Express Beneish M-Score Historical Data
The historical data trend for Express'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.
Express Beneish M-Score Chart
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Express Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-4.07 |
-26.51 |
-3.50 |
12.14 |
-1.63 |
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Express Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
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Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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12.14 |
-0.70 |
-1.15 |
-0.60 |
-1.63 |
Competitive Comparison of Express's Beneish M-Score
For the Apparel Retail subindustry, Express'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.
Express's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Express's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Express's Beneish M-Score falls into.
Express 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 Express 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 * 2.4403 | + | 0.528 * 1.3133 | + | 0.404 * 0.9158 | + | 0.892 * 0.9947 | + | 0.115 * 1.1456 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.001 | + | 4.679 * -0.117623 | - | 0.327 * 1.1999 |
| = | -1.63 |
* 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 $34 Mil.
Revenue was 581.693 + 454.063 + 435.344 + 383.257 = $1,854 Mil.
Gross Profit was 126.703 + 109.517 + 100.369 + 63.793 = $400 Mil.
Total Current Assets was $465 Mil.
Total Assets was $1,290 Mil.
Property, Plant and Equipment(Net PPE) was $635 Mil.
Depreciation, Depletion and Amortization(DDA) was $53 Mil.
Selling, General, & Admin. Expense(SGA) was $594 Mil.
Total Current Liabilities was $564 Mil.
Long-Term Debt & Capital Lease Obligation was $620 Mil.
Net Income was -54.245 + -36.811 + -44.056 + -73.427 = $-209 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 74.531 + -70.567 + 19.812 + -80.612 = $-57 Mil.
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Total Receivables was $14 Mil.
Revenue was 514.333 + 434.145 + 464.919 + 450.785 = $1,864 Mil.
Gross Profit was 122.776 + 120.617 + 153.701 + 131.5 = $529 Mil.
Total Current Assets was $534 Mil.
Total Assets was $1,398 Mil.
Property, Plant and Equipment(Net PPE) was $639 Mil.
Depreciation, Depletion and Amortization(DDA) was $62 Mil.
Selling, General, & Admin. Expense(SGA) was $597 Mil.
Total Current Liabilities was $542 Mil.
Long-Term Debt & Capital Lease Obligation was $528 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) |
| = | (33.587 / 1854.357) | / | (13.836 / 1864.182) |
| = | 0.018112 | / | 0.007422 |
| | = | 2.4403 |
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) |
| = | (528.594 / 1864.182) | / | (400.382 / 1854.357) |
| = | 0.283553 | / | 0.215914 |
| | = | 1.3133 |
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 - (464.904 + 634.631) / 1289.74) | / | (1 - (534.404 + 638.734) / 1398.325) |
| = | 0.147475 | / | 0.161041 |
| | = | 0.9158 |
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 |
| = | 1854.357 | / | 1864.182 |
| | = | 0.9947 |
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)) |
| = | (62.169 / (62.169 + 638.734)) | / | (53.262 / (53.262 + 634.631)) |
| = | 0.088698 | / | 0.077428 |
| | = | 1.1456 |
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) |
| = | (594.106 / 1854.357) | / | (596.671 / 1864.182) |
| = | 0.320384 | / | 0.320071 |
| | = | 1.001 |
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) |
| = | ((620.145 + 564.087) / 1289.74) | / | ((528.448 + 541.59) / 1398.325) |
| = | 0.918194 | / | 0.765228 |
| | = | 1.1999 |
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 |
| = | (-208.539 - 0 | - | -56.836) | / | 1289.74 |
| | = | -0.117623 |
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.
Express has a M-score of -1.63 signals that the company is likely to be a manipulator.
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