Birkenstock Holding Beneish M-Score Historical Data
The historical data trend for Birkenstock Holding'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.
Birkenstock Holding Beneish M-Score Chart
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Birkenstock Holding Annual Data
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Trend |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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- |
- |
- |
-2.07 |
-2.33 |
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Birkenstock Holding Quarterly Data
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Sep20 |
Sep21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
-2.58 |
-2.51 |
-2.33 |
-2.62 |
Competitive Comparison of Birkenstock Holding's Beneish M-Score
For the Footwear & Accessories subindustry, Birkenstock Holding'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.
Birkenstock Holding's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Birkenstock Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Birkenstock Holding's Beneish M-Score falls into.
Birkenstock Holding 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 Birkenstock Holding 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 * 0.8138 | + | 0.528 * 1.0548 | + | 0.404 * 0.9494 | + | 0.892 * 1.2096 | + | 0.115 * 0.9141 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7701 | + | 4.679 * -0.046953 | - | 0.327 * 0.9328 |
| = | -2.62 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $96 Mil.
Revenue was 378.763 + 505.842 + 607.92 + 523.091 = $2,016 Mil.
Gross Profit was 228.308 + 298.251 + 361.598 + 294.739 = $1,183 Mil.
Total Current Assets was $1,217 Mil.
Total Assets was $5,241 Mil.
Property, Plant and Equipment(Net PPE) was $526 Mil.
Depreciation, Depletion and Amortization(DDA) was $113 Mil.
Selling, General, & Admin. Expense(SGA) was $589 Mil.
Total Current Liabilities was $428 Mil.
Long-Term Debt & Capital Lease Obligation was $1,391 Mil.
Net Income was 21.067 + 58.23 + 80.344 + 77.883 = $238 Mil.
Non Operating Income was -12.534 + 3.111 + -4.475 + -5.96 = $-20 Mil.
Cash Flow from Operations was -12.194 + 158.277 + 302.995 + 54.388 = $503 Mil.
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Total Receivables was $98 Mil.
Revenue was 330.342 + 399.726 + 512.671 + 423.643 = $1,666 Mil.
Gross Profit was 201.601 + 261.427 + 316.431 + 252.088 = $1,032 Mil.
Total Current Assets was $1,027 Mil.
Total Assets was $5,085 Mil.
Property, Plant and Equipment(Net PPE) was $484 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $632 Mil.
Total Current Liabilities was $347 Mil.
Long-Term Debt & Capital Lease Obligation was $1,545 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) |
| = | (96.19 / 2015.616) | / | (97.715 / 1666.382) |
| = | 0.047722 | / | 0.058639 |
| | = | 0.8138 |
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) |
| = | (1031.547 / 1666.382) | / | (1182.896 / 2015.616) |
| = | 0.619034 | / | 0.586866 |
| | = | 1.0548 |
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 - (1217.096 + 525.955) / 5241.035) | / | (1 - (1026.541 + 483.695) / 5085.001) |
| = | 0.667422 | / | 0.703002 |
| | = | 0.9494 |
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 |
| = | 2015.616 | / | 1666.382 |
| | = | 1.2096 |
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)) |
| = | (92.995 / (92.995 + 483.695)) | / | (112.662 / (112.662 + 525.955)) |
| = | 0.161256 | / | 0.176416 |
| | = | 0.9141 |
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) |
| = | (588.723 / 2015.616) | / | (632.017 / 1666.382) |
| = | 0.292081 | / | 0.379275 |
| | = | 0.7701 |
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) |
| = | ((1391.445 + 428.382) / 5241.035) | / | ((1545.37 + 347.466) / 5085.001) |
| = | 0.347227 | / | 0.372239 |
| | = | 0.9328 |
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 |
| = | (237.524 - -19.858 | - | 503.466) | / | 5241.035 |
| | = | -0.046953 |
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.
Birkenstock Holding has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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