Nordstrom Beneish M-Score Historical Data
The historical data trend for Nordstrom'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.
Nordstrom Beneish M-Score Chart
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Nordstrom Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.74 |
-1.94 |
-2.65 |
-2.73 |
-2.31 |
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Nordstrom 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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-2.73 |
-2.68 |
-2.94 |
-2.55 |
-2.31 |
Competitive Comparison of Nordstrom's Beneish M-Score
For the Department Stores subindustry, Nordstrom'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.
Nordstrom's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Nordstrom's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nordstrom's Beneish M-Score falls into.
Nordstrom 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 Nordstrom 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 * 1.3321 | + | 0.528 * 0.9672 | + | 0.404 * 1.1182 | + | 0.892 * 0.9462 | + | 0.115 * 0.9691 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0171 | + | 4.679 * -0.024159 | - | 0.327 * 0.992 |
| = | -2.31 |
* 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 $334 Mil.
Revenue was 4420 + 3320 + 3772 + 3181 = $14,693 Mil.
Gross Profit was 1605 + 1240 + 1392 + 1153 = $5,390 Mil.
Total Current Assets was $3,136 Mil.
Total Assets was $8,444 Mil.
Property, Plant and Equipment(Net PPE) was $4,536 Mil.
Depreciation, Depletion and Amortization(DDA) was $770 Mil.
Selling, General, & Admin. Expense(SGA) was $4,855 Mil.
Total Current Liabilities was $3,072 Mil.
Long-Term Debt & Capital Lease Obligation was $3,989 Mil.
Net Income was 134 + 67 + 137 + -205 = $133 Mil.
Non Operating Income was 0 + 25 + 0 + -309 = $-284 Mil.
Cash Flow from Operations was 514 + -358 + 449 + 16 = $621 Mil.
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Total Receivables was $265 Mil.
Revenue was 4319 + 3546 + 4095 + 3569 = $15,529 Mil.
Gross Profit was 1511 + 1252 + 1509 + 1238 = $5,510 Mil.
Total Current Assets was $3,209 Mil.
Total Assets was $8,745 Mil.
Property, Plant and Equipment(Net PPE) was $4,821 Mil.
Depreciation, Depletion and Amortization(DDA) was $789 Mil.
Selling, General, & Admin. Expense(SGA) was $5,045 Mil.
Total Current Liabilities was $2,990 Mil.
Long-Term Debt & Capital Lease Obligation was $4,382 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) |
| = | (334 / 14693) | / | (265 / 15529) |
| = | 0.022732 | / | 0.017065 |
| | = | 1.3321 |
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) |
| = | (5510 / 15529) | / | (5390 / 14693) |
| = | 0.35482 | / | 0.366841 |
| | = | 0.9672 |
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 - (3136 + 4536) / 8444) | / | (1 - (3209 + 4821) / 8745) |
| = | 0.091426 | / | 0.081761 |
| | = | 1.1182 |
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 |
| = | 14693 | / | 15529 |
| | = | 0.9462 |
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)) |
| = | (789 / (789 + 4821)) | / | (770 / (770 + 4536)) |
| = | 0.140642 | / | 0.145119 |
| | = | 0.9691 |
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) |
| = | (4855 / 14693) | / | (5045 / 15529) |
| = | 0.330429 | / | 0.324876 |
| | = | 1.0171 |
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) |
| = | ((3989 + 3072) / 8444) | / | ((4382 + 2990) / 8745) |
| = | 0.836215 | / | 0.842996 |
| | = | 0.992 |
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 |
| = | (133 - -284 | - | 621) | / | 8444 |
| | = | -0.024159 |
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.
Nordstrom has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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