Zalando SE Beneish M-Score Historical Data
The historical data trend for Zalando SE'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.
Zalando SE Beneish M-Score Chart
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Zalando SE Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.49 |
-2.43 |
-2.38 |
-3.02 |
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Zalando SE 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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-2.38 |
-2.67 |
-2.72 |
-2.76 |
-3.02 |
Competitive Comparison of Zalando SE's Beneish M-Score
For the Internet Retail subindustry, Zalando SE'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.
Zalando SE's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Zalando SE's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zalando SE's Beneish M-Score falls into.
Zalando SE 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 Zalando SE 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 * 1.0044 | + | 0.528 * 1.0116 | + | 0.404 * 0.9478 | + | 0.892 * 0.9805 | + | 0.115 * 1.0388 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9946 | + | 4.679 * -0.111237 | - | 0.327 * 0.9774 |
| = | -3.02 |
* 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 €899 Mil.
Revenue was 3056.2 + 2274.9 + 2556.4 + 2255.6 = €10,143 Mil.
Gross Profit was 1203.6 + 834.7 + 1037.7 + 854.5 = €3,931 Mil.
Total Current Assets was €5,249 Mil.
Total Assets was €7,790 Mil.
Property, Plant and Equipment(Net PPE) was €2,040 Mil.
Depreciation, Depletion and Amortization(DDA) was €334 Mil.
Selling, General, & Admin. Expense(SGA) was €1,243 Mil.
Total Current Liabilities was €3,526 Mil.
Long-Term Debt & Capital Lease Obligation was €1,719 Mil.
Net Income was 73 + -8.2 + 56.6 + -38.5 = €83 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 826.2 + -81.1 + 371.1 + -166.8 = €949 Mil.
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Total Receivables was €913 Mil.
Revenue was 3167.6 + 2349.1 + 2623 + 2205 = €10,345 Mil.
Gross Profit was 1208 + 917.9 + 1076.3 + 853.1 = €4,055 Mil.
Total Current Assets was €5,284 Mil.
Total Assets was €7,626 Mil.
Property, Plant and Equipment(Net PPE) was €1,825 Mil.
Depreciation, Depletion and Amortization(DDA) was €312 Mil.
Selling, General, & Admin. Expense(SGA) was €1,275 Mil.
Total Current Liabilities was €3,667 Mil.
Long-Term Debt & Capital Lease Obligation was €1,587 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) |
| = | (899.1 / 10143.1) | / | (913 / 10344.7) |
| = | 0.088642 | / | 0.088258 |
| | = | 1.0044 |
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) |
| = | (4055.3 / 10344.7) | / | (3930.5 / 10143.1) |
| = | 0.392017 | / | 0.387505 |
| | = | 1.0116 |
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 - (5249 + 2039.6) / 7789.7) | / | (1 - (5283.8 + 1824.7) / 7626.1) |
| = | 0.064329 | / | 0.067872 |
| | = | 0.9478 |
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 |
| = | 10143.1 | / | 10344.7 |
| | = | 0.9805 |
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)) |
| = | (312.4 / (312.4 + 1824.7)) | / | (334 / (334 + 2039.6)) |
| = | 0.146179 | / | 0.140715 |
| | = | 1.0388 |
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) |
| = | (1243.3 / 10143.1) | / | (1274.9 / 10344.7) |
| = | 0.122576 | / | 0.123242 |
| | = | 0.9946 |
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) |
| = | ((1719.4 + 3526.1) / 7789.7) | / | ((1587 + 3666.9) / 7626.1) |
| = | 0.673389 | / | 0.688937 |
| | = | 0.9774 |
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 |
| = | (82.9 - 0 | - | 949.4) | / | 7789.7 |
| | = | -0.111237 |
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.
Zalando SE has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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