FirstCash Holdings Beneish M-Score Historical Data
The historical data trend for FirstCash Holdings'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.
FirstCash Holdings Beneish M-Score Chart
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FirstCash Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.79 |
-2.04 |
-2.68 |
-2.58 |
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FirstCash Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.68 |
-2.73 |
-2.70 |
-2.65 |
-2.58 |
Competitive Comparison of FirstCash Holdings's Beneish M-Score
For the Credit Services subindustry, FirstCash Holdings'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.
FirstCash Holdings's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, FirstCash Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FirstCash Holdings's Beneish M-Score falls into.
FirstCash Holdings 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 FirstCash Holdings 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 * 1.0318 | + | 0.528 * 0.969 | + | 0.404 * 0.9544 | + | 0.892 * 1.155 | + | 0.115 * 0.999 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0319 | + | 4.679 * -0.044721 | - | 0.327 * 1.0479 |
| = | -2.58 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $658 Mil.
Revenue was 852.134 + 786.301 + 750.622 + 762.739 = $3,152 Mil.
Gross Profit was 417.649 + 388.647 + 352.887 + 348.056 = $1,507 Mil.
Total Current Assets was $1,307 Mil.
Total Assets was $4,290 Mil.
Property, Plant and Equipment(Net PPE) was $961 Mil.
Depreciation, Depletion and Amortization(DDA) was $521 Mil.
Selling, General, & Admin. Expense(SGA) was $176 Mil.
Total Current Liabilities was $336 Mil.
Long-Term Debt & Capital Lease Obligation was $1,821 Mil.
Net Income was 69.589 + 57.144 + 45.18 + 47.388 = $219 Mil.
Non Operating Income was -3.486 + -2.717 + 0.486 + 0.726 = $-5 Mil.
Cash Flow from Operations was 99.105 + 111.368 + 95.075 + 110.594 = $416 Mil.
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Total Receivables was $552 Mil.
Revenue was 749.344 + 672.143 + 647.616 + 659.839 = $2,729 Mil.
Gross Profit was 349.135 + 323.292 + 300.972 + 291.187 = $1,265 Mil.
Total Current Assets was $1,131 Mil.
Total Assets was $3,905 Mil.
Property, Plant and Equipment(Net PPE) was $846 Mil.
Depreciation, Depletion and Amortization(DDA) was $457 Mil.
Selling, General, & Admin. Expense(SGA) was $148 Mil.
Total Current Liabilities was $296 Mil.
Long-Term Debt & Capital Lease Obligation was $1,578 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) |
| = | (657.669 / 3151.796) | / | (551.903 / 2728.942) |
| = | 0.208665 | / | 0.202241 |
| | = | 1.0318 |
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) |
| = | (1264.586 / 2728.942) | / | (1507.239 / 3151.796) |
| = | 0.463398 | / | 0.478216 |
| | = | 0.969 |
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 - (1306.601 + 961.182) / 4289.915) | / | (1 - (1130.662 + 845.69) / 3904.867) |
| = | 0.471369 | / | 0.493875 |
| | = | 0.9544 |
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 |
| = | 3151.796 | / | 2728.942 |
| | = | 1.155 |
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)) |
| = | (457.327 / (457.327 + 845.69)) | / | (520.616 / (520.616 + 961.182)) |
| = | 0.350975 | / | 0.351341 |
| | = | 0.999 |
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) |
| = | (176.315 / 3151.796) | / | (147.943 / 2728.942) |
| = | 0.055941 | / | 0.054213 |
| | = | 1.0319 |
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) |
| = | ((1821.132 + 335.592) / 4289.915) | / | ((1577.813 + 295.529) / 3904.867) |
| = | 0.502743 | / | 0.479745 |
| | = | 1.0479 |
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 |
| = | (219.301 - -4.991 | - | 416.142) | / | 4289.915 |
| | = | -0.044721 |
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.
FirstCash Holdings has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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