J Front Retailing Co Beneish M-Score Historical Data
The historical data trend for J Front Retailing Co'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.
J Front Retailing Co Beneish M-Score Chart
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J Front Retailing Co Annual Data
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Feb21 |
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Feb24 |
| Beneish M-Score |
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-2.78 |
-3.02 |
-2.67 |
-2.56 |
-2.65 |
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J Front Retailing Co Quarterly Data
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May19 |
Aug19 |
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Feb24 |
| Beneish M-Score |
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-2.56 |
-2.68 |
-2.64 |
-2.68 |
-2.65 |
Competitive Comparison of J Front Retailing Co's Beneish M-Score
For the Department Stores subindustry, J Front Retailing Co'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.
J Front Retailing Co's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, J Front Retailing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where J Front Retailing Co's Beneish M-Score falls into.
J Front Retailing Co 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 J Front Retailing Co 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 * 0.9809 | + | 0.528 * 0.9812 | + | 0.404 * 0.9197 | + | 0.892 * 1.1316 | + | 0.115 * 1.0144 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9234 | + | 4.679 * -0.054524 | - | 0.327 * 0.9602 |
| = | -2.65 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was 円143,321 Mil.
Revenue was 120444 + 94928 + 98177 + 93456 = 円407,005 Mil.
Gross Profit was 55127 + 47006 + 47550 + 45831 = 円195,514 Mil.
Total Current Assets was 円246,501 Mil.
Total Assets was 円1,114,726 Mil.
Property, Plant and Equipment(Net PPE) was 円566,246 Mil.
Depreciation, Depletion and Amortization(DDA) was 円46,492 Mil.
Selling, General, & Admin. Expense(SGA) was 円151,184 Mil.
Total Current Liabilities was 円331,261 Mil.
Long-Term Debt & Capital Lease Obligation was 円279,846 Mil.
Net Income was 8309 + 8704 + 6503 + 6397 = 円29,913 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 29261 + 24366 + 18209 + 18856 = 円90,692 Mil.
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Total Receivables was 円129,121 Mil.
Revenue was 102738 + 87811 + 87223 + 81905 = 円359,677 Mil.
Gross Profit was 44291 + 42384 + 42315 + 40546 = 円169,536 Mil.
Total Current Assets was 円201,860 Mil.
Total Assets was 円1,120,953 Mil.
Property, Plant and Equipment(Net PPE) was 円588,902 Mil.
Depreciation, Depletion and Amortization(DDA) was 円49,107 Mil.
Selling, General, & Admin. Expense(SGA) was 円144,681 Mil.
Total Current Liabilities was 円317,953 Mil.
Long-Term Debt & Capital Lease Obligation was 円322,007 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) |
| = | (143321 / 407005) | / | (129121 / 359677) |
| = | 0.352136 | / | 0.358992 |
| | = | 0.9809 |
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) |
| = | (169536 / 359677) | / | (195514 / 407005) |
| = | 0.471356 | / | 0.480372 |
| | = | 0.9812 |
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 - (246501 + 566246) / 1114726) | / | (1 - (201860 + 588902) / 1120953) |
| = | 0.2709 | / | 0.294563 |
| | = | 0.9197 |
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 |
| = | 407005 | / | 359677 |
| | = | 1.1316 |
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)) |
| = | (49107 / (49107 + 588902)) | / | (46492 / (46492 + 566246)) |
| = | 0.076969 | / | 0.075876 |
| | = | 1.0144 |
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) |
| = | (151184 / 407005) | / | (144681 / 359677) |
| = | 0.371455 | / | 0.402253 |
| | = | 0.9234 |
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) |
| = | ((279846 + 331261) / 1114726) | / | ((322007 + 317953) / 1120953) |
| = | 0.548213 | / | 0.570907 |
| | = | 0.9602 |
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 |
| = | (29913 - 0 | - | 90692) | / | 1114726 |
| | = | -0.054524 |
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.
J Front Retailing Co has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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