Square Textiles Beneish M-Score Historical Data
The historical data trend for Square Textiles'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.
Square Textiles Beneish M-Score Chart
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Square Textiles Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.09 |
-2.08 |
-2.64 |
-2.43 |
-2.49 |
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Square Textiles Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-2.47 |
-2.49 |
-2.59 |
-2.56 |
Competitive Comparison of Square Textiles's Beneish M-Score
For the Textile Manufacturing subindustry, Square Textiles'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.
Square Textiles's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Square Textiles's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Square Textiles's Beneish M-Score falls into.
Square Textiles 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 Square Textiles 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 * 0.9977 | + | 0.528 * 1.1386 | + | 0.404 * 0.8273 | + | 0.892 * 1.0412 | + | 0.115 * 1.1497 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8971 | + | 4.679 * -0.024119 | - | 0.327 * 1.1283 |
| = | -2.56 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was BDT4,424 Mil.
Revenue was 5312.784 + 4411.323 + 5377.675 + 3115.536 = BDT18,217 Mil.
Gross Profit was 577.606 + 649.58 + 583.916 + 467.102 = BDT2,278 Mil.
Total Current Assets was BDT11,914 Mil.
Total Assets was BDT22,463 Mil.
Property, Plant and Equipment(Net PPE) was BDT10,493 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT569 Mil.
Selling, General, & Admin. Expense(SGA) was BDT178 Mil.
Total Current Liabilities was BDT12,520 Mil.
Long-Term Debt & Capital Lease Obligation was BDT0 Mil.
Net Income was 248.373 + 353.739 + 330.596 + 257.695 = BDT1,190 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 532.502 + 888.868 + 0 + 310.818 = BDT1,732 Mil.
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Total Receivables was BDT4,258 Mil.
Revenue was 4067.514 + 3947.437 + 4483.012 + 4998.307 = BDT17,496 Mil.
Gross Profit was 400.709 + 568.301 + 786.213 + 736.072 = BDT2,491 Mil.
Total Current Assets was BDT10,480 Mil.
Total Assets was BDT18,582 Mil.
Property, Plant and Equipment(Net PPE) was BDT8,046 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT506 Mil.
Selling, General, & Admin. Expense(SGA) was BDT191 Mil.
Total Current Liabilities was BDT9,049 Mil.
Long-Term Debt & Capital Lease Obligation was BDT130 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) |
| = | (4423.599 / 18217.318) | / | (4258.254 / 17496.27) |
| = | 0.242824 | / | 0.243381 |
| | = | 0.9977 |
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) |
| = | (2491.295 / 17496.27) | / | (2278.204 / 18217.318) |
| = | 0.14239 | / | 0.125057 |
| | = | 1.1386 |
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 - (11913.708 + 10493.358) / 22463.349) | / | (1 - (10479.846 + 8045.957) / 18582.086) |
| = | 0.002506 | / | 0.003029 |
| | = | 0.8273 |
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 |
| = | 18217.318 | / | 17496.27 |
| | = | 1.0412 |
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)) |
| = | (505.646 / (505.646 + 8045.957)) | / | (568.915 / (568.915 + 10493.358)) |
| = | 0.059129 | / | 0.051428 |
| | = | 1.1497 |
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) |
| = | (178.03 / 18217.318) | / | (190.609 / 17496.27) |
| = | 0.009773 | / | 0.010894 |
| | = | 0.8971 |
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) |
| = | ((0 + 12519.715) / 22463.349) | / | ((130.04 + 9049.184) / 18582.086) |
| = | 0.55734 | / | 0.493982 |
| | = | 1.1283 |
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 |
| = | (1190.403 - 0 | - | 1732.188) | / | 22463.349 |
| | = | -0.024119 |
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.
Square Textiles has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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