Express Beneish M-Score Historical Data
The historical data trend for Express'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.
Express Beneish M-Score Chart
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Express Annual Data
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Trend |
Jan14 |
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Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
| Beneish M-Score |
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-2.30 |
-4.07 |
-26.51 |
-3.50 |
12.14 |
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Express Quarterly Data
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Jan19 |
Apr19 |
Jul19 |
Oct19 |
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Apr20 |
Jul20 |
Oct20 |
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Apr21 |
Jul21 |
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Jul22 |
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Apr23 |
Jul23 |
Oct23 |
| Beneish M-Score |
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1.57 |
12.14 |
-0.70 |
-1.15 |
-0.60 |
Competitive Comparison of Express's Beneish M-Score
For the Apparel Retail subindustry, Express'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.
Express's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Express's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Express's Beneish M-Score falls into.
Express 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 Express 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 * 2.0673 | + | 0.528 * 1.3428 | + | 0.404 * 3.1798 | + | 0.892 * 0.9189 | + | 0.115 * 1.0273 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0767 | + | 4.679 * -0.025923 | - | 0.327 * 0.8701 |
| = | -0.60 |
* 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 (Oct23) TTM: | Last Year (Oct22) TTM: |
Total Receivables was $35 Mil.
Revenue was 454.063 + 435.344 + 383.257 + 514.333 = $1,787 Mil.
Gross Profit was 109.517 + 100.369 + 63.793 + 122.776 = $396 Mil.
Total Current Assets was $599 Mil.
Total Assets was $1,468 Mil.
Property, Plant and Equipment(Net PPE) was $651 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General, & Admin. Expense(SGA) was $591 Mil.
Total Current Liabilities was $613 Mil.
Long-Term Debt & Capital Lease Obligation was $688 Mil.
Net Income was -36.811 + -44.056 + -73.427 + 333.16 = $179 Mil.
Non Operating Income was 0 + 0 + 0 + 409.492 = $409 Mil.
Cash Flow from Operations was -70.567 + 19.812 + -80.612 + -61.211 = $-193 Mil.
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Total Receivables was $18 Mil.
Revenue was 434.145 + 464.919 + 450.785 + 594.929 = $1,945 Mil.
Gross Profit was 120.617 + 153.701 + 131.5 + 173.548 = $579 Mil.
Total Current Assets was $498 Mil.
Total Assets was $1,221 Mil.
Property, Plant and Equipment(Net PPE) was $666 Mil.
Depreciation, Depletion and Amortization(DDA) was $61 Mil.
Selling, General, & Admin. Expense(SGA) was $598 Mil.
Total Current Liabilities was $576 Mil.
Long-Term Debt & Capital Lease Obligation was $668 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) |
| = | (34.575 / 1786.997) | / | (18.201 / 1944.778) |
| = | 0.019348 | / | 0.009359 |
| | = | 2.0673 |
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) |
| = | (579.366 / 1944.778) | / | (396.455 / 1786.997) |
| = | 0.297909 | / | 0.221855 |
| | = | 1.3428 |
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 - (598.879 + 651.189) / 1467.758) | / | (1 - (497.523 + 666.498) / 1220.971) |
| = | 0.148315 | / | 0.046643 |
| | = | 3.1798 |
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 |
| = | 1786.997 | / | 1944.778 |
| | = | 0.9189 |
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)) |
| = | (60.734 / (60.734 + 666.498)) | / | (57.622 / (57.622 + 651.189)) |
| = | 0.083514 | / | 0.081294 |
| | = | 1.0273 |
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) |
| = | (591.294 / 1786.997) | / | (597.638 / 1944.778) |
| = | 0.330887 | / | 0.307304 |
| | = | 1.0767 |
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) |
| = | ((688.103 + 613.068) / 1467.758) | / | ((667.952 + 575.966) / 1220.971) |
| = | 0.886502 | / | 1.018794 |
| | = | 0.8701 |
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 |
| = | (178.866 - 409.492 | - | -192.578) | / | 1467.758 |
| | = | -0.025923 |
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.
Express has a M-score of -0.60 signals that the company is likely to be a manipulator.
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