Nordstrom Beneish M-Score Historical Data
The historical data trend for Nordstrom'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.
Nordstrom Beneish M-Score Chart
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Nordstrom Annual Data
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Trend |
Jan15 |
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Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.74 |
-1.94 |
-2.65 |
-2.73 |
-2.31 |
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Nordstrom Quarterly Data
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Jan20 |
Apr20 |
Jul20 |
Oct20 |
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Apr21 |
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Jan22 |
Apr22 |
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Apr24 |
Jul24 |
Oct24 |
| Beneish M-Score |
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-2.55 |
-2.31 |
-2.43 |
-2.57 |
-2.14 |
Competitive Comparison of Nordstrom's Beneish M-Score
For the Department Stores subindustry, Nordstrom'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.
Nordstrom's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Nordstrom's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nordstrom's Beneish M-Score falls into.
Nordstrom 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 Nordstrom 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 * 1.7244 | + | 0.528 * 0.9883 | + | 0.404 * 1.1035 | + | 0.892 * 1.0906 | + | 0.115 * 0.9603 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0241 | + | 4.679 * -0.05948 | - | 0.327 * 0.9513 |
| = | -1.97 |
* 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 R$3,062 Mil.
Revenue was 19494.699 + 21587.557 + 17108.55 + 21738.444 = R$79,929 Mil.
Gross Profit was 7361.162 + 8276.893 + 5807.16 + 7893.711 = R$29,339 Mil.
Total Current Assets was R$22,691 Mil.
Total Assets was R$52,451 Mil.
Property, Plant and Equipment(Net PPE) was R$25,207 Mil.
Depreciation, Depletion and Amortization(DDA) was R$4,329 Mil.
Selling, General, & Admin. Expense(SGA) was R$26,864 Mil.
Total Current Liabilities was R$19,877 Mil.
Long-Term Debt & Capital Lease Obligation was R$22,877 Mil.
Net Income was 258.879 + 676.344 + -200.07 + 659.039 = R$1,394 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was -883.565 + 2156.538 + 713.07 + 2527.955 = R$4,514 Mil.
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Total Receivables was R$1,628 Mil.
Revenue was 16785.588 + 18107.486 + 15973.391 + 22425.112 = R$73,292 Mil.
Gross Profit was 6269.316 + 6682.296 + 5789.789 + 7845.414 = R$26,587 Mil.
Total Current Assets was R$18,783 Mil.
Total Assets was R$45,569 Mil.
Property, Plant and Equipment(Net PPE) was R$23,202 Mil.
Depreciation, Depletion and Amortization(DDA) was R$3,800 Mil.
Selling, General, & Admin. Expense(SGA) was R$24,054 Mil.
Total Current Liabilities was R$18,752 Mil.
Long-Term Debt & Capital Lease Obligation was R$20,294 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) |
| = | (3061.523 / 79929.25) | / | (1628 / 73291.577) |
| = | 0.038303 | / | 0.022213 |
| | = | 1.7244 |
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) |
| = | (26586.815 / 73291.577) | / | (29338.926 / 79929.25) |
| = | 0.362754 | / | 0.367061 |
| | = | 0.9883 |
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 - (22691.29 + 25206.916) / 52451.096) | / | (1 - (18782.668 + 23201.525) / 45568.827) |
| = | 0.086803 | / | 0.078664 |
| | = | 1.1035 |
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 |
| = | 79929.25 | / | 73291.577 |
| | = | 1.0906 |
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)) |
| = | (3800.468 / (3800.468 + 23201.525)) | / | (4328.994 / (4328.994 + 25206.916)) |
| = | 0.140748 | / | 0.146567 |
| | = | 0.9603 |
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) |
| = | (26863.896 / 79929.25) | / | (24053.799 / 73291.577) |
| = | 0.336096 | / | 0.328193 |
| | = | 1.0241 |
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) |
| = | ((22877.007 + 19877.39) / 52451.096) | / | ((20294.383 + 18752.333) / 45568.827) |
| = | 0.815129 | / | 0.856873 |
| | = | 0.9513 |
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 |
| = | (1394.192 - 0 | - | 4513.998) | / | 52451.096 |
| | = | -0.05948 |
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.
Nordstrom has a M-score of -1.97 suggests that the company is unlikely to be a manipulator.
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