The Bon-Ton Stores Beneish M-Score Historical Data
The historical data trend for The Bon-Ton Stores'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.
The Bon-Ton Stores Beneish M-Score Chart
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The Bon-Ton Stores Annual Data
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Trend |
Jan08 |
Jan09 |
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Jan11 |
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Jan13 |
Jan14 |
Jan15 |
Jan16 |
Jan17 |
| Beneish M-Score |
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-2.89 |
-2.73 |
-2.29 |
-3.66 |
-2.91 |
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The Bon-Ton Stores Quarterly Data
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Jan13 |
Apr13 |
Jul13 |
Oct13 |
Jan14 |
Apr14 |
Jul14 |
Oct14 |
Jan15 |
Apr15 |
Jul15 |
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Apr16 |
Jul16 |
Oct16 |
Jan17 |
Apr17 |
Jul17 |
Oct17 |
| Beneish M-Score |
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-2.92 |
-2.91 |
-3.75 |
-3.70 |
-2.03 |
Competitive Comparison of The Bon-Ton Stores's Beneish M-Score
For the Department Stores subindustry, The Bon-Ton Stores'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.
The Bon-Ton Stores's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, The Bon-Ton Stores's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Bon-Ton Stores's Beneish M-Score falls into.
The Bon-Ton Stores 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 The Bon-Ton Stores 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 * 1.7128 | + | 0.528 * 1.0144 | + | 0.404 * 1.0987 | + | 0.892 * 0.9291 | + | 0.115 * 0.9453 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0091 | + | 4.679 * -0.033194 | - | 0.327 * 1.0545 |
| = | -2.02 |
* 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 (Oct17) TTM: | Last Year (Oct16) TTM: |
Total Receivables was $59 Mil.
Revenue was 545.337 + 504.424 + 536.141 + 877.283 = $2,463 Mil.
Gross Profit was 180.26 + 179.229 + 172.58 + 317.635 = $850 Mil.
Total Current Assets was $961 Mil.
Total Assets was $1,587 Mil.
Property, Plant and Equipment(Net PPE) was $529 Mil.
Depreciation, Depletion and Amortization(DDA) was $87 Mil.
Selling, General, & Admin. Expense(SGA) was $838 Mil.
Total Current Liabilities was $1,091 Mil.
Long-Term Debt & Capital Lease Obligation was $474 Mil.
Net Income was -44.877 + -33.209 + -57.315 + 44.717 = $-91 Mil.
Non Operating Income was -0.071 + -0.147 + -0.559 + -16.784 = $-18 Mil.
Cash Flow from Operations was -171.738 + 42.339 + -30.995 + 139.936 = $-20 Mil.
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Total Receivables was $37 Mil.
Revenue was 589.942 + 542.36 + 591.007 + 927.922 = $2,651 Mil.
Gross Profit was 207.05 + 198.087 + 200.094 + 322.525 = $928 Mil.
Total Current Assets was $1,032 Mil.
Total Assets was $1,734 Mil.
Property, Plant and Equipment(Net PPE) was $606 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $893 Mil.
Total Current Liabilities was $573 Mil.
Long-Term Debt & Capital Lease Obligation was $1,049 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) |
| = | (59.411 / 2463.185) | / | (37.335 / 2651.231) |
| = | 0.02412 | / | 0.014082 |
| | = | 1.7128 |
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) |
| = | (927.756 / 2651.231) | / | (849.704 / 2463.185) |
| = | 0.349934 | / | 0.344962 |
| | = | 1.0144 |
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 - (960.845 + 529.107) / 1586.595) | / | (1 - (1031.89 + 606.382) / 1734.426) |
| = | 0.060912 | / | 0.055439 |
| | = | 1.0987 |
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 |
| = | 2463.185 | / | 2651.231 |
| | = | 0.9291 |
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)) |
| = | (93.268 / (93.268 + 606.382)) | / | (86.869 / (86.869 + 529.107)) |
| = | 0.133307 | / | 0.141027 |
| | = | 0.9453 |
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) |
| = | (837.649 / 2463.185) | / | (893.47 / 2651.231) |
| = | 0.340067 | / | 0.337002 |
| | = | 1.0091 |
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) |
| = | ((474.021 + 1091.064) / 1586.595) | / | ((1049.188 + 573.304) / 1734.426) |
| = | 0.986443 | / | 0.935463 |
| | = | 1.0545 |
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 |
| = | (-90.684 - -17.561 | - | -20.458) | / | 1586.595 |
| | = | -0.033194 |
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.
The Bon-Ton Stores has a M-score of -2.02 suggests that the company is unlikely to be a manipulator.
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