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.
Signet Jewelers Annual Data | |||||||||||||||||||||
Trend | Jan15 | Jan16 | Jan17 | Jan18 | Jan19 | Jan20 | Jan21 | Jan22 | Jan23 | Jan24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.26 | -0.82 | -2.93 | -2.74 | -2.41 |
Signet Jewelers Quarterly Data | ||||||||||||||||||||
Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | Apr23 | Jul23 | Oct23 | Jan24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.74 | -2.80 | -3.20 | -3.54 | -2.41 |
For the Luxury Goods subindustry, Signet Jewelers'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, Signet Jewelers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Signet Jewelers'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 Signet Jewelers 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 * 0.8532 | + | 0.528 * 0.9878 | + | 0.404 * 1.1687 | + | 0.892 * 0.9144 | + | 0.115 * 0.9377 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0852 | + | 4.679 * 0.039644 | - | 0.327 * 0.8304 | |||||||
= | -2.41 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $19 Mil. Revenue was 2497.6 + 1391.9 + 1613.6 + 1668 = $7,171 Mil. Gross Profit was 1081.3 + 501.3 + 610.8 + 632 = $2,825 Mil. Total Current Assets was $3,537 Mil. Total Assets was $6,813 Mil. Property, Plant and Equipment(Net PPE) was $1,500 Mil. Depreciation, Depletion and Amortization(DDA) was $162 Mil. Selling, General, & Admin. Expense(SGA) was $2,198 Mil. Total Current Liabilities was $1,976 Mil. Long-Term Debt & Capital Lease Obligation was $836 Mil. Net Income was 626.2 + 11.7 + 75.1 + 97.4 = $810 Mil. Non Operating Income was 8.9 + -6.1 + -9.1 + -0.3 = $-7 Mil. Cash Flow from Operations was 752.2 + 48 + 128.5 + -381.8 = $547 Mil. |
Total Receivables was $24 Mil. Revenue was 2666.2 + 1582.7 + 1754.9 + 1838.3 = $7,842 Mil. Gross Profit was 1111.1 + 552.6 + 664.7 + 723.7 = $3,052 Mil. Total Current Assets was $3,507 Mil. Total Assets was $6,620 Mil. Property, Plant and Equipment(Net PPE) was $1,636 Mil. Depreciation, Depletion and Amortization(DDA) was $165 Mil. Selling, General, & Admin. Expense(SGA) was $2,215 Mil. Total Current Liabilities was $2,248 Mil. Long-Term Debt & Capital Lease Obligation was $1,042 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) |
= | (18.8 / 7171.1) | / | (24.1 / 7842.1) | |
= | 0.002622 | / | 0.003073 | |
= | 0.8532 |
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) | |
= | (3052.1 / 7842.1) | / | (2825.4 / 7171.1) | |
= | 0.389194 | / | 0.393998 | |
= | 0.9878 |
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 - (3536.6 + 1499.5) / 6813.2) | / | (1 - (3507.1 + 1635.8) / 6620.4) | |
= | 0.260832 | / | 0.223174 | |
= | 1.1687 |
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 | |
= | 7171.1 | / | 7842.1 | |
= | 0.9144 |
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)) |
= | (164.5 / (164.5 + 1635.8)) | / | (161.9 / (161.9 + 1499.5)) | |
= | 0.091374 | / | 0.097448 | |
= | 0.9377 |
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) |
= | (2197.7 / 7171.1) | / | (2214.6 / 7842.1) | |
= | 0.306466 | / | 0.282399 | |
= | 1.0852 |
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) |
= | ((835.7 + 1976) / 6813.2) | / | ((1042.1 + 2248.1) / 6620.4) | |
= | 0.412684 | / | 0.496979 | |
= | 0.8304 |
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 | |
= | (810.4 - -6.6 | - | 546.9) | / | 6813.2 | |
= | 0.039644 |
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.
Signet Jewelers has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Signet Jewelers's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Virginia Drosos | director, officer: Chief Executive Officer | CLARENDON HOUSE, 2 CHURCH STREET, HAMILTON D0 HM11 |
Howard A Melnick | officer: Chief Information Officer | C/O SIGNET JEWELERS LIMITED, 375 GHENT ROAD, AKRON OH 44333 |
Mary Elizabeth Finn | officer: Chief People Officer | 770 BROADWAY, NEW YORK NY 10003 |
Stash Ptak | officer: * See Remarks | 375 GHENT RD, AKRON OH 44333 |
William Brace | officer: See Remarks | 375 GHENT RD, AKRON OH 44333 |
Joan M Hilson | officer: Chief Financial Officer | 150 THORN HILL DRIVE, WARRENDALE PA 15086-7528 |
Oded Edelman | officer: President of JamesAllen.com | CLARENDON HOUSE, 2 CHURCH STREET, HAMILTON D0 HM11 |
Stephen E. Lovejoy | officer: Chief Supply Chain Officer | C/O SIGNET JEWELERS LIMITED, 375 GHENT ROAD, AKRON OH 44333 |
Zackery A Hicks | director | C/O SIGNET JEWELERS LIMITED, 375 GHENT ROAD, AKRON OH 44333 |
Brian A Tilzer | director | CLARENDON HOUSE, 2 CHURCH STREET, HAMILTON D0 HM11 |
Rebecca Wooters | officer: Chief Digital Officer | 375 GHENT RD, AKRON OH 44333 |
Jamie Singleton | officer: See Remarks | 9797 ROMBAUER, DALLAS TX 75019 |
Helen Mccluskey | director | 2211 REDDING ROAD, FAIRFIELD CT 06430 |
Eugenia Ulasewicz | director | CLARENDON HOUSE, 2 CHURCH STREET, HAMILTON D0 HM11 |
H. Todd Stitzer | director | CLARENDON HOUSE, 2 CHURCH STREET, HAMILTON D0 HM11 |
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