Bath & Body Works Beneish M-Score Historical Data
The historical data trend for Bath & Body Works'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.
Bath & Body Works Beneish M-Score Chart
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Bath & Body Works Annual Data
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Jan24 |
| Beneish M-Score |
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-2.97 |
-2.37 |
-2.21 |
-2.70 |
-2.59 |
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Bath & Body Works Quarterly Data
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Oct24 |
| Beneish M-Score |
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-3.04 |
-2.59 |
-2.77 |
-2.56 |
-2.44 |
Competitive Comparison of Bath & Body Works's Beneish M-Score
For the Specialty Retail subindustry, Bath & Body Works'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.
Bath & Body Works's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Bath & Body Works's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bath & Body Works's Beneish M-Score falls into.
Bath & Body Works 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 Bath & Body Works 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 * 1.0115 | + | 0.528 * 0.9668 | + | 0.404 * 1.1644 | + | 0.892 * 1.0036 | + | 0.115 * 0.8821 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0371 | + | 4.679 * -0.002006 | - | 0.327 * 0.9762 |
| = | -2.44 |
* 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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was $200 Mil.
Revenue was 1610 + 1526 + 1384 + 2912 = $7,432 Mil.
Gross Profit was 700 + 626 + 606 + 1337 = $3,269 Mil.
Total Current Assets was $1,720 Mil.
Total Assets was $4,984 Mil.
Property, Plant and Equipment(Net PPE) was $2,187 Mil.
Depreciation, Depletion and Amortization(DDA) was $281 Mil.
Selling, General, & Admin. Expense(SGA) was $1,985 Mil.
Total Current Liabilities was $1,575 Mil.
Long-Term Debt & Capital Lease Obligation was $4,852 Mil.
Net Income was 106 + 152 + 87 + 579 = $924 Mil.
Non Operating Income was 4 + 47 + 13 + 13 = $77 Mil.
Cash Flow from Operations was -99 + -46 + 76 + 926 = $857 Mil.
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Total Receivables was $197 Mil.
Revenue was 1562 + 1559 + 1396 + 2888 = $7,405 Mil.
Gross Profit was 682 + 622 + 596 + 1249 = $3,149 Mil.
Total Current Assets was $1,959 Mil.
Total Assets was $5,243 Mil.
Property, Plant and Equipment(Net PPE) was $2,311 Mil.
Depreciation, Depletion and Amortization(DDA) was $258 Mil.
Selling, General, & Admin. Expense(SGA) was $1,907 Mil.
Total Current Liabilities was $1,409 Mil.
Long-Term Debt & Capital Lease Obligation was $5,517 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) |
| = | (200 / 7432) | / | (197 / 7405) |
| = | 0.026911 | / | 0.026604 |
| | = | 1.0115 |
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) |
| = | (3149 / 7405) | / | (3269 / 7432) |
| = | 0.425253 | / | 0.439855 |
| | = | 0.9668 |
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 - (1720 + 2187) / 4984) | / | (1 - (1959 + 2311) / 5243) |
| = | 0.216091 | / | 0.185581 |
| | = | 1.1644 |
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 |
| = | 7432 | / | 7405 |
| | = | 1.0036 |
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)) |
| = | (258 / (258 + 2311)) | / | (281 / (281 + 2187)) |
| = | 0.100428 | / | 0.113857 |
| | = | 0.8821 |
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) |
| = | (1985 / 7432) | / | (1907 / 7405) |
| = | 0.267088 | / | 0.257529 |
| | = | 1.0371 |
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) |
| = | ((4852 + 1575) / 4984) | / | ((5517 + 1409) / 5243) |
| = | 1.289526 | / | 1.320999 |
| | = | 0.9762 |
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 |
| = | (924 - 77 | - | 857) | / | 4984 |
| | = | -0.002006 |
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.
Bath & Body Works has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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