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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.
Dollar Tree Stores Inc has a M-score of -3.02 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Dollar Tree Stores Inc was -2.00. The lowest was -3.55. And the median was -2.73.
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 Dollar Tree 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 * 1||+||0.528 * 1.0116||+||0.404 * 0.9559||+||0.892 * 1.0581||+||0.115 * 0.9981|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9921||+||4.679 * -0.088||-||0.327 * 1.5307|
|This Year (Apr14) TTM:||Last Year (Apr13) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 2000.3 + 2234.9 + 1884.7 + 1854.9 = $7,975 Mil.
Gross Profit was 696.6 + 825.2 + 659.9 + 648.7 = $2,830 Mil.
Total Current Assets was $1,537 Mil.
Total Assets was $2,958 Mil.
Property, Plant and Equipment(Net PPE) was $1,116 Mil.
Depreciation, Depletion and Amortization(DDA) was $196 Mil.
Selling, General & Admin. Expense(SGA) was $1,845 Mil.
Total Current Liabilities was $725 Mil.
Long-Term Debt was $757 Mil.
Net Income was 138.3 + 213.1 + 125.4 + 124.7 = $602 Mil.
Non Operating Income was 0 + -1.1 + 0.3 + 0.2 = $-1 Mil.
Cash Flow from Operations was 198.2 + 426.7 + 66.4 + 171 = $862 Mil.
|Accounts Receivable was $0 Mil.
Revenue was 1865.8 + 2245.8 + 1720.5 + 1704.6 = $7,537 Mil.
Gross Profit was 656 + 850.8 + 599.6 + 599.6 = $2,706 Mil.
Total Current Assets was $1,490 Mil.
Total Assets was $2,812 Mil.
Property, Plant and Equipment(Net PPE) was $1,018 Mil.
Depreciation, Depletion and Amortization(DDA) was $179 Mil.
Selling, General & Admin. Expense(SGA) was $1,757 Mil.
Total Current Liabilities was $663 Mil.
Long-Term Debt was $257 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)|
|=||(0 / 7974.8)||/||(0 / 7536.7)|
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)|
|=||(825.2 / 7536.7)||/||(696.6 / 7974.8)|
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 - (1537 + 1115.5) / 2958)||/||(1 - (1489.8 + 1018.2) / 2811.8)|
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))|
|=||(178.6 / (178.6 + 1018.2))||/||(196.1 / (196.1 + 1115.5))|
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)|
|=||(1844.7 / 7974.8)||/||(1757.3 / 7536.7)|
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)|
|=||((757 + 724.5) / 2958)||/||((257 + 663) / 2811.8)|
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|
|=||(601.5 - -0.6||-||862.3)||/||2958|
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.
Dollar Tree Stores Inc has a M-score of -3.02 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
Dollar Tree Stores Inc Annual Data
Dollar Tree Stores Inc Quarterly Data