The Michaels Beneish M-Score Historical Data
The historical data trend for The Michaels'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.
The Michaels Beneish M-Score Chart
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The Michaels Annual Data
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Trend |
Jan12 |
Jan13 |
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Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
| Beneish M-Score |
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-1.44 |
-2.74 |
-1.12 |
-2.89 |
-4.02 |
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The Michaels Quarterly Data
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Apr16 |
Jul16 |
Oct16 |
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Jan21 |
| Beneish M-Score |
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-2.89 |
-2.89 |
-2.51 |
-3.44 |
-4.02 |
Competitive Comparison of The Michaels's Beneish M-Score
For the Specialty Retail subindustry, The Michaels'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.
The Michaels's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, The Michaels's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Michaels's Beneish M-Score falls into.
The Michaels 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 The Michaels 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 * 0.4437 | + | 0.528 * 0.9947 | + | 0.404 * 0.8096 | + | 0.892 * 1.0392 | + | 0.115 * 0.9771 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0259 | + | 4.679 * -0.193925 | - | 0.327 * 0.9089 |
| = | -3.92 |
* 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 (Jan21) TTM: | Last Year (Jan20) TTM: |
Total Receivables was $14 Mil.
Revenue was 1916.842 + 1406.212 + 1148.17 + 799.888 = $5,271 Mil.
Gross Profit was 810.027 + 581.716 + 342.512 + 221.822 = $1,956 Mil.
Total Current Assets was $2,272 Mil.
Total Assets was $4,528 Mil.
Property, Plant and Equipment(Net PPE) was $2,067 Mil.
Depreciation, Depletion and Amortization(DDA) was $130 Mil.
Selling, General, & Admin. Expense(SGA) was $1,391 Mil.
Total Current Liabilities was $1,716 Mil.
Long-Term Debt & Capital Lease Obligation was $3,859 Mil.
Net Income was 255.075 + 111.122 + -7.757 + -63.505 = $295 Mil.
Non Operating Income was -19.323 + -31.563 + -1.365 + 2.922 = $-49 Mil.
Cash Flow from Operations was 509.576 + 413.111 + 355.276 + -55.527 = $1,222 Mil.
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Total Receivables was $30 Mil.
Revenue was 1722.607 + 1222.021 + 1033.689 + 1093.72 = $5,072 Mil.
Gross Profit was 645.998 + 441.634 + 366.986 + 417.64 = $1,872 Mil.
Total Current Assets was $1,600 Mil.
Total Assets was $3,838 Mil.
Property, Plant and Equipment(Net PPE) was $2,040 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $1,304 Mil.
Total Current Liabilities was $1,196 Mil.
Long-Term Debt & Capital Lease Obligation was $4,002 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) |
| = | (14.039 / 5271.112) | / | (30.442 / 5072.037) |
| = | 0.002663 | / | 0.006002 |
| | = | 0.4437 |
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) |
| = | (1872.258 / 5072.037) | / | (1956.077 / 5271.112) |
| = | 0.369133 | / | 0.371094 |
| | = | 0.9947 |
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 - (2272.293 + 2067.117) / 4528.405) | / | (1 - (1599.802 + 2040.445) / 3838.095) |
| = | 0.041735 | / | 0.051548 |
| | = | 0.8096 |
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 |
| = | 5271.112 | / | 5072.037 |
| | = | 1.0392 |
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)) |
| = | (125.499 / (125.499 + 2040.445)) | / | (130.303 / (130.303 + 2067.117)) |
| = | 0.057942 | / | 0.059298 |
| | = | 0.9771 |
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) |
| = | (1390.62 / 5271.112) | / | (1304.28 / 5072.037) |
| = | 0.263819 | / | 0.257151 |
| | = | 1.0259 |
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) |
| = | ((3859.347 + 1715.699) / 4528.405) | / | ((4002.281 + 1196.366) / 3838.095) |
| = | 1.231128 | / | 1.354486 |
| | = | 0.9089 |
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 |
| = | (294.935 - -49.329 | - | 1222.436) | / | 4528.405 |
| | = | -0.193925 |
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.
The Michaels has a M-score of -3.92 suggests that the company is unlikely to be a manipulator.
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