Farfetch Beneish M-Score Historical Data
The historical data trend for Farfetch'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.
Farfetch Beneish M-Score Chart
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Farfetch Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-0.13 |
0.62 |
-3.58 |
-2.10 |
-2.52 |
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Farfetch Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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-2.26 |
-2.52 |
-2.52 |
-2.88 |
-3.21 |
FTCHQ vs LQDT, FINR, OSTK: Beneish M-Score Comparison
For the Internet Retail subindustry, Farfetch'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.
Farfetch Beneish M-Score vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Farfetch's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Farfetch's Beneish M-Score falls into.
Farfetch 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 Farfetch 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 * 1.1269 | + | 0.528 * 1.0587 | + | 0.404 * 0.9578 | + | 0.892 * 1.0037 | + | 0.115 * 0.9105 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0654 | + | 4.679 * -0.155022 | - | 0.327 * 1.348 |
| = | -3.21 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $527 Mil.
Revenue was 572.086 + 556.391 + 629.173 + 593.357 = $2,351 Mil.
Gross Profit was 242.873 + 240.632 + 258.42 + 266.569 = $1,008 Mil.
Total Current Assets was $1,428 Mil.
Total Assets was $3,498 Mil.
Property, Plant and Equipment(Net PPE) was $288 Mil.
Depreciation, Depletion and Amortization(DDA) was $348 Mil.
Selling, General, & Admin. Expense(SGA) was $1,187 Mil.
Total Current Liabilities was $969 Mil.
Long-Term Debt & Capital Lease Obligation was $1,112 Mil.
Net Income was -271.866 + -171.927 + -171.336 + -274.186 = $-889 Mil.
Non Operating Income was -51.827 + -6.831 + 6.311 + -47.217 = $-100 Mil.
Cash Flow from Operations was 47.882 + -155.678 + -18.408 + -121.286 = $-247 Mil.
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Total Receivables was $466 Mil.
Revenue was 579.347 + 514.803 + 665.651 + 582.565 = $2,342 Mil.
Gross Profit was 267.67 + 230.516 + 313.38 + 252.18 = $1,064 Mil.
Total Current Assets was $1,441 Mil.
Total Assets was $3,716 Mil.
Property, Plant and Equipment(Net PPE) was $298 Mil.
Depreciation, Depletion and Amortization(DDA) was $297 Mil.
Selling, General, & Admin. Expense(SGA) was $1,110 Mil.
Total Current Liabilities was $918 Mil.
Long-Term Debt & Capital Lease Obligation was $722 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) |
| = | (527.17 / 2351.007) | / | (466.097 / 2342.366) |
| = | 0.224232 | / | 0.198986 |
| | = | 1.1269 |
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) |
| = | (1063.746 / 2342.366) | / | (1008.494 / 2351.007) |
| = | 0.454133 | / | 0.428963 |
| | = | 1.0587 |
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 - (1428.369 + 287.747) / 3497.954) | / | (1 - (1441.383 + 298.167) / 3715.908) |
| = | 0.509394 | / | 0.531864 |
| | = | 0.9578 |
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 |
| = | 2351.007 | / | 2342.366 |
| | = | 1.0037 |
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)) |
| = | (296.538 / (296.538 + 298.167)) | / | (348.382 / (348.382 + 287.747)) |
| = | 0.49863 | / | 0.547659 |
| | = | 0.9105 |
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) |
| = | (1186.911 / 2351.007) | / | (1109.91 / 2342.366) |
| = | 0.504852 | / | 0.473841 |
| | = | 1.0654 |
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) |
| = | ((1111.507 + 969.276) / 3497.954) | / | ((722.072 + 917.701) / 3715.908) |
| = | 0.594857 | / | 0.441285 |
| | = | 1.348 |
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 |
| = | (-889.315 - -99.564 | - | -247.49) | / | 3497.954 |
| | = | -0.155022 |
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.
Farfetch has a M-score of -3.21 suggests that the company is unlikely to be a manipulator.
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