Kohl's Beneish M-Score Historical Data
The historical data trend for Kohl'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.
Kohl's Beneish M-Score Chart
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Kohl'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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-2.93 |
1.16 |
-3.37 |
-2.50 |
-2.98 |
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Kohl'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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-2.50 |
-2.75 |
-2.92 |
-2.81 |
-2.98 |
Competitive Comparison of Kohl's's Beneish M-Score
For the Department Stores subindustry, Kohl'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.
Kohl's's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Kohl's's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kohl's's Beneish M-Score falls into.
Kohl'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 Kohl'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 * 0.8236 | + | 0.528 * 0.919 | + | 0.404 * 1.0267 | + | 0.892 * 0.9656 | + | 0.115 * 1.0719 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0217 | + | 4.679 * -0.060747 | - | 0.327 * 0.983 |
| = | -2.98 |
* 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 $167 Mil.
Revenue was 5956 + 4054 + 3895 + 3571 = $17,476 Mil.
Gross Profit was 2096 + 1705 + 1653 + 1524 = $6,978 Mil.
Total Current Assets was $3,410 Mil.
Total Assets was $14,009 Mil.
Property, Plant and Equipment(Net PPE) was $10,219 Mil.
Depreciation, Depletion and Amortization(DDA) was $749 Mil.
Selling, General, & Admin. Expense(SGA) was $5,512 Mil.
Total Current Liabilities was $2,612 Mil.
Long-Term Debt & Capital Lease Obligation was $7,099 Mil.
Net Income was 186 + 59 + 58 + 14 = $317 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 789 + 151 + 430 + -202 = $1,168 Mil.
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Total Receivables was $210 Mil.
Revenue was 6019 + 4277 + 4087 + 3715 = $18,098 Mil.
Gross Profit was 1575 + 1736 + 1755 + 1575 = $6,641 Mil.
Total Current Assets was $3,736 Mil.
Total Assets was $14,345 Mil.
Property, Plant and Equipment(Net PPE) was $10,230 Mil.
Depreciation, Depletion and Amortization(DDA) was $808 Mil.
Selling, General, & Admin. Expense(SGA) was $5,587 Mil.
Total Current Liabilities was $3,115 Mil.
Long-Term Debt & Capital Lease Obligation was $7,001 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) |
| = | (167 / 17476) | / | (210 / 18098) |
| = | 0.009556 | / | 0.011603 |
| | = | 0.8236 |
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) |
| = | (6641 / 18098) | / | (6978 / 17476) |
| = | 0.366947 | / | 0.39929 |
| | = | 0.919 |
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 - (3410 + 10219) / 14009) | / | (1 - (3736 + 10230) / 14345) |
| = | 0.027125 | / | 0.02642 |
| | = | 1.0267 |
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 |
| = | 17476 | / | 18098 |
| | = | 0.9656 |
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)) |
| = | (808 / (808 + 10230)) | / | (749 / (749 + 10219)) |
| = | 0.073202 | / | 0.06829 |
| | = | 1.0719 |
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) |
| = | (5512 / 17476) | / | (5587 / 18098) |
| = | 0.315404 | / | 0.308708 |
| | = | 1.0217 |
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) |
| = | ((7099 + 2612) / 14009) | / | ((7001 + 3115) / 14345) |
| = | 0.693197 | / | 0.705193 |
| | = | 0.983 |
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 |
| = | (317 - 0 | - | 1168) | / | 14009 |
| | = | -0.060747 |
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.
Kohl's has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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