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Buckle (Buckle) Beneish M-Score

: -3.01 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Buckle's Beneish M-Score or its related term are showing as below:

BKE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.74   Med: -2.75   Max: -0.66
Current: -3.01

During the past 13 years, the highest Beneish M-Score of Buckle was -0.66. The lowest was -3.74. And the median was -2.75.


Buckle Beneish M-Score Historical Data

The historical data trend for Buckle'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.

* Premium members only.

Buckle Annual Data
Trend Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.74 -3.07 -0.66 -2.41 -3.01

Buckle Quarterly Data
Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.41 -2.19 -2.86 -3.00 -3.01

Competitive Comparison

For the Apparel Retail subindustry, Buckle'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.


Buckle Beneish M-Score Distribution

For the Retail - Cyclical industry and Consumer Cyclical sector, Buckle's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Buckle's Beneish M-Score falls into.



Buckle 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 Buckle 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 * 0.7335+0.528 * 1.0237+0.404 * 1.111+0.892 * 0.9375+0.115 * 0.9677
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0671+4.679 * -0.05943-0.327 * 0.9647
=-3.01

* 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 (Jan24) TTM:Last Year (Jan23) TTM:
Total Receivables was $9 Mil.
Revenue was 382.383 + 303.457 + 292.428 + 282.834 = $1,261 Mil.
Gross Profit was 200.181 + 147.215 + 138.412 + 133.257 = $619 Mil.
Total Current Assets was $444 Mil.
Total Assets was $890 Mil.
Property, Plant and Equipment(Net PPE) was $410 Mil.
Depreciation, Depletion and Amortization(DDA) was $21 Mil.
Selling, General, & Admin. Expense(SGA) was $348 Mil.
Total Current Liabilities was $221 Mil.
Long-Term Debt & Capital Lease Obligation was $230 Mil.
Net Income was 79.581 + 51.762 + 45.64 + 42.936 = $220 Mil.
Non Operating Income was 6.834 + 4.49 + 3.693 + 3.139 = $18 Mil.
Cash Flow from Operations was 109.304 + 63.842 + 48.203 + 33.295 = $255 Mil.
Total Receivables was $13 Mil.
Revenue was 401.806 + 332.341 + 301.976 + 309.064 = $1,345 Mil.
Gross Profit was 213.073 + 165.401 + 145.369 + 152.16 = $676 Mil.
Total Current Assets was $423 Mil.
Total Assets was $838 Mil.
Property, Plant and Equipment(Net PPE) was $384 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $348 Mil.
Total Current Liabilities was $226 Mil.
Long-Term Debt & Capital Lease Obligation was $215 Mil.




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)
=(8.697 / 1261.102) / (12.648 / 1345.187)
=0.006896 / 0.009402
=0.7335

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)
=(676.003 / 1345.187) / (619.065 / 1261.102)
=0.502535 / 0.490892
=1.0237

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 - (444.256 + 409.65) / 889.81) / (1 - (423.336 + 383.823) / 837.579)
=0.04035 / 0.036319
=1.111

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
=1261.102 / 1345.187
=0.9375

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))
=(18.855 / (18.855 + 383.823)) / (20.83 / (20.83 + 409.65))
=0.046824 / 0.048388
=0.9677

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)
=(348.006 / 1261.102) / (347.871 / 1345.187)
=0.275954 / 0.258604
=1.0671

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)
=((230.141 + 221.456) / 889.81) / ((214.598 + 226.043) / 837.579)
=0.507521 / 0.526089
=0.9647

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
=(219.919 - 18.156 - 254.644) / 889.81
=-0.05943

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.

Buckle has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.


Buckle (Buckle) Business Description

Traded in Other Exchanges
Address
2407 West 24th Street, Kearney, NE, USA, 68845-4915
Buckle Inc is a retailer of casual apparel, footwear, and accessories. The company retails medium to better-priced casual apparel, footwear, and accessories for fashion-conscious young men and women. It retails under the brand names 'Buckle' and 'The Buckle'. Buckle markets a wide selection of mostly brand-name casual apparel including denim, other casual bottoms, tops, sportswear, outerwear, accessories, and footwear.
Executives
Kelli D Molczyk officer: SVP Women's Merchandising 2407 W 24TH STREET, KEARNEY NE 68845
Brett P Milkie officer: SVP Leasing
Dennis H Nelson director, officer: President & CEO
Thomas B Heacock director, officer: SVP Finance, Treasurer, & CFO 2407 W 24TH STREET, KEARNEY NE 68845
Bill L Fairfield director 111 SOUTH CALVERT STREET, SUITE 1900, BALTIMORE MD 21202
Michelle Hoffman officer: VP SALES 2407 W 24TH STREET, KEARNEY NE 68845
Kari G Smith officer: VP of Sales
Shruti S Joshi director 2407 W 24TH STREET, KEARNEY NE 68845
Diane L Applegate officer: VP SUPPLY CHAIN & MERCH OP 2407 W 24TH STREET, KEARNEY NE 68845
John P Peetz director 2407 W 24TH STREET, KEARNEY NE 68845
Robert M Carlberg officer: VP MEN'S MERCHANDISING 2407 W 24TH STREET, KEARNEY NE 68845
Karen B Rhoads director, officer: VP of Finance, Treasurer & CFO
James E Shada director, officer: Executive VP Sales
Bruce Hoberman director
Angie J Klein director 2407 W 24TH STREET, KEARNEY NE 68845

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