Aritzia Beneish M-Score Historical Data
The historical data trend for Aritzia'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.
Aritzia Beneish M-Score Chart
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Aritzia Annual Data
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Trend |
Feb15 |
Feb16 |
Feb17 |
Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
Feb24 |
| Beneish M-Score |
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-2.90 |
-2.69 |
-2.64 |
-1.71 |
-3.10 |
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Aritzia Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-1.71 |
-2.34 |
-1.90 |
-2.33 |
-3.10 |
Competitive Comparison of Aritzia's Beneish M-Score
For the Apparel Retail subindustry, Aritzia'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.
Aritzia's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Aritzia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aritzia's Beneish M-Score falls into.
Aritzia 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 Aritzia 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 * 0.999 | + | 0.528 * 1.0811 | + | 0.404 * 0.9882 | + | 0.892 * 1.0352 | + | 0.115 * 0.9482 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1116 | + | 4.679 * -0.14274 | - | 0.327 * 0.9701 |
| = | -3.09 |
* 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 $19 Mil.
Revenue was 505.163 + 476.781 + 396.343 + 342.284 = $1,721 Mil.
Gross Profit was 193.516 + 197.663 + 138.63 + 133.129 = $663 Mil.
Total Current Assets was $419 Mil.
Total Assets was $1,442 Mil.
Property, Plant and Equipment(Net PPE) was $788 Mil.
Depreciation, Depletion and Amortization(DDA) was $124 Mil.
Selling, General, & Admin. Expense(SGA) was $546 Mil.
Total Current Liabilities was $299 Mil.
Long-Term Debt & Capital Lease Obligation was $517 Mil.
Net Income was 17.931 + 31.439 + -4.444 + 12.924 = $58 Mil.
Non Operating Income was -1.517 + 0.685 + -5.908 + 7.299 = $1 Mil.
Cash Flow from Operations was 73.843 + 175.88 + -6.521 + 19.86 = $263 Mil.
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Total Receivables was $18 Mil.
Revenue was 473.898 + 464.156 + 406.846 + 317.218 = $1,662 Mil.
Gross Profit was 179.991 + 201.132 + 170.53 + 140.677 = $692 Mil.
Total Current Assets was $455 Mil.
Total Assets was $1,365 Mil.
Property, Plant and Equipment(Net PPE) was $686 Mil.
Depreciation, Depletion and Amortization(DDA) was $102 Mil.
Selling, General, & Admin. Expense(SGA) was $475 Mil.
Total Current Liabilities was $310 Mil.
Long-Term Debt & Capital Lease Obligation was $487 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) |
| = | (18.91 / 1720.571) | / | (18.287 / 1662.118) |
| = | 0.010991 | / | 0.011002 |
| | = | 0.999 |
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) |
| = | (692.33 / 1662.118) | / | (662.938 / 1720.571) |
| = | 0.416535 | / | 0.385301 |
| | = | 1.0811 |
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 - (419.422 + 787.893) / 1441.58) | / | (1 - (454.77 + 685.795) / 1365.054) |
| = | 0.162506 | / | 0.164454 |
| | = | 0.9882 |
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 |
| = | 1720.571 | / | 1662.118 |
| | = | 1.0352 |
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)) |
| = | (101.525 / (101.525 + 685.795)) | / | (124.011 / (124.011 + 787.893)) |
| = | 0.12895 | / | 0.135991 |
| | = | 0.9482 |
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) |
| = | (546.428 / 1720.571) | / | (474.868 / 1662.118) |
| = | 0.317585 | / | 0.285701 |
| | = | 1.1116 |
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) |
| = | ((517.455 + 298.839) / 1441.58) | / | ((486.614 + 310.168) / 1365.054) |
| = | 0.56625 | / | 0.5837 |
| | = | 0.9701 |
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 |
| = | (57.85 - 0.559 | - | 263.062) | / | 1441.58 |
| | = | -0.14274 |
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.
Aritzia has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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