Vista Outdoor Beneish M-Score Historical Data
The historical data trend for Vista Outdoor'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.
Vista Outdoor Beneish M-Score Chart
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Vista Outdoor Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-3.13 |
-2.76 |
-2.80 |
-1.77 |
-2.83 |
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Vista Outdoor 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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-2.43 |
-2.83 |
-2.84 |
-2.88 |
-2.93 |
Competitive Comparison of Vista Outdoor's Beneish M-Score
For the Leisure subindustry, Vista Outdoor'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.
Vista Outdoor's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Vista Outdoor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vista Outdoor's Beneish M-Score falls into.
Vista Outdoor 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 Vista Outdoor 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 * 1.0485 | + | 0.528 * 1.0988 | + | 0.404 * 0.8281 | + | 0.892 * 0.8874 | + | 0.115 * 0.841 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2357 | + | 4.679 * -0.067205 | - | 0.327 * 1.0177 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $388 Mil.
Revenue was 682.253 + 676.808 + 693.333 + 740.742 = $2,793 Mil.
Gross Profit was 202.851 + 208.87 + 226.757 + 235.747 = $874 Mil.
Total Current Assets was $1,136 Mil.
Total Assets was $2,454 Mil.
Property, Plant and Equipment(Net PPE) was $304 Mil.
Depreciation, Depletion and Amortization(DDA) was $100 Mil.
Selling, General, & Admin. Expense(SGA) was $536 Mil.
Total Current Liabilities was $440 Mil.
Long-Term Debt & Capital Lease Obligation was $859 Mil.
Net Income was -148.195 + 44.422 + 58.1 + -294.335 = $-340 Mil.
Non Operating Income was -218.726 + -1.174 + -0.541 + -373.611 = $-594 Mil.
Cash Flow from Operations was 132.729 + 33.839 + 73.701 + 178.669 = $419 Mil.
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Total Receivables was $417 Mil.
Revenue was 754.775 + 781.678 + 802.612 + 808.595 = $3,148 Mil.
Gross Profit was 238.806 + 262.874 + 293.47 + 287.414 = $1,083 Mil.
Total Current Assets was $1,336 Mil.
Total Assets was $3,330 Mil.
Property, Plant and Equipment(Net PPE) was $333 Mil.
Depreciation, Depletion and Amortization(DDA) was $87 Mil.
Selling, General, & Admin. Expense(SGA) was $489 Mil.
Total Current Liabilities was $560 Mil.
Long-Term Debt & Capital Lease Obligation was $1,173 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) |
| = | (387.702 / 2793.136) | / | (416.711 / 3147.66) |
| = | 0.138805 | / | 0.132388 |
| | = | 1.0485 |
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) |
| = | (1082.564 / 3147.66) | / | (874.225 / 2793.136) |
| = | 0.343927 | / | 0.31299 |
| | = | 1.0988 |
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 - (1136.199 + 304.183) / 2453.601) | / | (1 - (1335.975 + 333.318) / 3329.705) |
| = | 0.412952 | / | 0.498666 |
| | = | 0.8281 |
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 |
| = | 2793.136 | / | 3147.66 |
| | = | 0.8874 |
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)) |
| = | (87.42 / (87.42 + 333.318)) | / | (99.805 / (99.805 + 304.183)) |
| = | 0.207778 | / | 0.247049 |
| | = | 0.841 |
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) |
| = | (536.233 / 2793.136) | / | (489.022 / 3147.66) |
| = | 0.191982 | / | 0.15536 |
| | = | 1.2357 |
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) |
| = | ((859.415 + 440.032) / 2453.601) | / | ((1173.163 + 559.584) / 3329.705) |
| = | 0.529608 | / | 0.520391 |
| | = | 1.0177 |
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 |
| = | (-340.008 - -594.052 | - | 418.938) | / | 2453.601 |
| | = | -0.067205 |
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.
Vista Outdoor has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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