Inter Parfums Beneish M-Score Historical Data
The historical data trend for Inter Parfums'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.
Inter Parfums Beneish M-Score Chart
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Inter Parfums Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.49 |
-2.35 |
-2.02 |
-2.12 |
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Inter Parfums Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.02 |
-2.07 |
-2.07 |
-1.95 |
-2.12 |
Competitive Comparison of Inter Parfums's Beneish M-Score
For the Household & Personal Products subindustry, Inter Parfums'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.
Inter Parfums's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Inter Parfums's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inter Parfums's Beneish M-Score falls into.
Inter Parfums 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 Inter Parfums 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 * 0.9281 | + | 0.528 * 1.0035 | + | 0.404 * 0.9742 | + | 0.892 * 1.2126 | + | 0.115 * 1.2882 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9843 | + | 4.679 * 0.03516 | - | 0.327 * 0.8762 |
| = | -2.12 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $255 Mil.
Revenue was 328.739 + 367.969 + 309.244 + 311.723 = $1,318 Mil.
Gross Profit was 212.71 + 235.007 + 188.404 + 202.957 = $839 Mil.
Total Current Assets was $839 Mil.
Total Assets was $1,369 Mil.
Property, Plant and Equipment(Net PPE) was $198 Mil.
Depreciation, Depletion and Amortization(DDA) was $17 Mil.
Selling, General, & Admin. Expense(SGA) was $588 Mil.
Total Current Liabilities was $325 Mil.
Long-Term Debt & Capital Lease Obligation was $152 Mil.
Net Income was 10.42 + 53.214 + 34.952 + 54.068 = $153 Mil.
Non Operating Income was -2.046 + 0.746 + 0.753 + -0.718 = $-1 Mil.
Cash Flow from Operations was 81.496 + 17.513 + 14.123 + -7.358 = $106 Mil.
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Total Receivables was $227 Mil.
Revenue was 310.788 + 280.462 + 244.725 + 250.678 = $1,087 Mil.
Gross Profit was 200.082 + 181.9 + 153.782 + 158.658 = $694 Mil.
Total Current Assets was $788 Mil.
Total Assets was $1,309 Mil.
Property, Plant and Equipment(Net PPE) was $195 Mil.
Depreciation, Depletion and Amortization(DDA) was $23 Mil.
Selling, General, & Admin. Expense(SGA) was $492 Mil.
Total Current Liabilities was $345 Mil.
Long-Term Debt & Capital Lease Obligation was $176 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) |
| = | (254.943 / 1317.675) | / | (226.544 / 1086.653) |
| = | 0.193479 | / | 0.208479 |
| | = | 0.9281 |
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) |
| = | (694.422 / 1086.653) | / | (839.078 / 1317.675) |
| = | 0.639047 | / | 0.636787 |
| | = | 1.0035 |
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 - (839.026 + 197.835) / 1369.329) | / | (1 - (787.724 + 194.686) / 1308.542) |
| = | 0.242796 | / | 0.249233 |
| | = | 0.9742 |
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 |
| = | 1317.675 | / | 1086.653 |
| | = | 1.2126 |
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)) |
| = | (22.539 / (22.539 + 194.686)) | / | (17.331 / (17.331 + 197.835)) |
| = | 0.103759 | / | 0.080547 |
| | = | 1.2882 |
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) |
| = | (587.696 / 1317.675) | / | (492.371 / 1086.653) |
| = | 0.44601 | / | 0.453108 |
| | = | 0.9843 |
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) |
| = | ((152.414 + 324.745) / 1369.329) | / | ((175.829 + 344.567) / 1308.542) |
| = | 0.348462 | / | 0.397691 |
| | = | 0.8762 |
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 |
| = | (152.654 - -1.265 | - | 105.774) | / | 1369.329 |
| | = | 0.03516 |
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.
Inter Parfums has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
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