Ross Stores Beneish M-Score Historical Data
The historical data trend for Ross Stores'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.
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Ross Stores Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.87 |
-3.10 |
-2.38 |
-2.28 |
-2.82 |
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Ross Stores Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.28 |
-2.77 |
-2.88 |
-2.89 |
-2.82 |
Competitive Comparison
For the Apparel Retail subindustry, Ross Stores'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.
Ross Stores Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Ross Stores's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ross Stores's Beneish M-Score falls into.
Ross Stores 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 Ross Stores 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 * 0.8121 | + | 0.528 * 0.9281 | + | 0.404 * 0.9833 | + | 0.892 * 1.047 | + | 0.115 * 0.9843 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0878 | + | 4.679 * -0.044389 | - | 0.327 * 0.9721 |
| = | -2.87 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was R$643 Mil.
Revenue was 29619.864 + 24899.544 + 23690.011 + 22570.066 = R$100,779 Mil.
Gross Profit was 8100.969 + 6878.961 + 6555.265 + 6036.245 = R$27,571 Mil.
Total Current Assets was R$36,386 Mil.
Total Assets was R$70,331 Mil.
Property, Plant and Equipment(Net PPE) was R$32,749 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,076 Mil.
Selling, General, & Admin. Expense(SGA) was R$16,165 Mil.
Total Current Liabilities was R$20,587 Mil.
Long-Term Debt & Capital Lease Obligation was R$23,678 Mil.
Net Income was 2998.543 + 2261.641 + 2142.554 + 1863.936 = R$9,267 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 4666.167 + 2272.394 + 3375.371 + 2074.643 = R$12,389 Mil.
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Total Receivables was R$756 Mil.
Revenue was 27073.33 + 23978.405 + 24602.509 + 20602.591 = R$96,257 Mil.
Gross Profit was 6687.699 + 5994.973 + 6353.125 + 5404.449 = R$24,440 Mil.
Total Current Assets was R$35,851 Mil.
Total Assets was R$69,661 Mil.
Property, Plant and Equipment(Net PPE) was R$32,605 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,032 Mil.
Selling, General, & Admin. Expense(SGA) was R$14,193 Mil.
Total Current Liabilities was R$18,880 Mil.
Long-Term Debt & Capital Lease Obligation was R$26,223 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) |
| = | (643.133 / 100779.485) | / | (756.472 / 96256.835) |
| = | 0.006382 | / | 0.007859 |
| | = | 0.8121 |
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) |
| = | (24440.246 / 96256.835) | / | (27571.44 / 100779.485) |
| = | 0.253907 | / | 0.273582 |
| | = | 0.9281 |
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 - (36385.522 + 32749.025) / 70330.796) | / | (1 - (35850.682 + 32605.256) / 69660.959) |
| = | 0.017009 | / | 0.017298 |
| | = | 0.9833 |
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 |
| = | 100779.485 | / | 96256.835 |
| | = | 1.047 |
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)) |
| = | (2031.988 / (2031.988 + 32605.256)) | / | (2075.624 / (2075.624 + 32749.025)) |
| = | 0.058665 | / | 0.059602 |
| | = | 0.9843 |
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) |
| = | (16164.685 / 100779.485) | / | (14192.704 / 96256.835) |
| = | 0.160397 | / | 0.147446 |
| | = | 1.0878 |
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) |
| = | ((23678.015 + 20586.582) / 70330.796) | / | ((26223.056 + 18880.116) / 69660.959) |
| = | 0.629377 | / | 0.647467 |
| | = | 0.9721 |
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 |
| = | (9266.674 - 0 | - | 12388.575) | / | 70330.796 |
| | = | -0.044389 |
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.
Ross Stores has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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