Five Below Beneish M-Score Historical Data
The historical data trend for Five Below'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.
Five Below Beneish M-Score Chart
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Five Below Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.71 |
-2.71 |
-1.51 |
-3.03 |
-2.86 |
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Five Below Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
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Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-3.03 |
-1.93 |
-2.87 |
-2.74 |
-2.86 |
Competitive Comparison of Five Below's Beneish M-Score
For the Specialty Retail subindustry, Five Below'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.
Five Below's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Five Below's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Five Below's Beneish M-Score falls into.
Five Below 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 Five Below 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 * 0.4839 | + | 0.528 * 0.9936 | + | 0.404 * 1.5334 | + | 0.892 * 1.1111 | + | 0.115 * 0.9854 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0061 | + | 4.679 * -0.05029 | - | 0.327 * 1.0006 |
| = | -2.88 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was €4 Mil.
Revenue was 1228.042 + 697.376 + 686.119 + 662.337 = €3,274 Mil.
Gross Profit was 506.382 + 211.018 + 239.179 + 214.141 = €1,171 Mil.
Total Current Assets was €1,105 Mil.
Total Assets was €3,555 Mil.
Property, Plant and Equipment(Net PPE) was €2,427 Mil.
Depreciation, Depletion and Amortization(DDA) was €120 Mil.
Selling, General, & Admin. Expense(SGA) was €697 Mil.
Total Current Liabilities was €657 Mil.
Long-Term Debt & Capital Lease Obligation was €1,375 Mil.
Net Income was 185.619 + 13.821 + 42.339 + 34.18 = €276 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 374.297 + -73.279 + 75.915 + 77.785 = €455 Mil.
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Total Receivables was €8 Mil.
Revenue was 1041.913 + 654.71 + 657.555 + 592.266 = €2,946 Mil.
Gross Profit was 419.824 + 210.925 + 224.624 + 191.476 = €1,047 Mil.
Total Current Assets was €990 Mil.
Total Assets was €3,086 Mil.
Property, Plant and Equipment(Net PPE) was €2,083 Mil.
Depreciation, Depletion and Amortization(DDA) was €102 Mil.
Selling, General, & Admin. Expense(SGA) was €624 Mil.
Total Current Liabilities was €559 Mil.
Long-Term Debt & Capital Lease Obligation was €1,204 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) |
| = | (4.438 / 3273.874) | / | (8.257 / 2946.444) |
| = | 0.001356 | / | 0.002802 |
| | = | 0.4839 |
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) |
| = | (1046.849 / 2946.444) | / | (1170.72 / 3273.874) |
| = | 0.355292 | / | 0.357595 |
| | = | 0.9936 |
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 - (1104.852 + 2426.942) / 3554.53) | / | (1 - (989.6 + 2083.046) / 3085.517) |
| = | 0.006396 | / | 0.004171 |
| | = | 1.5334 |
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 |
| = | 3273.874 | / | 2946.444 |
| | = | 1.1111 |
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)) |
| = | (101.748 / (101.748 + 2083.046)) | / | (120.392 / (120.392 + 2426.942)) |
| = | 0.046571 | / | 0.047262 |
| | = | 0.9854 |
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) |
| = | (697.348 / 3273.874) | / | (623.82 / 2946.444) |
| = | 0.213004 | / | 0.21172 |
| | = | 1.0061 |
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) |
| = | ((1374.784 + 657.22) / 3554.53) | / | ((1203.593 + 559.176) / 3085.517) |
| = | 0.571666 | / | 0.571304 |
| | = | 1.0006 |
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 |
| = | (275.959 - 0 | - | 454.718) | / | 3554.53 |
| | = | -0.05029 |
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.
Five Below has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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