Hanesbrands Beneish M-Score Historical Data
The historical data trend for Hanesbrands'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.
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Hanesbrands Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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|
|
|
|
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-2.56 |
-2.54 |
-2.63 |
-2.91 |
-2.44 |
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Hanesbrands Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
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|
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|
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-2.91 |
-2.42 |
-2.28 |
-1.99 |
-2.44 |
Competitive Comparison
For the Apparel Manufacturing subindustry, Hanesbrands'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.
Hanesbrands Beneish M-Score Distribution
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Hanesbrands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hanesbrands's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
Hanesbrands 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 Hanesbrands 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 * 0.8803 | + | 0.528 * 1.0942 | + | 0.404 * 0.9986 | + | 0.892 * 0.9165 | + | 0.115 * 1.1262 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0014 | + | 4.679 * 0.0371 | - | 0.327 * 1.0496 |
| = | -2.44 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $721 Mil.
Revenue was 1473.286 + 1670.741 + 1513.467 + 1576.156 = $6,234 Mil.
Gross Profit was 501.977 + 562.852 + 572.101 + 584.178 = $2,221 Mil.
Total Current Assets was $3,132 Mil.
Total Assets was $6,504 Mil.
Property, Plant and Equipment(Net PPE) was $857 Mil.
Depreciation, Depletion and Amortization(DDA) was $106 Mil.
Selling, General, & Admin. Expense(SGA) was $1,702 Mil.
Total Current Liabilities was $1,791 Mil.
Long-Term Debt & Capital Lease Obligation was $3,939 Mil.
Net Income was -418.108 + 80.101 + 92.101 + 118.702 = $-127 Mil.
Non Operating Income was -3.646 + -3.212 + -1.889 + -0.987 = $-10 Mil.
Cash Flow from Operations was 132.88 + -50.608 + -209.885 + -231.189 = $-359 Mil.
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Total Receivables was $894 Mil.
Revenue was 1752.349 + 1789.551 + 1751.311 + 1508.029 = $6,801 Mil.
Gross Profit was 667.728 + 699.661 + 681.629 + 602.681 = $2,652 Mil.
Total Current Assets was $3,528 Mil.
Total Assets was $7,071 Mil.
Property, Plant and Equipment(Net PPE) was $805 Mil.
Depreciation, Depletion and Amortization(DDA) was $114 Mil.
Selling, General, & Admin. Expense(SGA) was $1,854 Mil.
Total Current Liabilities was $2,327 Mil.
Long-Term Debt & Capital Lease Obligation was $3,608 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) |
| = | (721.396 / 6233.65) | / | (894.151 / 6801.24) |
| = | 0.1157261 | / | 0.13146882 |
| | = | 0.8803 |
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) |
| = | (2651.699 / 6801.24) | / | (2221.108 / 6233.65) |
| = | 0.38988464 | / | 0.35630939 |
| | = | 1.0942 |
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 - (3131.754 + 857.298) / 6503.876) | / | (1 - (3528.103 + 805.255) / 7071.436) |
| = | 0.38666543 | / | 0.38720254 |
| | = | 0.9986 |
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 |
| = | 6233.65 | / | 6801.24 |
| | = | 0.9165 |
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)) |
| = | (114.198 / (114.198 + 805.255)) | / | (106.267 / (106.267 + 857.298)) |
| = | 0.12420211 | / | 0.11028524 |
| | = | 1.1262 |
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) |
| = | (1701.563 / 6233.65) | / | (1853.971 / 6801.24) |
| = | 0.27296415 | / | 0.27259309 |
| | = | 1.0014 |
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) |
| = | ((3938.721 + 1790.63) / 6503.876) | / | ((3607.943 + 2327.053) / 7071.436) |
| = | 0.88091332 | / | 0.83929148 |
| | = | 1.0496 |
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 |
| = | (-127.204 - -9.734 | - | -358.802) | / | 6503.876 |
| | = | 0.0371 |
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.
Hanesbrands has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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