Bluestem Group Beneish M-Score Historical Data
The historical data trend for Bluestem Group'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.
Bluestem Group Beneish M-Score Chart
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Bluestem Group Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Jan14 |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
| Beneish M-Score |
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0.00 |
0.00 |
-0.63 |
-3.37 |
-4.56 |
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Bluestem Group Quarterly Data
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Dec13 |
Mar14 |
Jun14 |
Sep14 |
Jan15 |
Apr15 |
Jul15 |
Oct15 |
Jan16 |
Apr16 |
Jul16 |
Oct16 |
Jan17 |
Apr17 |
Jul17 |
Oct17 |
Jan18 |
Apr18 |
Jul18 |
Oct18 |
| Beneish M-Score |
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-4.25 |
-4.56 |
-4.79 |
-4.54 |
-4.04 |
BGRP vs IMBI, RMBL: Beneish M-Score Comparison
For the Internet Retail subindustry, Bluestem Group'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.
Bluestem Group Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Bluestem Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bluestem Group's Beneish M-Score falls into.
Bluestem Group 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 Bluestem Group 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 * 0.8016 | + | 0.528 * 0.9827 | + | 0.404 * 0.648 | + | 0.892 * 0.9053 | + | 0.115 * 1.2219 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0223 | + | 4.679 * -0.162027 | - | 0.327 * 1.3073 |
| = | -3.74 |
* 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 (Oct18) TTM: | Last Year (Oct17) TTM: |
Total Receivables was $23 Mil.
Revenue was 408.291 + 422.557 + 381.455 + 622.716 = $1,835 Mil.
Gross Profit was 192.018 + 202.498 + 186.288 + 283.141 = $864 Mil.
Total Current Assets was $457 Mil.
Total Assets was $746 Mil.
Property, Plant and Equipment(Net PPE) was $94 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $660 Mil.
Total Current Liabilities was $367 Mil.
Long-Term Debt & Capital Lease Obligation was $402 Mil.
Net Income was -13.986 + 6.111 + -40.112 + -140.466 = $-188 Mil.
Non Operating Income was 0 + 0 + 0 + -191.919 = $-192 Mil.
Cash Flow from Operations was -15.177 + 43.024 + 2.992 + 93.562 = $124 Mil.
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Total Receivables was $32 Mil.
Revenue was 400.913 + 438.595 + 429.326 + 758.135 = $2,027 Mil.
Gross Profit was 192.25 + 209.887 + 205.507 + 330.121 = $938 Mil.
Total Current Assets was $493 Mil.
Total Assets was $1,012 Mil.
Property, Plant and Equipment(Net PPE) was $110 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $713 Mil.
Total Current Liabilities was $370 Mil.
Long-Term Debt & Capital Lease Obligation was $427 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) |
| = | (23.107 / 1835.019) | / | (31.84 / 2026.969) |
| = | 0.012592 | / | 0.015708 |
| | = | 0.8016 |
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) |
| = | (937.765 / 2026.969) | / | (863.945 / 1835.019) |
| = | 0.462644 | / | 0.47081 |
| | = | 0.9827 |
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 - (457.055 + 93.983) / 746.388) | / | (1 - (492.61 + 110.47) / 1011.672) |
| = | 0.261727 | / | 0.403878 |
| | = | 0.648 |
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 |
| = | 1835.019 | / | 2026.969 |
| | = | 0.9053 |
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)) |
| = | (92.95 / (92.95 + 110.47)) | / | (56.141 / (56.141 + 93.983)) |
| = | 0.456936 | / | 0.373964 |
| | = | 1.2219 |
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) |
| = | (660.2 / 1835.019) | / | (713.332 / 2026.969) |
| = | 0.359778 | / | 0.351921 |
| | = | 1.0223 |
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) |
| = | ((401.805 + 366.644) / 746.388) | / | ((426.615 + 370.136) / 1011.672) |
| = | 1.029557 | / | 0.787559 |
| | = | 1.3073 |
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 |
| = | (-188.453 - -191.919 | - | 124.401) | / | 746.388 |
| | = | -0.162027 |
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.
Bluestem Group has a M-score of -3.74 suggests that the company is unlikely to be a manipulator.
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