VF (MEX:VFC) Beneish M-Score : -2.70 (As of Jun. 27, 2025)

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What is VF Beneish M-Score?

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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for VF's Beneish M-Score or its related term are showing as below:

MEX:VFC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.36 Med: -2.63 Max: -2.11
Current: -2.7

During the past 13 years, the highest Beneish M-Score of VF was -2.11. The lowest was -3.36. And the median was -2.63.

VF Beneish M-Score Historical Data

The historical data trend for VF'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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VF Beneish M-Score Chart

VF Annual Data

Trend

Dec16

Dec17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Beneish M-Score

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-2.63

-2.16

-2.11

-3.36

-2.70

VF Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-3.36	-3.26	-2.99	-2.93	-2.70

Competitive Comparison of VF's Beneish M-Score

For the Apparel Manufacturing subindustry, VF'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.

VF's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, VF's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where VF's Beneish M-Score falls into.

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VF 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 VF for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1481

0.528 * 0.963

0.404 * 0.8365

0.892 * 1.1232

0.115 * 1.187

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.029

4.679 * -0.045229

0.327 * 0.9646

-2.50

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was MXN27,039 Mil.
Revenue was 43857.696 + 59103.218 + 54304.824 + 34941.951 = MXN192,208 Mil.
Gross Profit was 23372.593 + 33268.47 + 28365 + 18167.277 = MXN103,173 Mil.
Total Current Assets was MXN77,457 Mil.
Total Assets was MXN191,848 Mil.
Property, Plant and Equipment(Net PPE) was MXN40,573 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN5,145 Mil.
Selling, General, & Admin. Expense(SGA) was MXN94,455 Mil.
Total Current Liabilities was MXN55,193 Mil.
Long-Term Debt & Capital Lease Obligation was MXN92,161 Mil.
Net Income was -3084.851 + 3499.169 + 1027.4 + -4742.818 = MXN-3,301 Mil.
Non Operating Income was -1081.686 + -909.142 + -12.996 + -2692.139 = MXN-4,696 Mil.
Cash Flow from Operations was -3499.498 + 19146.846 + -5938.614 + 363.288 = MXN10,072 Mil.

Total Receivables was MXN20,967 Mil.
Revenue was 37296.731 + 47191.702 + 50865.322 + 35767.936 = MXN171,122 Mil.
Gross Profit was 17839.912 + 25783.985 + 25952.92 + 18876.583 = MXN88,453 Mil.
Total Current Assets was MXN70,151 Mil.
Total Assets was MXN192,732 Mil.
Property, Plant and Equipment(Net PPE) was MXN33,924 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN5,230 Mil.
Selling, General, & Admin. Expense(SGA) was MXN81,726 Mil.
Total Current Liabilities was MXN57,373 Mil.
Long-Term Debt & Capital Lease Obligation was MXN96,085 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)
	=	(27038.846 / 192207.689)	/	(20966.53 / 171121.691)
	=	0.140675	/	0.122524
	=	1.1481

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)
	=	(88453.4 / 171121.691)	/	(103173.34 / 192207.689)
	=	0.516903	/	0.536781
	=	0.963

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 - (77456.75 + 40572.661) / 191847.507)	/	(1 - (70151.49 + 33923.841) / 192731.695)
	=	0.384775	/	0.459999
	=	0.8365

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
	=	192207.689	/	171121.691
	=	1.1232

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))
	=	(5230.453 / (5230.453 + 33923.841))	/	(5145.222 / (5145.222 + 40572.661))
	=	0.133586	/	0.112543
	=	1.187

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)
	=	(94454.953 / 192207.689)	/	(81726.203 / 171121.691)
	=	0.491421	/	0.477591
	=	1.029

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)
	=	((92160.754 + 55193.216) / 191847.507)	/	((96085.479 + 57372.905) / 192731.695)
	=	0.768079	/	0.796228
	=	0.9646

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
	=	(-3301.1 - -4695.963	-	10072.022)	/	191847.507
	=	-0.045229

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.

VF has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

VF Beneish M-Score Related Terms

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VF Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » VF Corp (MEX:VFC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

VFC:USA 1VFC:Italy 0R30:UK VFP:Germany VFP:Germany VFP:Germany VFP:Germany VFCO34:Brazil VFP:Bulgaria VFC:Austria

Address

1551 Wewatta Street, Denver, CO, USA, 80202

Website

https://www.vfc.com

VF designs, produces, and distributes branded apparel, footwear, and accessories. Its apparel categories are active, outdoor, and work. Its portfolio of 11 brands includes Vans, The North Face, Timberland, Altra, and Dickies. VF markets its products in the Americas, Europe, and Asia-Pacific through wholesale sales to retailers, e-commerce, and branded stores owned by the company and partners. Tracing its roots to 1899, the company has evolved through many brand acquisitions and dispositions.