Dillard's Beneish M-Score Historical Data
The historical data trend for Dillard's'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.
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Dillard's Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.90 |
0.48 |
-3.57 |
-2.15 |
-2.51 |
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Dillard's Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.15 |
-1.60 |
-2.93 |
-2.08 |
-2.51 |
Competitive Comparison
For the Department Stores subindustry, Dillard's'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.
Dillard's Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Dillard's's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dillard's's Beneish M-Score falls into.
Dillard's 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 Dillard's 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 * 1.0821 | + | 0.528 * 1.0411 | + | 0.404 * 1.1362 | + | 0.892 * 0.9826 | + | 0.115 * 1.0144 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0426 | + | 4.679 * -0.038274 | - | 0.327 * 0.9491 |
| = | -2.51 |
* 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 $61 Mil.
Revenue was 2158.861 + 1504.234 + 1597.418 + 1613.907 = $6,874 Mil.
Gross Profit was 812.386 + 669.697 + 638.583 + 722.646 = $2,843 Mil.
Total Current Assets was $2,208 Mil.
Total Assets was $3,449 Mil.
Property, Plant and Equipment(Net PPE) was $1,117 Mil.
Depreciation, Depletion and Amortization(DDA) was $181 Mil.
Selling, General, & Admin. Expense(SGA) was $1,739 Mil.
Total Current Liabilities was $828 Mil.
Long-Term Debt & Capital Lease Obligation was $553 Mil.
Net Income was 250.502 + 155.339 + 131.511 + 201.495 = $739 Mil.
Non Operating Income was -4.651 + -0.644 + -4.538 + -2.905 = $-13 Mil.
Cash Flow from Operations was 436.483 + 49.257 + 116.902 + 280.948 = $884 Mil.
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Total Receivables was $57 Mil.
Revenue was 2162.474 + 1573.072 + 1617.887 + 1642.782 = $6,996 Mil.
Gross Profit was 837.207 + 717.395 + 676.67 + 781.345 = $3,013 Mil.
Total Current Assets was $2,072 Mil.
Total Assets was $3,329 Mil.
Property, Plant and Equipment(Net PPE) was $1,152 Mil.
Depreciation, Depletion and Amortization(DDA) was $190 Mil.
Selling, General, & Admin. Expense(SGA) was $1,697 Mil.
Total Current Liabilities was $859 Mil.
Long-Term Debt & Capital Lease Obligation was $546 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) |
| = | (60.547 / 6874.42) | / | (56.952 / 6996.215) |
| = | 0.008808 | / | 0.00814 |
| | = | 1.0821 |
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) |
| = | (3012.617 / 6996.215) | / | (2843.312 / 6874.42) |
| = | 0.430607 | / | 0.413608 |
| | = | 1.0411 |
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 - (2208.21 + 1116.985) / 3448.906) | / | (1 - (2071.846 + 1152.2) / 3329.15) |
| = | 0.03587 | / | 0.031571 |
| | = | 1.1362 |
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 |
| = | 6874.42 | / | 6996.215 |
| | = | 0.9826 |
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)) |
| = | (190.03 / (190.03 + 1152.2)) | / | (181.182 / (181.182 + 1116.985)) |
| = | 0.141578 | / | 0.139568 |
| | = | 1.0144 |
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) |
| = | (1738.984 / 6874.42) | / | (1697.486 / 6996.215) |
| = | 0.252964 | / | 0.242629 |
| | = | 1.0426 |
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) |
| = | ((553.189 + 827.756) / 3448.906) | / | ((545.518 + 858.961) / 3329.15) |
| = | 0.400401 | / | 0.421873 |
| | = | 0.9491 |
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 |
| = | (738.847 - -12.738 | - | 883.59) | / | 3448.906 |
| | = | -0.038274 |
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.
Dillard's has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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