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DECK (Deckers Outdoor) Beneish M-Score : -2.80 (As of Mar. 16, 2025)


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What is Deckers Outdoor Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Deckers Outdoor's Beneish M-Score or its related term are showing as below:

DECK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51   Med: -2.71   Max: -1.4
Current: -2.8

During the past 13 years, the highest Beneish M-Score of Deckers Outdoor was -1.40. The lowest was -3.51. And the median was -2.71.


Deckers Outdoor Beneish M-Score Historical Data

The historical data trend for Deckers Outdoor'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.

* Premium members only.

Deckers Outdoor Beneish M-Score Chart

Deckers Outdoor Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.58 -2.89 -1.40 -2.54 -2.96

Deckers Outdoor Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.06 -2.96 -2.78 -2.56 -2.80

Competitive Comparison of Deckers Outdoor's Beneish M-Score

For the Footwear & Accessories subindustry, Deckers Outdoor'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.


Deckers Outdoor's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Deckers Outdoor's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Deckers Outdoor's Beneish M-Score falls into.



Deckers Outdoor 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 Deckers Outdoor 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 * 0.7963+0.528 * 0.9418+0.404 * 0.7544+0.892 * 1.1952+0.115 * 0.8228
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0488+4.679 * -0.037551-0.327 * 0.9131
=-2.80

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was $330 Mil.
Revenue was 1827.165 + 1311.32 + 825.347 + 959.758 = $4,924 Mil.
Gross Profit was 1102.623 + 733.272 + 470 + 539.476 = $2,845 Mil.
Total Current Assets was $3,274 Mil.
Total Assets was $3,964 Mil.
Property, Plant and Equipment(Net PPE) was $542 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $1,696 Mil.
Total Current Liabilities was $1,033 Mil.
Long-Term Debt & Capital Lease Obligation was $211 Mil.
Net Income was 456.734 + 242.321 + 115.625 + 127.545 = $942 Mil.
Non Operating Income was 1.3 + 0.18 + 0.125 + 0.645 = $2 Mil.
Cash Flow from Operations was 1095.415 + -90.55 + 112.65 + -28.674 = $1,089 Mil.
Total Receivables was $347 Mil.
Revenue was 1560.307 + 1091.907 + 675.791 + 791.571 = $4,120 Mil.
Gross Profit was 916.569 + 583.019 + 346.424 + 396.168 = $2,242 Mil.
Total Current Assets was $2,649 Mil.
Total Assets was $3,347 Mil.
Property, Plant and Equipment(Net PPE) was $533 Mil.
Depreciation, Depletion and Amortization(DDA) was $53 Mil.
Selling, General, & Admin. Expense(SGA) was $1,353 Mil.
Total Current Liabilities was $927 Mil.
Long-Term Debt & Capital Lease Obligation was $223 Mil.




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)
=(330.273 / 4923.59) / (347.046 / 4119.576)
=0.06708 / 0.084243
=0.7963

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)
=(2242.18 / 4119.576) / (2845.371 / 4923.59)
=0.544274 / 0.577906
=0.9418

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 - (3274.112 + 542.289) / 3964.353) / (1 - (2648.854 + 532.994) / 3347.459)
=0.037321 / 0.049474
=0.7544

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
=4923.59 / 4119.576
=1.1952

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))
=(53.157 / (53.157 + 532.994)) / (67.176 / (67.176 + 542.289))
=0.090688 / 0.110221
=0.8228

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)
=(1695.942 / 4923.59) / (1353.009 / 4119.576)
=0.344452 / 0.328434
=1.0488

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)
=((211.015 + 1032.882) / 3964.353) / ((222.867 + 927.442) / 3347.459)
=0.31377 / 0.343636
=0.9131

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
=(942.225 - 2.25 - 1088.841) / 3964.353
=-0.037551

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.

Deckers Outdoor has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.


Deckers Outdoor Beneish M-Score Related Terms

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Deckers Outdoor Business Description

Traded in Other Exchanges
Address
250 Coromar Drive, Goleta, CA, USA, 93117
Founded in 1973, California-based Deckers designs and sells casual and performance footwear, apparel, and accessories. In fiscal 2024, Ugg and Hoka accounted for 52% and 42% of total sales, respectively. The firm also markets niche brands Teva and Ahnu. Deckers produces most of its sales through wholesale partnerships, but also operates e-commerce in more than 50 countries and about 178 company-operated stores. It generated 67% of its fiscal 2024 sales in the United States.
Executives
Caroti Stefano officer: President of Omni Channel 250 COROMAR DRIVE, GOLETA CA 93117
Maha Saleh Ibrahim director 2765 SAND HILL ROAD, MENLO PARK CA 94025
Anne Spangenberg officer: President, Fashion Lifestyle 250 COROMAR DRIVE, GOLETA CA 93117
David Powers officer: President, Direct to Consumer 495-A SOUTH FAIRVIEW AVE, GOLETA CA 93117
Bonita C. Stewart director 250 COROMAR DRIVE, GOLETA CA 93117
Thomas Garcia officer: SVP, General Counsel 250 COROMAR DRIVE, GOLETA CA 93117
Steven J. Fasching officer: Chief Financial Officer 250 COROMAR DRIVE, GOLETA CA 93117
Angela Ogbechie officer: Chief Supply Chain Officer 250 COROMAR DRIVE, GOLETA CA 93117
Devine Michael F Iii director COACH, 516 W 34TH STREET, NEW YORK NY 1001
Cindy L Davis director 2635 SW GRENWOLDE PLACE, PORTLAND OR 97201
Lauri M Shanahan director C/O THE GAP, INC., TWO FOLSOM STREET, SAN FRANCISCO CA 94105-1205
David E. Lafitte officer: COO 250 COROMAR DRIVE, GOLETA CA 93117
Wendy W Yang officer: President, PLG 250 COROMAR DRIVE, GOLETA CA 93117
David A Burwick director 32 AUTUMN LANE, NEW CANAAN CT 06840
Andrea O'donnell officer: President, Fashion Lifestyle 250 COROMAR DRIVE, GOLETA CA 93117