Target Beneish M-Score Historical Data
The historical data trend for Target'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.
Target Beneish M-Score Chart
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Target Annual Data
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Jan21 |
Jan22 |
Jan23 |
Jan24 |
Jan25 |
| Beneish M-Score |
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-2.92 |
-2.49 |
-2.31 |
-3.06 |
-2.66 |
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Target Quarterly Data
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Apr20 |
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Jan25 |
| Beneish M-Score |
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-3.06 |
-2.93 |
-2.85 |
-2.72 |
-2.66 |
Competitive Comparison of Target's Beneish M-Score
For the Discount Stores subindustry, Target'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.
Target's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Target's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Target's Beneish M-Score falls into.
Target 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 Target 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 * 0.6392 | + | 0.528 * 0.966 | + | 0.404 * 1.0472 | + | 0.892 * 2.2329 | + | 0.115 * 0.5438 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0542 | + | 4.679 * -0.055634 | - | 0.327 * 0.9884 |
| = | -2.03 |
* 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 ARS1,619,961 Mil.
Revenue was 32499083.319 + 24897960.847 + 23237674.98 + 21035086.432 = ARS101,669,806 Mil.
Gross Profit was 8447764.307 + 7074210.241 + 6987188.693 + 6072743.961 = ARS28,581,907 Mil.
Total Current Assets was ARS20,450,822 Mil.
Total Assets was ARS60,729,081 Mil.
Property, Plant and Equipment(Net PPE) was ARS38,669,862 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS2,830,667 Mil.
Selling, General, & Admin. Expense(SGA) was ARS20,902,318 Mil.
Total Current Liabilities was ARS21,864,740 Mil.
Long-Term Debt & Capital Lease Obligation was ARS18,802,478 Mil.
Net Income was 1159517.674 + 828380.028 + 1088295.952 + 807755.551 = ARS3,883,949 Mil.
Non Operating Income was 30485.959 + 27160.001 + 18259.999 + 24867.209 = ARS100,773 Mil.
Cash Flow from Operations was 3457528.224 + 716830.024 + 2043293.91 + 944096.456 = ARS7,161,749 Mil.
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Total Receivables was ARS1,135,064 Mil.
Revenue was 25804915.036 + 8889299.867 + 6359229.385 + 4478166.454 = ARS45,531,611 Mil.
Gross Profit was 6810382.664 + 2537149.962 + 1790482.58 + 1226623.589 = ARS12,364,639 Mil.
Total Current Assets was ARS14,146,258 Mil.
Total Assets was ARS44,752,557 Mil.
Property, Plant and Equipment(Net PPE) was ARS29,474,470 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS1,135,344 Mil.
Selling, General, & Admin. Expense(SGA) was ARS8,879,766 Mil.
Total Current Liabilities was ARS15,606,318 Mil.
Long-Term Debt & Capital Lease Obligation was ARS14,714,598 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) |
| = | (1619960.776 / 101669805.578) | / | (1135063.777 / 45531610.742) |
| = | 0.015934 | / | 0.024929 |
| | = | 0.6392 |
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) |
| = | (12364638.795 / 45531610.742) | / | (28581907.202 / 101669805.578) |
| = | 0.271562 | / | 0.281125 |
| | = | 0.966 |
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 - (20450822.154 + 38669861.875) / 60729081.166) | / | (1 - (14146257.818 + 29474469.513) / 44752557.309) |
| = | 0.026485 | / | 0.025291 |
| | = | 1.0472 |
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 |
| = | 101669805.578 | / | 45531610.742 |
| | = | 2.2329 |
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)) |
| = | (1135344.322 / (1135344.322 + 29474469.513)) | / | (2830666.601 / (2830666.601 + 38669861.875)) |
| = | 0.037091 | / | 0.068208 |
| | = | 0.5438 |
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) |
| = | (20902318.4 / 101669805.578) | / | (8879765.832 / 45531610.742) |
| = | 0.20559 | / | 0.195024 |
| | = | 1.0542 |
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) |
| = | ((18802477.899 + 21864739.898) / 60729081.166) | / | ((14714598.157 + 15606318.489) / 44752557.309) |
| = | 0.66965 | / | 0.677524 |
| | = | 0.9884 |
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 |
| = | (3883949.205 - 100773.168 | - | 7161748.614) | / | 60729081.166 |
| | = | -0.055634 |
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.
Target has a M-score of -2.03 suggests that the company is unlikely to be a manipulator.
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