Dollar Tree Beneish M-Score Historical Data
The historical data trend for Dollar Tree'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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Dollar Tree Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-3.61 |
-2.74 |
-2.47 |
-2.47 |
-3.16 |
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Dollar Tree 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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-2.47 |
-2.52 |
-2.57 |
-2.63 |
-3.16 |
Competitive Comparison
For the Discount Stores subindustry, Dollar Tree'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.
Dollar Tree Beneish M-Score Distribution
For the Retail - Defensive industry and Consumer Defensive sector, Dollar Tree's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dollar Tree's Beneish M-Score falls into.
Dollar Tree 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 Dollar Tree 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 * 1.0343 | + | 0.404 * 0.6519 | + | 0.892 * 1.0802 | + | 0.115 * 1.0085 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2637 | + | 4.679 * -0.118682 | - | 0.327 * 1.0995 |
| = | -3.16 |
* 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 $0 Mil.
Revenue was 8639.9 + 7314.8 + 7325.3 + 7323.8 = $30,604 Mil.
Gross Profit was 2778.5 + 2178.7 + 2139.9 + 2234.7 = $9,332 Mil.
Total Current Assets was $6,133 Mil.
Total Assets was $22,024 Mil.
Property, Plant and Equipment(Net PPE) was $12,632 Mil.
Depreciation, Depletion and Amortization(DDA) was $841 Mil.
Selling, General, & Admin. Expense(SGA) was $9,145 Mil.
Total Current Liabilities was $4,697 Mil.
Long-Term Debt & Capital Lease Obligation was $8,874 Mil.
Net Income was -1709.8 + 212 + 200.4 + 299 = $-998 Mil.
Non Operating Income was -1068.9 + -0.2 + 0.1 + -0.1 = $-1,069 Mil.
Cash Flow from Operations was 1254.9 + 505.8 + 171.8 + 752 = $2,685 Mil.
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Total Receivables was $0 Mil.
Revenue was 7720.7 + 6939.9 + 6768.5 + 6902.6 = $28,332 Mil.
Gross Profit was 2390 + 2074.8 + 2127.6 + 2343 = $8,935 Mil.
Total Current Assets was $6,367 Mil.
Total Assets was $23,022 Mil.
Property, Plant and Equipment(Net PPE) was $11,430 Mil.
Depreciation, Depletion and Amortization(DDA) was $768 Mil.
Selling, General, & Admin. Expense(SGA) was $6,699 Mil.
Total Current Liabilities was $4,225 Mil.
Long-Term Debt & Capital Lease Obligation was $8,677 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 / 30603.8) | / | (0 / 28331.7) |
| = | 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) |
| = | (8935.4 / 28331.7) | / | (9331.8 / 30603.8) |
| = | 0.315385 | / | 0.304923 |
| | = | 1.0343 |
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 - (6132.7 + 12632.4) / 22023.5) | / | (1 - (6367.1 + 11430.2) / 23022.1) |
| = | 0.147951 | / | 0.226947 |
| | = | 0.6519 |
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 |
| = | 30603.8 | / | 28331.7 |
| | = | 1.0802 |
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)) |
| = | (767.9 / (767.9 + 11430.2)) | / | (841 / (841 + 12632.4)) |
| = | 0.062952 | / | 0.062419 |
| | = | 1.0085 |
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) |
| = | (9144.6 / 30603.8) | / | (6699.1 / 28331.7) |
| = | 0.298806 | / | 0.236452 |
| | = | 1.2637 |
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) |
| = | ((8873.9 + 4696.7) / 22023.5) | / | ((8676.9 + 4225.2) / 23022.1) |
| = | 0.616187 | / | 0.560422 |
| | = | 1.0995 |
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 |
| = | (-998.4 - -1069.1 | - | 2684.5) | / | 22023.5 |
| | = | -0.118682 |
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.
Dollar Tree has a M-score of -3.16 suggests that the company is unlikely to be a manipulator.
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