Academy Sports and Outdoors (NAS:ASO) Beneish M-Score

: -2.55 (As of Today)

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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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Academy Sports and Outdoors's Beneish M-Score or its related term are showing as below:

ASO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.63 Max: -2.39
Current: -2.55

During the past 6 years, the highest Beneish M-Score of Academy Sports and Outdoors was -2.39. The lowest was -2.92. And the median was -2.63.

Academy Sports and Outdoors Beneish M-Score Historical Data

The historical data trend for Academy Sports and Outdoors'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.

* Premium members only.

Academy Sports and Outdoors Annual Data

Trend

Jan18

Jan19

Jan20

Jan21

Jan22

Jan23

Beneish M-Score

-2.71

-2.92

-2.39

-2.55

Academy Sports and Outdoors Quarterly Data
	Jan18	Jan19	Jul19	Oct19	Jan20	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23
Beneish M-Score													-2.39	-2.26	-2.05	-2.06	-2.55

Competitive Comparison

For the Specialty Retail subindustry, Academy Sports and Outdoors'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.

Annual Data Quarterly Data

Academy Sports and Outdoors Beneish M-Score Distribution

For the Retail - Cyclical industry and Consumer Cyclical sector, Academy Sports and Outdoors's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Academy Sports and Outdoors's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.

Academy Sports and Outdoors 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 Academy Sports and Outdoors for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8866

0.528 * 1.0033

0.404 * 1.007

0.892 * 0.9442

0.115 * 1.0039

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0025

4.679 * 0.012574

0.327 * 0.931

-2.55

This Year (Jan23) TTM:

Last Year (Jan22) TTM:

Total Receivables was $17 Mil.
Revenue was 1746.503 + 1493.925 + 1686.915 + 1467.73 = $6,395 Mil.
Gross Profit was 572.544 + 522.471 + 596.063 + 521.424 = $2,213 Mil.
Total Current Assets was $1,687 Mil.
Total Assets was $4,595 Mil.
Property, Plant and Equipment(Net PPE) was $1,452 Mil.
Depreciation, Depletion and Amortization(DDA) was $107 Mil.
Selling, General, & Admin. Expense(SGA) was $1,366 Mil.
Total Current Liabilities was $1,039 Mil.
Long-Term Debt & Capital Lease Obligation was $1,657 Mil.
Net Income was 157.653 + 131.741 + 188.801 + 149.806 = $628 Mil.
Non Operating Income was 13.536 + 2.538 + 1.441 + 0.697 = $18 Mil.
Cash Flow from Operations was 242.836 + 50.763 + 161.309 + 97.097 = $552 Mil.

Total Receivables was $20 Mil.
Revenue was 1808.47 + 1592.795 + 1791.53 + 1580.333 = $6,773 Mil.
Gross Profit was 584.06 + 560.838 + 642.496 + 563.701 = $2,351 Mil.
Total Current Assets was $1,716 Mil.
Total Assets was $4,585 Mil.
Property, Plant and Equipment(Net PPE) was $1,425 Mil.
Depreciation, Depletion and Amortization(DDA) was $105 Mil.
Selling, General, & Admin. Expense(SGA) was $1,443 Mil.
Total Current Liabilities was $1,127 Mil.
Long-Term Debt & Capital Lease Obligation was $1,761 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)
	=	(16.503 / 6395.073)	/	(19.718 / 6773.128)
	=	0.002581	/	0.002911
	=	0.8866

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)
	=	(2351.095 / 6773.128)	/	(2212.502 / 6395.073)
	=	0.347121	/	0.34597
	=	1.0033

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 - (1686.675 + 1451.509) / 4595.439)	/	(1 - (1715.747 + 1425.382) / 4584.94)
	=	0.317109	/	0.314903
	=	1.007

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
	=	6395.073	/	6773.128
	=	0.9442

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))
	=	(105.274 / (105.274 + 1425.382))	/	(106.762 / (106.762 + 1451.509))
	=	0.068777	/	0.068513
	=	1.0039

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)
	=	(1365.953 / 6395.073)	/	(1443.148 / 6773.128)
	=	0.213595	/	0.21307
	=	1.0025

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)
	=	((1656.648 + 1038.716) / 4595.439)	/	((1761.252 + 1127.11) / 4584.94)
	=	0.58653	/	0.629967
	=	0.931

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
	=	(628.001 - 18.212	-	552.005)	/	4595.439
	=	0.012574

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.

Academy Sports and Outdoors has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.

Academy Sports and Outdoors Beneish M-Score Related Terms

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Academy Sports and Outdoors (NAS:ASO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Academy Sports and Outdoors Inc (NAS:ASO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

1800 North Mason Road, Katy, TX, USA, 77449

Website

https://www.academy.com

Academy Sports and Outdoors Inc is engaged in the retail business of sporting goods and outdoor recreation products. The company offers outdoor clothing, backpacks, sunglasses, luggage items, shooting equipment, fishing equipment, boating and water sports equipment, backyard recreation products, outdoor cooking equipment, fitness equipment, electronic items, dog supplies, and other products.

Executives

Theresa Palermo	director	12420 STONEBRIDGE RD, ROANKE IN 46783
Christopher Lee Turner	director	1441 GARDINER LANE, LOUISVILLE KY 40213
Sharen J Turney	director	THREE LIMITED PARKWAY, COLUMBUS OH 43230
Beryl Raff	director	5555 DARROW RD, HUDSON OH 44236
Thomas M Nealon	director	6501 LEGACY DRIVE, PLANO TX 75024
Sherry L. Harriman	officer: SVP, Logistics & Supply Chain	C/O ACADEMY SPORTS AND OUTDOORS, INC., 1800 N MASON ROAD, KATY TX 77449
Wendy A. Beck	director	C/O NORWEGIAN CRUISE LINE HOLDINGS LTD., 7665 CORPORATE CENTER DRIVE, MIAMI FL 33126
Kkr 2006 Allstar Blocker L.p.	10 percent owner	C/O KOHLBERG KRAVIS ROBERTS & CO. L.P., 30 HUDSON YARDS, NEW YORK NY 10001
Kkr 2006 Fund (allstar) L.p.	10 percent owner	C/O KOHLBERG KRAVIS ROBERTS & CO. L.P., 30 HUDSON YARDS, NEW YORK NY 10001
Heather A. Davis	officer: VP, Controller	C/O ACADEMY SPORTS AND OUTDOORS, INC., 1800 NORTH MASON ROAD, KATY TX 77449
Allstar Llc	10 percent owner	C/O KOHLBERG KRAVIS ROBERTS & CO. L.P., 30 HUDSON YARDS, NEW YORK NY 10001
Allstar Co-invest Gp Llc	10 percent owner	C/O KOHLBERG KRAVIS ROBERTS & CO. L.P., 30 HUDSON YARDS, NEW YORK NY 10001
Jeffrey C. Tweedy	director	C/O ACADEMY SPORTS AND OUTDOORS, INC., 1800 NORTH MASON ROAD, KATY TX 77449
William S. Ennis	officer: See Remarks	C/O ACADEMY SPORTS AND OUTDOORS, INC., 1800 NORTH MASON ROAD, KATY TX 77449
Allstar Co-invest Blocker L.p.	10 percent owner	C/O KOHLBERG KRAVIS ROBERTS & CO. L.P., 30 HUDSON YARDS, NEW YORK NY 10001