FirstCash Holdings Beneish M-Score Historical Data
The historical data trend for FirstCash Holdings'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.
FirstCash Holdings Beneish M-Score Chart
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FirstCash Holdings Annual Data
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Dec15 |
Dec16 |
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Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.79 |
-2.04 |
-2.68 |
-2.58 |
-2.67 |
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FirstCash Holdings Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Mar23 |
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Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.59 |
-2.64 |
-2.65 |
-2.67 |
-2.64 |
Competitive Comparison of FirstCash Holdings's Beneish M-Score
For the Credit Services subindustry, FirstCash Holdings'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.
FirstCash Holdings's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, FirstCash Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FirstCash Holdings's Beneish M-Score falls into.
FirstCash Holdings 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 FirstCash Holdings 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 * 1.0793 | + | 0.528 * 0.9854 | + | 0.404 * 0.9763 | + | 0.892 * 1.0506 | + | 0.115 * 1.093 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9379 | + | 4.679 * -0.058652 | - | 0.327 * 1.0382 |
| = | -2.64 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $716 Mil.
Revenue was 836.423 + 883.811 + 837.321 + 831.012 = $3,389 Mil.
Gross Profit was 424.203 + 433.688 + 404.607 + 395.397 = $1,658 Mil.
Total Current Assets was $1,326 Mil.
Total Assets was $4,426 Mil.
Property, Plant and Equipment(Net PPE) was $1,053 Mil.
Depreciation, Depletion and Amortization(DDA) was $506 Mil.
Selling, General, & Admin. Expense(SGA) was $179 Mil.
Total Current Liabilities was $302 Mil.
Long-Term Debt & Capital Lease Obligation was $1,936 Mil.
Net Income was 83.591 + 83.547 + 64.827 + 49.073 = $281 Mil.
Non Operating Income was 1.867 + -0.869 + -0.617 + -3.801 = $-3 Mil.
Cash Flow from Operations was 126.64 + 198.149 + 113.09 + 106.187 = $544 Mil.
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Total Receivables was $631 Mil.
Revenue was 836.37 + 852.134 + 786.301 + 750.622 = $3,225 Mil.
Gross Profit was 395.84 + 417.649 + 388.647 + 352.887 = $1,555 Mil.
Total Current Assets was $1,257 Mil.
Total Assets was $4,247 Mil.
Property, Plant and Equipment(Net PPE) was $979 Mil.
Depreciation, Depletion and Amortization(DDA) was $538 Mil.
Selling, General, & Admin. Expense(SGA) was $181 Mil.
Total Current Liabilities was $315 Mil.
Long-Term Debt & Capital Lease Obligation was $1,753 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) |
| = | (715.955 / 3388.567) | / | (631.435 / 3225.427) |
| = | 0.211285 | / | 0.195768 |
| | = | 1.0793 |
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) |
| = | (1555.023 / 3225.427) | / | (1657.895 / 3388.567) |
| = | 0.482114 | / | 0.489261 |
| | = | 0.9854 |
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 - (1326.334 + 1053.396) / 4426.277) | / | (1 - (1257.135 + 978.864) / 4247.452) |
| = | 0.462363 | / | 0.473567 |
| | = | 0.9763 |
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 |
| = | 3388.567 | / | 3225.427 |
| | = | 1.0506 |
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)) |
| = | (538.211 / (538.211 + 978.864)) | / | (506.257 / (506.257 + 1053.396)) |
| = | 0.354769 | / | 0.324596 |
| | = | 1.093 |
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) |
| = | (178.665 / 3388.567) | / | (181.316 / 3225.427) |
| = | 0.052726 | / | 0.056215 |
| | = | 0.9379 |
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) |
| = | ((1936.094 + 301.887) / 4426.277) | / | ((1753.355 + 315.109) / 4247.452) |
| = | 0.505613 | / | 0.486989 |
| | = | 1.0382 |
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 |
| = | (281.038 - -3.42 | - | 544.066) | / | 4426.277 |
| | = | -0.058652 |
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.
FirstCash Holdings has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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