Fossil Group Beneish M-Score Historical Data
The historical data trend for Fossil Group'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.
Fossil Group Beneish M-Score Chart
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Fossil Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.66 |
-2.41 |
-2.43 |
-2.69 |
-3.44 |
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Fossil Group 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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-2.69 |
-3.27 |
-3.45 |
-3.32 |
-3.44 |
Competitive Comparison of Fossil Group's Beneish M-Score
For the Footwear & Accessories subindustry, Fossil Group'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.
Fossil Group's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Fossil Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fossil Group's Beneish M-Score falls into.
Fossil Group 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 Fossil Group 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 * 0.8184 | + | 0.528 * 0.9226 | + | 0.404 * 0.9991 | + | 0.892 * 0.8107 | + | 0.115 * 0.9396 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0139 | + | 4.679 * -0.114615 | - | 0.327 * 1.1239 |
| = | -3.44 |
* 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 $162 Mil.
Revenue was 342.297 + 287.819 + 259.991 + 254.884 = $1,145 Mil.
Gross Profit was 184.577 + 142.232 + 136.851 + 133.492 = $597 Mil.
Total Current Assets was $555 Mil.
Total Assets was $764 Mil.
Property, Plant and Equipment(Net PPE) was $163 Mil.
Depreciation, Depletion and Amortization(DDA) was $16 Mil.
Selling, General, & Admin. Expense(SGA) was $639 Mil.
Total Current Liabilities was $327 Mil.
Long-Term Debt & Capital Lease Obligation was $276 Mil.
Net Income was -7.559 + -32.031 + -38.785 + -24.296 = $-103 Mil.
Non Operating Income was -37.279 + -2.217 + -15.8 + -6.539 = $-62 Mil.
Cash Flow from Operations was 30.509 + -22.815 + 38.364 + 0.622 = $47 Mil.
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Total Receivables was $244 Mil.
Revenue was 421.261 + 344.121 + 321.966 + 325.036 = $1,412 Mil.
Gross Profit was 200.534 + 161.663 + 156.667 + 160.717 = $680 Mil.
Total Current Assets was $711 Mil.
Total Assets was $978 Mil.
Property, Plant and Equipment(Net PPE) was $208 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $777 Mil.
Total Current Liabilities was $342 Mil.
Long-Term Debt & Capital Lease Obligation was $345 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) |
| = | (162.164 / 1144.991) | / | (244.433 / 1412.384) |
| = | 0.141629 | / | 0.173064 |
| | = | 0.8184 |
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) |
| = | (679.581 / 1412.384) | / | (597.152 / 1144.991) |
| = | 0.481159 | / | 0.521534 |
| | = | 0.9226 |
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 - (554.515 + 162.957) / 763.567) | / | (1 - (710.69 + 208.244) / 978.03) |
| = | 0.060368 | / | 0.060424 |
| | = | 0.9991 |
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 |
| = | 1144.991 | / | 1412.384 |
| | = | 0.8107 |
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)) |
| = | (19.099 / (19.099 + 208.244)) | / | (16 / (16 + 162.957)) |
| = | 0.08401 | / | 0.089407 |
| | = | 0.9396 |
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) |
| = | (638.777 / 1144.991) | / | (777.167 / 1412.384) |
| = | 0.557888 | / | 0.550252 |
| | = | 1.0139 |
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) |
| = | ((276.332 + 326.57) / 763.567) | / | ((344.627 + 342.477) / 978.03) |
| = | 0.789586 | / | 0.702539 |
| | = | 1.1239 |
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 |
| = | (-102.671 - -61.835 | - | 46.68) | / | 763.567 |
| | = | -0.114615 |
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.
Fossil Group has a M-score of -3.44 suggests that the company is unlikely to be a manipulator.
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