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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Burlington Stores's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Burlington Stores was -2.34. The lowest was -3.20. And the median was -2.69.
The historical data trend for Burlington Stores'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.
Burlington Stores Annual Data | |||||||||||||||||||||
Trend | Jan15 | Jan16 | Jan17 | Jan18 | Jan19 | Jan20 | Jan21 | Jan22 | Jan23 | Jan24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.48 | -3.20 | -2.56 | -2.38 | -2.81 |
Burlington Stores Quarterly Data | ||||||||||||||||||||
Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | Apr23 | Jul23 | Oct23 | Jan24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.38 | -2.76 | -2.69 | -2.74 | -2.81 |
For the Apparel Retail subindustry, Burlington Stores'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.
For the Retail - Cyclical industry and Consumer Cyclical sector, Burlington Stores's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Burlington Stores's Beneish M-Score falls into.
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 Burlington Stores 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 * 0.9357 | + | 0.528 * 0.9525 | + | 0.404 * 0.9302 | + | 0.892 * 1.1178 | + | 0.115 * 0.9592 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0224 | + | 4.679 * -0.068151 | - | 0.327 * 0.9751 | |||||||
= | -2.81 |
* 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 $74 Mil. Revenue was 3126.358 + 2289.346 + 2174.807 + 2136.956 = $9,727 Mil. Gross Profit was 1337.959 + 991.541 + 908.597 + 905.31 = $4,143 Mil. Total Current Assets was $2,327 Mil. Total Assets was $7,707 Mil. Property, Plant and Equipment(Net PPE) was $5,013 Mil. Depreciation, Depletion and Amortization(DDA) was $307 Mil. Selling, General, & Admin. Expense(SGA) was $3,288 Mil. Total Current Liabilities was $2,029 Mil. Long-Term Debt & Capital Lease Obligation was $4,380 Mil. Net Income was 227.458 + 48.551 + 30.892 + 32.748 = $340 Mil. Non Operating Income was 13.333 + -2.06 + 1.359 + -16.49 = $-4 Mil. Cash Flow from Operations was 598.539 + 240.37 + 107.778 + -77.952 = $869 Mil. |
Total Receivables was $71 Mil. Revenue was 2744.283 + 2040.687 + 1987.941 + 1929.692 = $8,703 Mil. Gross Profit was 1118.908 + 842.561 + 776.673 + 792.746 = $3,531 Mil. Total Current Assets was $2,284 Mil. Total Assets was $7,270 Mil. Property, Plant and Equipment(Net PPE) was $4,614 Mil. Depreciation, Depletion and Amortization(DDA) was $270 Mil. Selling, General, & Admin. Expense(SGA) was $2,877 Mil. Total Current Liabilities was $1,912 Mil. Long-Term Debt & Capital Lease Obligation was $4,287 Mil. |
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) |
= | (74.361 / 9727.467) | / | (71.091 / 8702.603) | |
= | 0.007644 | / | 0.008169 | |
= | 0.9357 |
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) | |
= | (3530.888 / 8702.603) | / | (4143.407 / 9727.467) | |
= | 0.405728 | / | 0.425949 | |
= | 0.9525 |
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 - (2327.024 + 5013.093) / 7706.84) | / | (1 - (2283.792 + 4613.937) / 7269.597) | |
= | 0.047584 | / | 0.051154 | |
= | 0.9302 |
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 | |
= | 9727.467 | / | 8702.603 | |
= | 1.1178 |
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)) |
= | (270.398 / (270.398 + 4613.937)) | / | (307.064 / (307.064 + 5013.093)) | |
= | 0.05536 | / | 0.057717 | |
= | 0.9592 |
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) |
= | (3288.314 / 9727.467) | / | (2877.357 / 8702.603) | |
= | 0.338044 | / | 0.330632 | |
= | 1.0224 |
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) |
= | ((4379.736 + 2028.786) / 7706.84) | / | ((4287.364 + 1911.951) / 7269.597) | |
= | 0.831537 | / | 0.852773 | |
= | 0.9751 |
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 | |
= | (339.649 - -3.858 | - | 868.735) | / | 7706.84 | |
= | -0.068151 |
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.
Burlington Stores has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Burlington Stores's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
William P Mcnamara | director | |
Jennifer Vecchio | officer: President and CMO | 2006 ROUTE 130 NORTH, BURLINGTON NJ 08016 |
Jeffrey Laub | officer: SVP, Finance and CAO | C/O BURLINGTON COAT FACTORY WAREHOUSE CO, 1830 ROUTE 130, BURLINGTON NJ 08016 |
Kristin Wolfe | officer: Chief Financial Officer | C/O BURLINGTON STORES, INC., 1830 ROUTE 130, BURLINGTON NJ 08016 |
Travis Marquette | officer: President and COO | 2006 ROUTE 130 NORTH, BURLINGTON NJ 08016 |
Mike Metheny | officer: Executive Vice President | 1830 ROUTE 130 NORTH, BURLINGTON NJ 08016 |
Dennis Hodgson | officer: EVP CIO | 2006 ROUTE 130 NORTH, BURLINGTON NJ 08016 |
Michael R Allison | officer: EVP CHRO | 6600 NORTH MILITARY TRAIL, LEGAL DEPARTMENT, BOCA RATON FL 33496 |
Joyce Manning Magrini | officer: Executive Vice President | C/O FINLAY ENTERPRISES, INC., 529 FIFTH AVENUE, ATTN: LEGAL DPT., NEW YORK NY 10017 |
Michael Goodwin | director | 2006 ROUTE 130 NORTH, BURLINGTON NJ 08016 |
Fred Hand | officer: Chief Customer Officer | 1830 ROUTE 130 NORTH, BURLINGTON NJ 08016 |
John Crimmins | officer: Chief Financial Officer | 1830 ROUTE 130 NORTH, BURLINGTON NJ 08016 |
Thomas Kingsbury | director, officer: President & CEO | 2006 ROUTE 130 NORTH, BURLINGTON NJ 08016 |
O Sullivan Michael B | director, officer: Chief Executive Officer | 5130 HACIENDA DRIVE, DUBLIN CA 94568 |
Paul Sullivan | director | 1830 ROUTE 130 NORTH, BURLINGTON NJ 08016 |
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