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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Helen Of Troy's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Helen Of Troy was -2.14. The lowest was -3.09. And the median was -2.62.
The historical data trend for Helen Of Troy'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.
Helen Of Troy Annual Data | |||||||||||||||||||||
Trend | Feb14 | Feb15 | Feb16 | Feb17 | Feb18 | Feb19 | Feb20 | Feb21 | Feb22 | Feb23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.54 | -2.49 | -2.58 | -2.14 | -2.64 |
Helen Of Troy Quarterly Data | ||||||||||||||||||||
Feb19 | May19 | Aug19 | Nov19 | Feb20 | May20 | Aug20 | Nov20 | Feb21 | May21 | Aug21 | Nov21 | Feb22 | May22 | Aug22 | Nov22 | Feb23 | May23 | Aug23 | Nov23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.46 | -2.64 | -2.97 | -3.09 | -2.84 |
For the Household & Personal Products subindustry, Helen Of Troy'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.
For the Consumer Packaged Goods industry and Consumer Defensive sector, Helen Of Troy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Helen Of Troy's Beneish M-Score falls into.
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 Helen Of Troy 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 * 1.0069 | + | 0.528 * 0.9402 | + | 0.404 * 1.0539 | + | 0.892 * 0.9218 | + | 0.115 * 0.8978 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9788 | + | 4.679 * -0.068653 | - | 0.327 * 0.8553 | |||||||
= | -2.84 |
* 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 (Nov23) TTM: | Last Year (Nov22) TTM: |
Total Receivables was $476 Mil. Revenue was 549.614 + 491.563 + 474.672 + 484.583 = $2,000 Mil. Gross Profit was 263.781 + 229.653 + 215.631 + 210.058 = $919 Mil. Total Current Assets was $956 Mil. Total Assets was $2,952 Mil. Property, Plant and Equipment(Net PPE) was $373 Mil. Depreciation, Depletion and Amortization(DDA) was $48 Mil. Selling, General, & Admin. Expense(SGA) was $644 Mil. Total Current Liabilities was $544 Mil. Long-Term Debt & Capital Lease Obligation was $769 Mil. Net Income was 75.898 + 27.381 + 22.581 + 36.18 = $162 Mil. Non Operating Income was -3.71 + -3.469 + -7.218 + -12.057 = $-26 Mil. Cash Flow from Operations was 74.727 + 36.676 + 121.056 + 158.719 = $391 Mil. |
Total Receivables was $512 Mil. Revenue was 558.606 + 521.4 + 508.078 + 582.02 = $2,170 Mil. Gross Profit was 256.676 + 221.446 + 211.171 + 248.174 = $937 Mil. Total Current Assets was $1,122 Mil. Total Assets was $3,129 Mil. Property, Plant and Equipment(Net PPE) was $375 Mil. Depreciation, Depletion and Amortization(DDA) was $43 Mil. Selling, General, & Admin. Expense(SGA) was $714 Mil. Total Current Liabilities was $523 Mil. Long-Term Debt & Capital Lease Obligation was $1,104 Mil. |
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) |
= | (475.63 / 2000.432) | / | (512.421 / 2170.104) | |
= | 0.237764 | / | 0.236127 | |
= | 1.0069 |
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) | |
= | (937.467 / 2170.104) | / | (919.123 / 2000.432) | |
= | 0.431992 | / | 0.459462 | |
= | 0.9402 |
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 - (956.438 + 373.232) / 2952.286) | / | (1 - (1122.401 + 374.991) / 3129.425) | |
= | 0.549613 | / | 0.521512 | |
= | 1.0539 |
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 | |
= | 2000.432 | / | 2170.104 | |
= | 0.9218 |
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)) |
= | (43.077 / (43.077 + 374.991)) | / | (48.39 / (48.39 + 373.232)) | |
= | 0.103038 | / | 0.114771 | |
= | 0.8978 |
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) |
= | (644.014 / 2000.432) | / | (713.764 / 2170.104) | |
= | 0.321937 | / | 0.328908 | |
= | 0.9788 |
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) |
= | ((768.669 + 543.716) / 2952.286) | / | ((1103.864 + 522.702) / 3129.425) | |
= | 0.444532 | / | 0.519765 | |
= | 0.8553 |
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 | |
= | (162.04 - -26.454 | - | 391.178) | / | 2952.286 | |
= | -0.068653 |
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.
Helen Of Troy has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Helen Of Troy's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Brian Grass | officer: Chief Financial Officer | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
Noel Geoffroy | officer: Chief Operating Officer | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
Gary B Abromovitz | director | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
Gomez Sades Tabata Lorena | director | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
Elena Otero | director | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
Tessa Judge | officer: Chief Legal Officer | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
Julien Mininberg | officer: Chief Executive Officer | ONE HELEN OF TROY PLAZA, EL PASO TX 79912 |
Matthew J Osberg | officer: Chief Financial Officer | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
Vincent D Carson | director | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
Timothy F Meeker | director | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
Thurman K Case | director | C/O CIRRUS LOGIC INC, 800 W. 6TH STREET, AUSTIN TX 78701 |
Beryl Raff | director | 5555 DARROW RD, HUDSON OH 44236 |
Darren G Woody | director | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
Krista Berry | director | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
William Susetka | director | 1 HELEN OF TROY PLAZA, EL PASO TX 79912 |
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