F&F Co Beneish M-Score Historical Data
The historical data trend for F&F 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.
F&F Co Beneish M-Score Chart
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F&F Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.53 |
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F&F Co Quarterly Data
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Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.98 |
-1.94 |
-2.53 |
Competitive Comparison of F&F Co's Beneish M-Score
For the Apparel Manufacturing subindustry, F&F 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.
F&F Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, F&F Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where F&F Co's Beneish M-Score falls into.
F&F 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 F&F 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 * 0.8226 | + | 0.528 * 1.0368 | + | 0.404 * 0.848 | + | 0.892 * 1.0938 | + | 0.115 * 2.1565 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9019 | + | 4.679 * -0.025909 | - | 0.327 * 0.8571 |
| = | -2.53 |
* 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 ₩147,889 Mil.
Revenue was 582795.85 + 492815.454 + 405479.878 + 497404.354 = ₩1,978,496 Mil.
Gross Profit was 387824.453 + 330074.262 + 284347.112 + 343992.631 = ₩1,346,238 Mil.
Total Current Assets was ₩745,614 Mil.
Total Assets was ₩2,005,098 Mil.
Property, Plant and Equipment(Net PPE) was ₩360,558 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩73,821 Mil.
Selling, General, & Admin. Expense(SGA) was ₩598,780 Mil.
Total Current Liabilities was ₩486,850 Mil.
Long-Term Debt & Capital Lease Obligation was ₩173,000 Mil.
Net Income was 101586.633 + 119090.228 + 85752.911 + 118644.069 = ₩425,074 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 214510.195 + 3679.066 + 128910.933 + 129923.384 = ₩477,024 Mil.
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Total Receivables was ₩164,375 Mil.
Revenue was 558652.03 + 441681.829 + 371435.774 + 437124.915 = ₩1,808,895 Mil.
Gross Profit was 391766.061 + 312401.902 + 256397.529 + 315616.961 = ₩1,276,182 Mil.
Total Current Assets was ₩601,205 Mil.
Total Assets was ₩1,570,179 Mil.
Property, Plant and Equipment(Net PPE) was ₩138,848 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩80,322 Mil.
Selling, General, & Admin. Expense(SGA) was ₩606,972 Mil.
Total Current Liabilities was ₩575,926 Mil.
Long-Term Debt & Capital Lease Obligation was ₩26,976 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) |
| = | (147888.869 / 1978495.536) | / | (164374.983 / 1808894.548) |
| = | 0.074748 | / | 0.09087 |
| | = | 0.8226 |
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) |
| = | (1276182.453 / 1808894.548) | / | (1346238.458 / 1978495.536) |
| = | 0.705504 | / | 0.680435 |
| | = | 1.0368 |
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 - (745614.087 + 360558.062) / 2005097.999) | / | (1 - (601204.893 + 138848.162) / 1570179.025) |
| = | 0.44832 | / | 0.528682 |
| | = | 0.848 |
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 |
| = | 1978495.536 | / | 1808894.548 |
| | = | 1.0938 |
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)) |
| = | (80322.155 / (80322.155 + 138848.162)) | / | (73821.122 / (73821.122 + 360558.062)) |
| = | 0.366483 | / | 0.169946 |
| | = | 2.1565 |
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) |
| = | (598779.736 / 1978495.536) | / | (606972.291 / 1808894.548) |
| = | 0.302644 | / | 0.335549 |
| | = | 0.9019 |
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) |
| = | ((173000.219 + 486850.151) / 2005097.999) | / | ((26976.04 + 575925.567) / 1570179.025) |
| = | 0.329086 | / | 0.38397 |
| | = | 0.8571 |
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 |
| = | (425073.841 - 0 | - | 477023.578) | / | 2005097.999 |
| | = | -0.025909 |
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.
F&F Co has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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