Kohl's Beneish M-Score Historical Data
The historical data trend for Kohl's'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.
Kohl's Beneish M-Score Chart
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Kohl's Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.93 |
1.16 |
-3.37 |
-2.50 |
-2.98 |
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Kohl's Quarterly Data
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Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
Apr24 |
Jul24 |
Oct24 |
| Beneish M-Score |
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-2.81 |
-2.98 |
-2.81 |
-2.75 |
-2.66 |
Competitive Comparison of Kohl's's Beneish M-Score
For the Department Stores subindustry, Kohl's'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.
Kohl's's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Kohl's's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kohl's's Beneish M-Score falls into.
Kohl's 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 Kohl's 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 | + | 0.528 * 0.9086 | + | 0.404 * 1.2126 | + | 0.892 * 0.9622 | + | 0.115 * 1.0672 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0141 | + | 4.679 * -0.032658 | - | 0.327 * 0.992 |
| = | -2.62 |
* 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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was MXN0 Mil.
Revenue was 74316.494 + 69405.87 + 57711.124 + 102301.447 = MXN303,735 Mil.
Gross Profit was 31509.392 + 29830.39 + 24896.668 + 36001.315 = MXN122,238 Mil.
Total Current Assets was MXN92,485 Mil.
Total Assets was MXN301,553 Mil.
Property, Plant and Equipment(Net PPE) was MXN199,753 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN13,602 Mil.
Selling, General, & Admin. Expense(SGA) was MXN97,716 Mil.
Total Current Liabilities was MXN87,998 Mil.
Long-Term Debt & Capital Lease Obligation was MXN130,324 Mil.
Net Income was 440.691 + 1227.435 + -460.733 + 3194.773 = MXN4,402 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was -3906.123 + 4723.765 + -119.449 + 13552.022 = MXN14,250 Mil.
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Total Receivables was MXN0 Mil.
Revenue was 73186.862 + 65117.778 + 64233.363 + 113145.162 = MXN315,683 Mil.
Gross Profit was 30780.365 + 27635.35 + 27412.95 + 29606.85 = MXN115,436 Mil.
Total Current Assets was MXN85,210 Mil.
Total Assets was MXN279,226 Mil.
Property, Plant and Equipment(Net PPE) was MXN186,903 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN13,645 Mil.
Selling, General, & Admin. Expense(SGA) was MXN100,146 Mil.
Total Current Liabilities was MXN75,028 Mil.
Long-Term Debt & Capital Lease Obligation was MXN128,754 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) |
| = | (0 / 303734.935) | / | (0 / 315683.165) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (115435.515 / 315683.165) | / | (122237.765 / 303734.935) |
| = | 0.365669 | / | 0.402449 |
| | = | 0.9086 |
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 - (92484.974 + 199753.121) / 301552.695) | / | (1 - (85210.16 + 186902.709) / 279225.751) |
| = | 0.030889 | / | 0.025474 |
| | = | 1.2126 |
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 |
| = | 303734.935 | / | 315683.165 |
| | = | 0.9622 |
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)) |
| = | (13644.818 / (13644.818 + 186902.709)) | / | (13602.127 / (13602.127 + 199753.121)) |
| = | 0.068038 | / | 0.063753 |
| | = | 1.0672 |
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) |
| = | (97715.932 / 303734.935) | / | (100145.514 / 315683.165) |
| = | 0.321714 | / | 0.317234 |
| | = | 1.0141 |
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) |
| = | ((130324.288 + 87997.94) / 301552.695) | / | ((128753.996 + 75028.268) / 279225.751) |
| = | 0.723994 | / | 0.729812 |
| | = | 0.992 |
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 |
| = | (4402.166 - 0 | - | 14250.215) | / | 301552.695 |
| | = | -0.032658 |
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.
Kohl's has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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