Conn's Beneish M-Score Historical Data
The historical data trend for Conn's'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.
Conn's Beneish M-Score Chart
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Conn's Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.48 |
-3.98 |
-2.67 |
-2.86 |
-2.32 |
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Conn's 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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-2.86 |
-2.87 |
-2.83 |
-2.94 |
-2.32 |
CONNQ vs ZKGCF, ORLY, AZO: Beneish M-Score Comparison
For the Specialty Retail subindustry, Conn's'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.
Conn's Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Conn's's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Conn's's Beneish M-Score falls into.
Conn's 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 Conn's 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 * 1.638 | + | 0.528 * 0.9588 | + | 0.404 * 0.7526 | + | 0.892 * 0.9219 | + | 0.115 * 1.5144 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1956 | + | 4.679 * -0.047913 | - | 0.327 * 1.1256 |
| = | -2.32 |
* 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 $781 Mil.
Revenue was 366.077 + 280.13 + 306.906 + 284.57 = $1,238 Mil.
Gross Profit was 184.669 + 133.768 + 152.921 + 136.637 = $608 Mil.
Total Current Assets was $1,204 Mil.
Total Assets was $2,444 Mil.
Property, Plant and Equipment(Net PPE) was $807 Mil.
Depreciation, Depletion and Amortization(DDA) was $90 Mil.
Selling, General, & Admin. Expense(SGA) was $580 Mil.
Total Current Liabilities was $467 Mil.
Long-Term Debt & Capital Lease Obligation was $1,440 Mil.
Net Income was 43.301 + -51.297 + -33.517 + -35.38 = $-77 Mil.
Non Operating Income was 90.636 + 0 + 0 + 0.807 = $91 Mil.
Cash Flow from Operations was -51.487 + -3.353 + -22.542 + 26.148 = $-51 Mil.
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Total Receivables was $517 Mil.
Revenue was 334.875 + 321.2 + 346.632 + 339.821 = $1,343 Mil.
Gross Profit was 155.583 + 151.358 + 163.914 + 161.439 = $632 Mil.
Total Current Assets was $831 Mil.
Total Assets was $1,716 Mil.
Property, Plant and Equipment(Net PPE) was $481 Mil.
Depreciation, Depletion and Amortization(DDA) was $86 Mil.
Selling, General, & Admin. Expense(SGA) was $526 Mil.
Total Current Liabilities was $222 Mil.
Long-Term Debt & Capital Lease Obligation was $967 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) |
| = | (780.702 / 1237.683) | / | (517.006 / 1342.528) |
| = | 0.630777 | / | 0.385099 |
| | = | 1.638 |
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) |
| = | (632.294 / 1342.528) | / | (607.995 / 1237.683) |
| = | 0.470973 | / | 0.491236 |
| | = | 0.9588 |
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 - (1204.096 + 806.884) / 2444.042) | / | (1 - (831.097 + 481.06) / 1716.215) |
| = | 0.177191 | / | 0.235436 |
| | = | 0.7526 |
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 |
| = | 1237.683 | / | 1342.528 |
| | = | 0.9219 |
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)) |
| = | (86.136 / (86.136 + 481.06)) | / | (89.933 / (89.933 + 806.884)) |
| = | 0.151863 | / | 0.10028 |
| | = | 1.5144 |
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) |
| = | (580 / 1237.683) | / | (526.211 / 1342.528) |
| = | 0.468618 | / | 0.391955 |
| | = | 1.1956 |
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) |
| = | ((1440.34 + 466.523) / 2444.042) | / | ((967.188 + 222.361) / 1716.215) |
| = | 0.780209 | / | 0.693124 |
| | = | 1.1256 |
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 |
| = | (-76.893 - 91.443 | - | -51.234) | / | 2444.042 |
| | = | -0.047913 |
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.
Conn's has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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