Gap Beneish M-Score Historical Data
The historical data trend for Gap'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.
Gap Beneish M-Score Chart
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Gap Annual Data
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Trend |
Jan16 |
Jan17 |
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Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
Jan25 |
| Beneish M-Score |
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-1.62 |
-2.35 |
-3.12 |
-3.24 |
-2.77 |
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Gap Quarterly Data
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Apr20 |
Jul20 |
Oct20 |
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Jan22 |
Apr22 |
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Oct22 |
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Jan24 |
Apr24 |
Jul24 |
Oct24 |
Jan25 |
| Beneish M-Score |
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-3.24 |
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-2.77 |
Competitive Comparison of Gap's Beneish M-Score
For the Apparel Retail subindustry, Gap'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.
Gap's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Gap's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gap's Beneish M-Score falls into.
Gap 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 Gap 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 * 0.9961 | + | 0.528 * 0.9397 | + | 0.404 * 0.9081 | + | 0.892 * 1.2383 | + | 0.115 * 1.0496 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.054018 | - | 0.327 * 0.9482 |
| = | -2.57 |
* 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 (Jan25) TTM: | Last Year (Jan24) TTM: |
Total Receivables was R$1,972 Mil.
Revenue was R$90,680 Mil.
Gross Profit was R$37,430 Mil.
Total Current Assets was R$31,275 Mil.
Total Assets was R$71,440 Mil.
Property, Plant and Equipment(Net PPE) was R$34,479 Mil.
Depreciation, Depletion and Amortization(DDA) was R$3,005 Mil.
Selling, General, & Admin. Expense(SGA) was R$0 Mil.
Total Current Liabilities was R$19,571 Mil.
Long-Term Debt & Capital Lease Obligation was R$29,111 Mil.
Net Income was R$5,073 Mil.
Gross Profit was R$0 Mil.
Cash Flow from Operations was R$8,932 Mil.
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Total Receivables was R$1,598 Mil.
Revenue was R$73,227 Mil.
Gross Profit was R$28,403 Mil.
Total Current Assets was R$21,615 Mil.
Total Assets was R$54,317 Mil.
Property, Plant and Equipment(Net PPE) was R$27,940 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,567 Mil.
Selling, General, & Admin. Expense(SGA) was R$0 Mil.
Total Current Liabilities was R$15,227 Mil.
Long-Term Debt & Capital Lease Obligation was R$23,809 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) |
| = | (1971.575 / 90680.437) | / | (1598.415 / 73227.08) |
| = | 0.021742 | / | 0.021828 |
| | = | 0.9961 |
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) |
| = | (28402.605 / 73227.08) | / | (37429.874 / 90680.437) |
| = | 0.38787 | / | 0.412767 |
| | = | 0.9397 |
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 - (31274.713 + 34478.522) / 71439.547) | / | (1 - (21615.489 + 27940.294) / 54316.601) |
| = | 0.079596 | / | 0.087649 |
| | = | 0.9081 |
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 |
| = | 90680.437 | / | 73227.08 |
| | = | 1.2383 |
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)) |
| = | (2567.3 / (2567.3 + 27940.294)) | / | (3005.45 / (3005.45 + 34478.522)) |
| = | 0.084153 | / | 0.08018 |
| | = | 1.0496 |
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) |
| = | (0 / 90680.437) | / | (0 / 73227.08) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((29110.789 + 19571.49) / 71439.547) | / | ((23809.006 + 15226.747) / 54316.601) |
| = | 0.681447 | / | 0.718671 |
| | = | 0.9482 |
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 |
| = | (5073.2 - 0 | - | 8932.197) | / | 71439.547 |
| | = | -0.054018 |
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.
Gap has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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