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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of bebe stores Inc was 2.74. The lowest was -4.03. And the median was -2.61.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 bebe stores Inc 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 * 0.9912||+||0.528 * 0.9419||+||0.404 * 0.9821||+||0.892 * 0.9939||+||0.115 * 0.9511|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8935||+||4.679 * -0.0493||-||0.327 * 1.0234|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $6.4 Mil.|
Revenue was 96.283 + 104.259 + 92.668 + 128.914 = $422.1 Mil.
Gross Profit was 27.863 + 36.316 + 28.187 + 47.907 = $140.3 Mil.
Total Current Assets was $97.1 Mil.
Total Assets was $196.1 Mil.
Property, Plant and Equipment(Net PPE) was $89.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.5 Mil.
Selling, General & Admin. Expense(SGA) was $173.0 Mil.
Total Current Liabilities was $39.5 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -17.141 + -5.225 + -11.246 + -0.385 = $-34.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -19.129 + -3.437 + -16.885 + 15.116 = $-24.3 Mil.
|Accounts Receivable was $6.4 Mil.
Revenue was 102.156 + 103.569 + 89.019 + 129.974 = $424.7 Mil.
Gross Profit was 32.77 + 32.005 + 24.5 + 43.655 = $132.9 Mil.
Total Current Assets was $140.4 Mil.
Total Assets was $246.2 Mil.
Property, Plant and Equipment(Net PPE) was $94.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.2 Mil.
Selling, General & Admin. Expense(SGA) was $194.9 Mil.
Total Current Liabilities was $48.5 Mil.
Long-Term Debt was $0.0 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(6.351 / 422.124)||/||(6.447 / 424.718)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(36.316 / 424.718)||/||(27.863 / 422.124)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (97.108 + 89.804) / 196.063)||/||(1 - (140.384 + 94.118) / 246.203)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(18.23 / (18.23 + 94.118))||/||(18.473 / (18.473 + 89.804))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(173.04 / 422.124)||/||(194.85 / 424.718)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((0 + 39.524) / 196.063)||/||((0 + 48.496) / 246.203)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-33.997 - 0||-||-24.335)||/||196.063|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
bebe stores Inc has a M-score of -2.76 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
bebe stores Inc Annual Data
bebe stores Inc Quarterly Data