Arcs Co Beneish M-Score Historical Data
The historical data trend for Arcs 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.
Arcs Co Beneish M-Score Chart
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Arcs Co Annual Data
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Feb15 |
Feb16 |
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Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
Feb24 |
| Beneish M-Score |
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-2.36 |
-2.83 |
-2.45 |
-2.41 |
-2.61 |
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Arcs Co Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
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Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.41 |
-2.47 |
-2.64 |
-2.73 |
-2.61 |
Competitive Comparison of Arcs Co's Beneish M-Score
For the Department Stores subindustry, Arcs 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.
Arcs Co's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Arcs Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Arcs Co's Beneish M-Score falls into.
Arcs 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 Arcs 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 * 1.0317 | + | 0.528 * 0.9915 | + | 0.404 * 1.0447 | + | 0.892 * 1.0448 | + | 0.115 * 0.9235 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.94 | + | 4.679 * -0.044681 | - | 0.327 * 1.0046 |
| = | -2.61 |
* 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6,718 Mil.
Revenue was 155147 + 144209 + 149301 + 142900 = 円591,557 Mil.
Gross Profit was 40148 + 35921 + 37167 + 36181 = 円149,417 Mil.
Total Current Assets was 円108,890 Mil.
Total Assets was 円274,972 Mil.
Property, Plant and Equipment(Net PPE) was 円142,054 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9,874 Mil.
Selling, General, & Admin. Expense(SGA) was 円16,594 Mil.
Total Current Liabilities was 円66,840 Mil.
Long-Term Debt & Capital Lease Obligation was 円17,634 Mil.
Net Income was 3859 + 2108 + 2791 + 3008 = 円11,766 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 7805 + -1564 + 9177 + 8634 = 円24,052 Mil.
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Total Receivables was 円6,232 Mil.
Revenue was 147429 + 137531 + 142952 + 138297 = 円566,209 Mil.
Gross Profit was 37717 + 34519 + 35089 + 34475 = 円141,800 Mil.
Total Current Assets was 円105,729 Mil.
Total Assets was 円266,155 Mil.
Property, Plant and Equipment(Net PPE) was 円138,163 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,822 Mil.
Selling, General, & Admin. Expense(SGA) was 円16,897 Mil.
Total Current Liabilities was 円62,899 Mil.
Long-Term Debt & Capital Lease Obligation was 円18,493 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) |
| = | (6718 / 591557) | / | (6232 / 566209) |
| = | 0.011356 | / | 0.011007 |
| | = | 1.0317 |
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) |
| = | (141800 / 566209) | / | (149417 / 591557) |
| = | 0.250438 | / | 0.252583 |
| | = | 0.9915 |
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 - (108890 + 142054) / 274972) | / | (1 - (105729 + 138163) / 266155) |
| = | 0.087383 | / | 0.083647 |
| | = | 1.0447 |
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 |
| = | 591557 | / | 566209 |
| | = | 1.0448 |
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)) |
| = | (8822 / (8822 + 138163)) | / | (9874 / (9874 + 142054)) |
| = | 0.06002 | / | 0.064991 |
| | = | 0.9235 |
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) |
| = | (16594 / 591557) | / | (16897 / 566209) |
| = | 0.028051 | / | 0.029842 |
| | = | 0.94 |
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) |
| = | ((17634 + 66840) / 274972) | / | ((18493 + 62899) / 266155) |
| = | 0.307209 | / | 0.305807 |
| | = | 1.0046 |
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 |
| = | (11766 - 0 | - | 24052) | / | 274972 |
| | = | -0.044681 |
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.
Arcs Co has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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