Capri Holdings Beneish M-Score Historical Data
The historical data trend for Capri Holdings'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.
Capri Holdings Beneish M-Score Chart
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Capri Holdings Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.17 |
-2.85 |
-2.29 |
-2.13 |
-2.68 |
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Capri Holdings 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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-2.55 |
-2.68 |
-2.75 |
-2.63 |
-2.53 |
Competitive Comparison of Capri Holdings's Beneish M-Score
For the Luxury Goods subindustry, Capri Holdings'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.
Capri Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Capri Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Capri Holdings's Beneish M-Score falls into.
Capri Holdings 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 Capri Holdings 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 * 1.0391 | + | 0.528 * 1.0142 | + | 0.404 * 1.0193 | + | 0.892 * 0.8631 | + | 0.115 * 0.9993 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1385 | + | 4.679 * -0.000463 | - | 0.327 * 1.0328 |
| = | -2.59 |
* 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 CHF321 Mil.
Revenue was 1234.07 + 1161.384 + 1106.592 + 1235.543 = CHF4,738 Mil.
Gross Profit was 802.534 + 748.467 + 731.125 + 802.409 = CHF3,085 Mil.
Total Current Assets was CHF1,659 Mil.
Total Assets was CHF6,587 Mil.
Property, Plant and Equipment(Net PPE) was CHF1,769 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF168 Mil.
Selling, General, & Admin. Expense(SGA) was CHF2,536 Mil.
Total Current Liabilities was CHF1,570 Mil.
Long-Term Debt & Capital Lease Obligation was CHF2,458 Mil.
Net Income was 90.804 + 80.964 + 43.219 + -31.467 = CHF184 Mil.
Non Operating Income was -7.783 + -14.394 + -18.008 + -142.527 = CHF-183 Mil.
Cash Flow from Operations was 313.058 + -123.245 + 36.016 + 143.453 = CHF369 Mil.
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Total Receivables was CHF358 Mil.
Revenue was 1408.579 + 1374.3 + 1319.472 + 1386.665 = CHF5,489 Mil.
Gross Profit was 936.258 + 925.608 + 874.15 + 888.506 = CHF3,625 Mil.
Total Current Assets was CHF1,941 Mil.
Total Assets was CHF7,037 Mil.
Property, Plant and Equipment(Net PPE) was CHF1,784 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF169 Mil.
Selling, General, & Admin. Expense(SGA) was CHF2,580 Mil.
Total Current Liabilities was CHF1,452 Mil.
Long-Term Debt & Capital Lease Obligation was CHF2,714 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) |
| = | (320.841 / 4737.589) | / | (357.734 / 5489.016) |
| = | 0.067722 | / | 0.065173 |
| | = | 1.0391 |
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) |
| = | (3624.522 / 5489.016) | / | (3084.535 / 4737.589) |
| = | 0.660323 | / | 0.651077 |
| | = | 1.0142 |
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 - (1658.686 + 1768.516) / 6587.182) | / | (1 - (1941.454 + 1784.014) / 7037.306) |
| = | 0.479717 | / | 0.470612 |
| | = | 1.0193 |
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 |
| = | 4737.589 | / | 5489.016 |
| | = | 0.8631 |
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)) |
| = | (169.252 / (169.252 + 1784.014)) | / | (167.904 / (167.904 + 1768.516)) |
| = | 0.086651 | / | 0.086708 |
| | = | 0.9993 |
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) |
| = | (2535.507 / 4737.589) | / | (2580.325 / 5489.016) |
| = | 0.535189 | / | 0.470089 |
| | = | 1.1385 |
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) |
| = | ((2457.762 + 1569.612) / 6587.182) | / | ((2713.751 + 1452.364) / 7037.306) |
| = | 0.611396 | / | 0.592004 |
| | = | 1.0328 |
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 |
| = | (183.52 - -182.712 | - | 369.282) | / | 6587.182 |
| | = | -0.000463 |
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.
Capri Holdings has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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