Pricesmart Beneish M-Score Historical Data
The historical data trend for Pricesmart'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.
Pricesmart Beneish M-Score Chart
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Pricesmart Annual Data
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Trend |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.76 |
-2.86 |
-2.60 |
-2.38 |
-2.52 |
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Pricesmart Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.67 |
-2.71 |
-2.52 |
-2.87 |
-2.64 |
Competitive Comparison of Pricesmart's Beneish M-Score
For the Discount Stores subindustry, Pricesmart'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.
Pricesmart's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Pricesmart's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pricesmart's Beneish M-Score falls into.
Pricesmart 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 Pricesmart 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 * 1.0987 | + | 0.528 * 0.9863 | + | 0.404 * 0.9007 | + | 0.892 * 1.0998 | + | 0.115 * 1.0592 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0169 | + | 4.679 * -0.061867 | - | 0.327 * 1.0299 |
| = | -2.64 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $20 Mil.
Revenue was 1291.95 + 1166.475 + 1118.193 + 1096.654 = $4,673 Mil.
Gross Profit was 221.087 + 204.197 + 191.358 + 184.06 = $801 Mil.
Total Current Assets was $848 Mil.
Total Assets was $2,037 Mil.
Property, Plant and Equipment(Net PPE) was $1,025 Mil.
Depreciation, Depletion and Amortization(DDA) was $77 Mil.
Selling, General, & Admin. Expense(SGA) was $590 Mil.
Total Current Liabilities was $709 Mil.
Long-Term Debt & Capital Lease Obligation was $210 Mil.
Net Income was 39.271 + 38.047 + 15.381 + 29.572 = $122 Mil.
Non Operating Income was -7.465 + -2.219 + -8.468 + -1.883 = $-20 Mil.
Cash Flow from Operations was 86.568 + 41.098 + 72.65 + 68 = $268 Mil.
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Total Receivables was $16 Mil.
Revenue was 1142.189 + 1054.806 + 1021.37 + 1030.81 = $4,249 Mil.
Gross Profit was 198.164 + 185.749 + 172.959 + 161.193 = $718 Mil.
Total Current Assets was $837 Mil.
Total Assets was $1,886 Mil.
Property, Plant and Equipment(Net PPE) was $881 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General, & Admin. Expense(SGA) was $527 Mil.
Total Current Liabilities was $587 Mil.
Long-Term Debt & Capital Lease Obligation was $240 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) |
| = | (19.819 / 4673.272) | / | (16.401 / 4249.175) |
| = | 0.004241 | / | 0.00386 |
| | = | 1.0987 |
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) |
| = | (718.065 / 4249.175) | / | (800.702 / 4673.272) |
| = | 0.168989 | / | 0.171336 |
| | = | 0.9863 |
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 - (847.652 + 1025.21) / 2036.776) | / | (1 - (836.771 + 880.869) / 1886.172) |
| = | 0.080477 | / | 0.089351 |
| | = | 0.9007 |
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 |
| = | 4673.272 | / | 4249.175 |
| | = | 1.0998 |
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)) |
| = | (70.61 / (70.61 + 880.869)) | / | (77.24 / (77.24 + 1025.21)) |
| = | 0.074211 | / | 0.070062 |
| | = | 1.0592 |
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) |
| = | (589.876 / 4673.272) | / | (527.426 / 4249.175) |
| = | 0.126223 | / | 0.124124 |
| | = | 1.0169 |
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) |
| = | ((210.185 + 708.73) / 2036.776) | / | ((239.718 + 586.583) / 1886.172) |
| = | 0.451162 | / | 0.438084 |
| | = | 1.0299 |
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 |
| = | (122.271 - -20.035 | - | 268.316) | / | 2036.776 |
| | = | -0.061867 |
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.
Pricesmart has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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