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.
Deckers Outdoor Beneish M-Score Chart
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Deckers Outdoor Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.58 |
-2.89 |
-1.40 |
-2.54 |
-2.96 |
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Deckers Outdoor Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-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.
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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.
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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) |
| = | (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.
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