Fila Holdings Beneish M-Score Historical Data
The historical data trend for Fila Holdings'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.
Fila Holdings Beneish M-Score Chart
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Fila Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.87 |
-2.81 |
-2.02 |
-3.07 |
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Fila Holdings 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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-2.02 |
-2.07 |
-2.41 |
-2.82 |
-3.07 |
Competitive Comparison of Fila Holdings's Beneish M-Score
For the Leisure subindustry, Fila Holdings'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.
Fila Holdings's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Fila Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fila Holdings's Beneish M-Score falls into.
Fila Holdings 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 Fila Holdings 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 * 1.0004 | + | 0.528 * 0.9775 | + | 0.404 * 1.0202 | + | 0.892 * 0.949 | + | 0.115 * 1.0145 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0863 | + | 4.679 * -0.107477 | - | 0.327 * 1.0654 |
| = | -3.07 |
* 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 ₩456,200 Mil.
Revenue was 760830.047 + 990192.251 + 1147005.669 + 1108599.489 = ₩4,006,627 Mil.
Gross Profit was 388540.029 + 489799.752 + 534985.618 + 556896.962 = ₩1,970,222 Mil.
Total Current Assets was ₩2,241,653 Mil.
Total Assets was ₩4,980,150 Mil.
Property, Plant and Equipment(Net PPE) was ₩600,992 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩132,867 Mil.
Selling, General, & Admin. Expense(SGA) was ₩886,916 Mil.
Total Current Liabilities was ₩1,161,274 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,004,853 Mil.
Net Income was -38217.393 + 26329.039 + -7340.01 + 61808.831 = ₩42,580 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 104665.677 + 298966.972 + 271322.233 + -97125.329 = ₩577,830 Mil.
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Total Receivables was ₩480,482 Mil.
Revenue was 896740.243 + 1079543.749 + 1171903.319 + 1073562.816 = ₩4,221,750 Mil.
Gross Profit was 414309.101 + 519737.526 + 565317.599 + 529941.185 = ₩2,029,305 Mil.
Total Current Assets was ₩2,293,320 Mil.
Total Assets was ₩4,821,801 Mil.
Property, Plant and Equipment(Net PPE) was ₩499,819 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩112,466 Mil.
Selling, General, & Admin. Expense(SGA) was ₩860,273 Mil.
Total Current Liabilities was ₩1,092,678 Mil.
Long-Term Debt & Capital Lease Obligation was ₩875,886 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) |
| = | (456200.109 / 4006627.456) | / | (480481.715 / 4221750.127) |
| = | 0.113861 | / | 0.113811 |
| | = | 1.0004 |
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) |
| = | (2029305.411 / 4221750.127) | / | (1970222.361 / 4006627.456) |
| = | 0.480679 | / | 0.491741 |
| | = | 0.9775 |
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 - (2241652.636 + 600991.575) / 4980149.551) | / | (1 - (2293320.103 + 499818.525) / 4821801.378) |
| = | 0.429205 | / | 0.420727 |
| | = | 1.0202 |
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 |
| = | 4006627.456 | / | 4221750.127 |
| | = | 0.949 |
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)) |
| = | (112465.511 / (112465.511 + 499818.525)) | / | (132867.376 / (132867.376 + 600991.575)) |
| = | 0.183682 | / | 0.181053 |
| | = | 1.0145 |
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) |
| = | (886916.222 / 4006627.456) | / | (860273.447 / 4221750.127) |
| = | 0.221362 | / | 0.203772 |
| | = | 1.0863 |
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) |
| = | ((1004853.465 + 1161274.005) / 4980149.551) | / | ((875886.255 + 1092677.843) / 4821801.378) |
| = | 0.434952 | / | 0.408263 |
| | = | 1.0654 |
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 |
| = | (42580.467 - 0 | - | 577829.553) | / | 4980149.551 |
| | = | -0.107477 |
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.
Fila Holdings has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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