TJX Beneish M-Score Historical Data
The historical data trend for TJX'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.
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TJX Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.40 |
-2.90 |
-2.10 |
-2.46 |
-2.87 |
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TJX Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.46 |
-2.67 |
-2.76 |
-2.83 |
-2.87 |
Competitive Comparison
For the Apparel Retail subindustry, TJX'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.
TJX Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, TJX's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TJX's Beneish M-Score falls into.
TJX 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 TJX 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 * 0.7941 | + | 0.528 * 0.9203 | + | 0.404 * 1.0386 | + | 0.892 * 1.0857 | + | 0.115 * 0.9887 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0801 | + | 4.679 * -0.053215 | - | 0.327 * 0.9728 |
| = | -2.87 |
* 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 $588 Mil.
Revenue was 16411 + 13265 + 12758 + 11783 = $54,217 Mil.
Gross Profit was 4883 + 4126 + 3848 + 3409 = $16,266 Mil.
Total Current Assets was $12,664 Mil.
Total Assets was $29,747 Mil.
Property, Plant and Equipment(Net PPE) was $15,967 Mil.
Depreciation, Depletion and Amortization(DDA) was $964 Mil.
Selling, General, & Admin. Expense(SGA) was $10,469 Mil.
Total Current Liabilities was $10,451 Mil.
Long-Term Debt & Capital Lease Obligation was $10,922 Mil.
Net Income was 1403 + 1191 + 989 + 891 = $4,474 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 2800 + 1171 + 1341 + 745 = $6,057 Mil.
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Total Receivables was $682 Mil.
Revenue was 14520 + 12167 + 11843 + 11406 = $49,936 Mil.
Gross Profit was 3789 + 3543 + 3272 + 3183 = $13,787 Mil.
Total Current Assets was $12,456 Mil.
Total Assets was $28,349 Mil.
Property, Plant and Equipment(Net PPE) was $14,869 Mil.
Depreciation, Depletion and Amortization(DDA) was $887 Mil.
Selling, General, & Admin. Expense(SGA) was $8,927 Mil.
Total Current Liabilities was $10,305 Mil.
Long-Term Debt & Capital Lease Obligation was $10,634 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) |
| = | (588 / 54217) | / | (682 / 49936) |
| = | 0.010845 | / | 0.013657 |
| | = | 0.7941 |
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) |
| = | (13787 / 49936) | / | (16266 / 54217) |
| = | 0.276093 | / | 0.300017 |
| | = | 0.9203 |
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 - (12664 + 15967) / 29747) | / | (1 - (12456 + 14869) / 28349) |
| = | 0.037516 | / | 0.036121 |
| | = | 1.0386 |
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 |
| = | 54217 | / | 49936 |
| | = | 1.0857 |
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)) |
| = | (887 / (887 + 14869)) | / | (964 / (964 + 15967)) |
| = | 0.056296 | / | 0.056937 |
| | = | 0.9887 |
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) |
| = | (10469 / 54217) | / | (8927 / 49936) |
| = | 0.193094 | / | 0.178769 |
| | = | 1.0801 |
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) |
| = | ((10922 + 10451) / 29747) | / | ((10634 + 10305) / 28349) |
| = | 0.718493 | / | 0.738615 |
| | = | 0.9728 |
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 |
| = | (4474 - 0 | - | 6057) | / | 29747 |
| | = | -0.053215 |
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.
TJX has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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