Next Beneish M-Score Historical Data
The historical data trend for Next'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.
Next Beneish M-Score Chart
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Next Annual Data
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-2.83 |
-3.32 |
-2.61 |
-2.32 |
-2.54 |
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Next Semi-Annual Data
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| Beneish M-Score |
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-2.61 |
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-2.32 |
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-2.54 |
Competitive Comparison of Next's Beneish M-Score
For the Apparel Retail subindustry, Next'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.
Next's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Next's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Next's Beneish M-Score falls into.
Next 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 Next 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 * 0.9292 | + | 0.528 * 0.9803 | + | 0.404 * 1.6284 | + | 0.892 * 1.0908 | + | 0.115 * 0.7635 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0805 | + | 4.679 * -0.067312 | - | 0.327 * 0.8966 |
| = | -2.54 |
* 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 £1,389 Mil.
Revenue was £5,491 Mil.
Gross Profit was £2,421 Mil.
Total Current Assets was £2,448 Mil.
Total Assets was £4,724 Mil.
Property, Plant and Equipment(Net PPE) was £1,422 Mil.
Depreciation, Depletion and Amortization(DDA) was £246 Mil.
Selling, General, & Admin. Expense(SGA) was £1,452 Mil.
Total Current Liabilities was £1,246 Mil.
Long-Term Debt & Capital Lease Obligation was £1,690 Mil.
Net Income was £802 Mil.
Gross Profit was £0 Mil.
Cash Flow from Operations was £1,120 Mil.
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Total Receivables was £1,371 Mil.
Revenue was £5,034 Mil.
Gross Profit was £2,175 Mil.
Total Current Assets was £2,235 Mil.
Total Assets was £3,984 Mil.
Property, Plant and Equipment(Net PPE) was £1,307 Mil.
Depreciation, Depletion and Amortization(DDA) was £166 Mil.
Selling, General, & Admin. Expense(SGA) was £1,232 Mil.
Total Current Liabilities was £1,093 Mil.
Long-Term Debt & Capital Lease Obligation was £1,668 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) |
| = | (1389.2 / 5491) | / | (1370.6 / 5034) |
| = | 0.252996 | / | 0.272269 |
| | = | 0.9292 |
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) |
| = | (2175.3 / 5034) | / | (2420.5 / 5491) |
| = | 0.432122 | / | 0.440812 |
| | = | 0.9803 |
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 - (2447.7 + 1422.1) / 4724.3) | / | (1 - (2234.5 + 1306.8) / 3983.8) |
| = | 0.180873 | / | 0.111075 |
| | = | 1.6284 |
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 |
| = | 5491 | / | 5034 |
| | = | 1.0908 |
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)) |
| = | (165.8 / (165.8 + 1306.8)) | / | (246 / (246 + 1422.1)) |
| = | 0.11259 | / | 0.147473 |
| | = | 0.7635 |
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) |
| = | (1451.8 / 5491) | / | (1231.8 / 5034) |
| = | 0.264396 | / | 0.244696 |
| | = | 1.0805 |
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) |
| = | ((1690.2 + 1245.7) / 4724.3) | / | ((1667.8 + 1093.3) / 3983.8) |
| = | 0.621447 | / | 0.693082 |
| | = | 0.8966 |
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 |
| = | (802.3 - 0 | - | 1120.3) | / | 4724.3 |
| | = | -0.067312 |
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.
Next has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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