Shoe Carnival Beneish M-Score Historical Data
The historical data trend for Shoe Carnival'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.
Shoe Carnival Beneish M-Score Chart
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Shoe Carnival Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-1.79 |
-1.15 |
-1.19 |
-3.00 |
-2.86 |
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Shoe Carnival 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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-3.00 |
-2.94 |
-3.02 |
-3.19 |
-2.86 |
Competitive Comparison of Shoe Carnival's Beneish M-Score
For the Apparel Retail subindustry, Shoe Carnival'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.
Shoe Carnival's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Shoe Carnival's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shoe Carnival's Beneish M-Score falls into.
Shoe Carnival 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 Shoe Carnival 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 * 0.9119 | + | 0.528 * 1.035 | + | 0.404 * 0.9216 | + | 0.892 * 0.9316 | + | 0.115 * 0.8856 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.094 | + | 4.679 * -0.047415 | - | 0.327 * 0.9217 |
| = | -2.86 |
* 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 $3 Mil.
Revenue was 280.169 + 319.914 + 294.615 + 281.184 = $1,176 Mil.
Gross Profit was 99.707 + 117.701 + 105.465 + 98.517 = $421 Mil.
Total Current Assets was $481 Mil.
Total Assets was $1,042 Mil.
Property, Plant and Equipment(Net PPE) was $502 Mil.
Depreciation, Depletion and Amortization(DDA) was $29 Mil.
Selling, General, & Admin. Expense(SGA) was $328 Mil.
Total Current Liabilities was $128 Mil.
Long-Term Debt & Capital Lease Obligation was $301 Mil.
Net Income was 15.52 + 21.861 + 19.441 + 16.526 = $73 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 53.406 + 46.998 + 20.3 + 2.052 = $123 Mil.
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Total Receivables was $3 Mil.
Revenue was 290.779 + 341.661 + 312.268 + 317.527 = $1,262 Mil.
Gross Profit was 111.322 + 130.849 + 113.13 + 112.863 = $468 Mil.
Total Current Assets was $470 Mil.
Total Assets was $990 Mil.
Property, Plant and Equipment(Net PPE) was $460 Mil.
Depreciation, Depletion and Amortization(DDA) was $23 Mil.
Selling, General, & Admin. Expense(SGA) was $322 Mil.
Total Current Liabilities was $157 Mil.
Long-Term Debt & Capital Lease Obligation was $285 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) |
| = | (2.593 / 1175.882) | / | (3.052 / 1262.235) |
| = | 0.002205 | / | 0.002418 |
| | = | 0.9119 |
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) |
| = | (468.164 / 1262.235) | / | (421.39 / 1175.882) |
| = | 0.370901 | / | 0.358361 |
| | = | 1.035 |
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 - (481.338 + 502.464) / 1042.025) | / | (1 - (469.723 + 460.047) / 989.781) |
| = | 0.055875 | / | 0.060631 |
| | = | 0.9216 |
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 |
| = | 1175.882 | / | 1262.235 |
| | = | 0.9316 |
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)) |
| = | (23.196 / (23.196 + 460.047)) | / | (28.794 / (28.794 + 502.464)) |
| = | 0.048001 | / | 0.0542 |
| | = | 0.8856 |
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) |
| = | (327.885 / 1175.882) | / | (321.72 / 1262.235) |
| = | 0.278842 | / | 0.254881 |
| | = | 1.094 |
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) |
| = | ((301.355 + 127.875) / 1042.025) | / | ((285.074 + 157.285) / 989.781) |
| = | 0.411919 | / | 0.446926 |
| | = | 0.9217 |
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 |
| = | (73.348 - 0 | - | 122.756) | / | 1042.025 |
| | = | -0.047415 |
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.
Shoe Carnival has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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