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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 Buckle Inc was 2.44. The lowest was -3.78. 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 Buckle 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 * 0.977||+||0.528 * 1.0554||+||0.404 * 0.6496||+||0.892 * 0.8707||+||0.115 * 0.9653|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1147||+||4.679 * -0.0938||-||0.327 * 0.9051|
|This Year (Jan17) TTM:||Last Year (Jan16) TTM:|
|Accounts Receivable was $8.2 Mil.|
Revenue was 279.96 + 239.213 + 212.157 + 243.543 = $974.9 Mil.
Gross Profit was 125.683 + 96.874 + 79.882 + 94.729 = $397.2 Mil.
Total Current Assets was $386.5 Mil.
Total Assets was $579.8 Mil.
Property, Plant and Equipment(Net PPE) was $169.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.8 Mil.
Selling, General & Admin. Expense(SGA) was $244.4 Mil.
Total Current Liabilities was $98.6 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 35.995 + 23.397 + 15.472 + 23.097 = $98.0 Mil.
Non Operating Income was 2.011 + 0.497 + 0.595 + 0.408 = $3.5 Mil.
Cash Flow from Operations was 84.718 + 19.699 + 32.13 + 12.319 = $148.9 Mil.
|Accounts Receivable was $9.7 Mil.
Revenue was 332.031 + 280.187 + 236.053 + 271.345 = $1,119.6 Mil.
Gross Profit was 155.945 + 117.264 + 94.595 + 113.597 = $481.4 Mil.
Total Current Assets was $362.9 Mil.
Total Assets was $572.8 Mil.
Property, Plant and Equipment(Net PPE) was $172.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.1 Mil.
Selling, General & Admin. Expense(SGA) was $251.8 Mil.
Total Current Liabilities was $107.6 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)|
|=||(8.21 / 974.873)||/||(9.651 / 1119.616)|
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)|
|=||(481.401 / 1119.616)||/||(397.168 / 974.873)|
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 - (386.457 + 168.995) / 579.847)||/||(1 - (362.897 + 172.781) / 572.773)|
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))|
|=||(32.142 / (32.142 + 172.781))||/||(32.787 / (32.787 + 168.995))|
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)|
|=||(244.408 / 974.873)||/||(251.813 / 1119.616)|
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 + 98.616) / 579.847)||/||((0 + 107.626) / 572.773)|
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|
|=||(97.961 - 3.511||-||148.866)||/||579.847|
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.
Buckle Inc has a M-score of -3.16 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
Buckle Inc Annual Data
Buckle Inc Quarterly Data