RadioShack Beneish M-Score Historical Data
The historical data trend for RadioShack'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.
RadioShack Beneish M-Score Chart
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RadioShack Annual Data
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Trend |
Dec04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
| Beneish M-Score |
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-2.32 |
-3.12 |
-2.93 |
-2.80 |
-3.88 |
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RadioShack Semi-Annual Data
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Dec95 |
Dec96 |
Dec97 |
Dec98 |
Dec99 |
Dec00 |
Dec01 |
Dec02 |
Dec03 |
Dec04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
| Beneish M-Score |
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-2.32 |
-3.12 |
-2.93 |
-2.80 |
-3.88 |
Competitive Comparison of RadioShack's Beneish M-Score
For the Specialty Retail subindustry, RadioShack'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.
RadioShack's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, RadioShack's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where RadioShack's Beneish M-Score falls into.
RadioShack 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 RadioShack 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 * 0.5224 | + | 0.528 * 1.1244 | + | 0.404 * 1.3119 | + | 0.892 * 0.8587 | + | 0.115 * 0.9124 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1059 | + | 4.679 * -0.267157 | - | 0.327 * 1.1714 |
| = | -4.19 |
* 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 (Dec13) TTM: | Last Year (Dec12) TTM: |
Total Receivables was €155 Mil.
Revenue was €2,507 Mil.
Gross Profit was €856 Mil.
Total Current Assets was €973 Mil.
Total Assets was €1,162 Mil.
Property, Plant and Equipment(Net PPE) was €137 Mil.
Depreciation, Depletion and Amortization(DDA) was €52 Mil.
Selling, General, & Admin. Expense(SGA) was €1,027 Mil.
Total Current Liabilities was €427 Mil.
Long-Term Debt & Capital Lease Obligation was €447 Mil.
Net Income was €-292 Mil.
Gross Profit was €-8 Mil.
Cash Flow from Operations was €26 Mil.
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Total Receivables was €345 Mil.
Revenue was €2,919 Mil.
Gross Profit was €1,120 Mil.
Total Current Assets was €1,510 Mil.
Total Assets was €1,752 Mil.
Property, Plant and Equipment(Net PPE) was €182 Mil.
Depreciation, Depletion and Amortization(DDA) was €61 Mil.
Selling, General, & Admin. Expense(SGA) was €1,082 Mil.
Total Current Liabilities was €745 Mil.
Long-Term Debt & Capital Lease Obligation was €380 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) |
| = | (154.687 / 2507.039) | / | (344.805 / 2919.451) |
| = | 0.061701 | / | 0.118106 |
| | = | 0.5224 |
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) |
| = | (1120.445 / 2919.451) | / | (855.706 / 2507.039) |
| = | 0.383786 | / | 0.341321 |
| | = | 1.1244 |
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 - (973.09 + 136.656) / 1161.576) | / | (1 - (1510.208 + 182.118) / 1751.914) |
| = | 0.04462 | / | 0.034013 |
| | = | 1.3119 |
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 |
| = | 2507.039 | / | 2919.451 |
| | = | 0.8587 |
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)) |
| = | (61.493 / (61.493 + 182.118)) | / | (52.268 / (52.268 + 136.656)) |
| = | 0.252423 | / | 0.276662 |
| | = | 0.9124 |
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) |
| = | (1027.402 / 2507.039) | / | (1081.888 / 2919.451) |
| = | 0.409807 | / | 0.370579 |
| | = | 1.1059 |
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) |
| = | ((447.49 + 426.758) / 1161.576) | / | ((380.238 + 745.388) / 1751.914) |
| = | 0.75264 | / | 0.642512 |
| | = | 1.1714 |
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 |
| = | (-292.146 - -7.957 | - | 26.134) | / | 1161.576 |
| | = | -0.267157 |
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.
RadioShack has a M-score of -4.19 suggests that the company is unlikely to be a manipulator.
RadioShack (FRA:TAN) Business Description
Traded in Other Exchanges
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RS Legacy Corp, formerly RadioShack Corp was incorporated in 1967. The Company, along with its subsidiaries, is primarily engaged in the retail sale of consumer electronics goods and services through its RadioShack store chain. At December 31, 2013, it operated 4,297 U.S. company-operated stores under the RadioShack brand located throughout the United States, as well as in Puerto Rico and the U.S. Virgin Islands. These stores are located in strip centers and shopping malls, as well as individual storefronts. Each location carries a broad assortment of both name brand and private brand consumer electronics products. The Company's product lines are categorized into two platforms; namely mobility and retail. Its mobility platform includes postpaid and prepaid wireless handsets, commissions, residual income, prepaid wireless airtime, tablet devices, and e-readers. The retail platform includes remaining consumer electronics product categories and related accessories; batteries and power products; and technical products. The Company has other sales channels and support operations such as: Dealer Outlets, RadioShack de Mexico, RadioShack.com, Distribution Centers, RadioShack Technology Services and RadioShack Global Sourcing. The Company owns or is licensed to use many trademarks and service marks related to its RadioShack stores in the United States and in foreign countries. Its private brand manufactured products are sold under the RadioShack, AUVIO, Enercell and Gigaware trademark. It also owns patents and patent applications relating to consumer electronics products. The Company competes in the sale of its products and services with several retail formats, including national, regional, and independent consumer electronics retailers. It competes with department and specialty retail stores in certain product categories. It competes with wireless providers in mobility platform through their own retail and online presence. It also competes with big-box retailers, discount and warehouse retailers, and Internet retailers. The Company is subject to foreign, federal, state, and local laws and regulations including, but not limited to, the Fair Labor Standards Act and ERISA, each as amended, and regulations promulgated by the Federal Trade Commission, SEC, Internal Revenue Service, Department of Labor, Occupational Safety and Health Administration, and Environmental Protection Agency.
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