KMD Brands Beneish M-Score Historical Data
The historical data trend for KMD Brands'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.
KMD Brands Beneish M-Score Chart
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KMD Brands Annual Data
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| Beneish M-Score |
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-2.36 |
-0.90 |
-2.94 |
-2.38 |
-2.93 |
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KMD Brands Semi-Annual Data
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| Beneish M-Score |
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-2.38 |
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-2.93 |
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Competitive Comparison of KMD Brands's Beneish M-Score
For the Apparel Manufacturing subindustry, KMD Brands'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.
KMD Brands's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, KMD Brands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KMD Brands's Beneish M-Score falls into.
KMD Brands 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 KMD Brands 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 * 0.8108 | + | 0.528 * 0.9956 | + | 0.404 * 0.993 | + | 0.892 * 1.126 | + | 0.115 * 0.9812 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9909 | + | 4.679 * -0.082162 | - | 0.327 * 0.9974 |
| = | -2.93 |
* 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 (Jul23) TTM: | Last Year (Jul22) TTM: |
Total Receivables was NZ$85 Mil.
Revenue was NZ$1,091 Mil.
Gross Profit was NZ$640 Mil.
Total Current Assets was NZ$459 Mil.
Total Assets was NZ$1,533 Mil.
Property, Plant and Equipment(Net PPE) was NZ$353 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$124 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$454 Mil.
Total Current Liabilities was NZ$259 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$324 Mil.
Net Income was NZ$35 Mil.
Gross Profit was NZ$14 Mil.
Cash Flow from Operations was NZ$148 Mil.
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Total Receivables was NZ$93 Mil.
Revenue was NZ$969 Mil.
Gross Profit was NZ$566 Mil.
Total Current Assets was NZ$488 Mil.
Total Assets was NZ$1,552 Mil.
Property, Plant and Equipment(Net PPE) was NZ$330 Mil.
Depreciation, Depletion and Amortization(DDA) was NZ$113 Mil.
Selling, General, & Admin. Expense(SGA) was NZ$407 Mil.
Total Current Liabilities was NZ$271 Mil.
Long-Term Debt & Capital Lease Obligation was NZ$320 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) |
| = | (84.54 / 1091.29) | / | (92.598 / 969.161) |
| = | 0.077468 | / | 0.095544 |
| | = | 0.8108 |
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) |
| = | (566.092 / 969.161) | / | (640.241 / 1091.29) |
| = | 0.584105 | / | 0.586683 |
| | = | 0.9956 |
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 - (459.302 + 353.269) / 1533.479) | / | (1 - (487.868 + 329.615) / 1552.471) |
| = | 0.470113 | / | 0.473431 |
| | = | 0.993 |
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 |
| = | 1091.29 | / | 969.161 |
| | = | 1.126 |
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)) |
| = | (112.516 / (112.516 + 329.615)) | / | (123.713 / (123.713 + 353.269)) |
| = | 0.254486 | / | 0.259366 |
| | = | 0.9812 |
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) |
| = | (453.716 / 1091.29) | / | (406.656 / 969.161) |
| = | 0.415761 | / | 0.419596 |
| | = | 0.9909 |
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) |
| = | ((324.077 + 258.502) / 1533.479) | / | ((320.175 + 271.143) / 1552.471) |
| = | 0.379907 | / | 0.380888 |
| | = | 0.9974 |
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 |
| = | (35.139 - 13.544 | - | 147.588) | / | 1533.479 |
| | = | -0.082162 |
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.
KMD Brands has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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