Five Below Beneish M-Score Historical Data
The historical data trend for Five Below'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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Five Below Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.71 |
-2.71 |
-1.51 |
-3.03 |
-2.86 |
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Five Below 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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-3.03 |
-1.93 |
-2.87 |
-2.74 |
-2.86 |
Competitive Comparison
For the Specialty Retail subindustry, Five Below'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.
Five Below Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Five Below's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Five Below's Beneish M-Score falls into.
Five Below 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 Five Below 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 * 0.4696 | + | 0.528 * 0.995 | + | 0.404 * 1.5331 | + | 0.892 * 1.157 | + | 0.115 * 0.9536 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0153 | + | 4.679 * -0.051268 | - | 0.327 * 1.0006 |
| = | -2.86 |
* 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 $5 Mil.
Revenue was 1337.736 + 736.405 + 758.981 + 726.247 = $3,559 Mil.
Gross Profit was 551.614 + 222.828 + 264.579 + 234.804 = $1,274 Mil.
Total Current Assets was $1,204 Mil.
Total Assets was $3,872 Mil.
Property, Plant and Equipment(Net PPE) was $2,644 Mil.
Depreciation, Depletion and Amortization(DDA) was $131 Mil.
Selling, General, & Admin. Expense(SGA) was $758 Mil.
Total Current Liabilities was $716 Mil.
Long-Term Debt & Capital Lease Obligation was $1,498 Mil.
Net Income was 202.199 + 14.594 + 46.835 + 37.478 = $301 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 407.731 + -77.38 + 83.977 + 85.291 = $500 Mil.
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Total Receivables was $9 Mil.
Revenue was 1122.751 + 645.034 + 668.927 + 639.596 = $3,076 Mil.
Gross Profit was 452.397 + 207.808 + 228.509 + 206.777 = $1,095 Mil.
Total Current Assets was $1,066 Mil.
Total Assets was $3,325 Mil.
Property, Plant and Equipment(Net PPE) was $2,245 Mil.
Depreciation, Depletion and Amortization(DDA) was $106 Mil.
Selling, General, & Admin. Expense(SGA) was $645 Mil.
Total Current Liabilities was $603 Mil.
Long-Term Debt & Capital Lease Obligation was $1,297 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) |
| = | (4.834 / 3559.369) | / | (8.898 / 3076.308) |
| = | 0.001358 | / | 0.002892 |
| | = | 0.4696 |
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) |
| = | (1095.491 / 3076.308) | / | (1273.825 / 3559.369) |
| = | 0.356106 | / | 0.357879 |
| | = | 0.995 |
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 - (1203.542 + 2643.728) / 3872.037) | / | (1 - (1066.379 + 2244.662) / 3324.911) |
| = | 0.006396 | / | 0.004172 |
| | = | 1.5331 |
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 |
| = | 3559.369 | / | 3076.308 |
| | = | 1.157 |
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)) |
| = | (105.617 / (105.617 + 2244.662)) | / | (130.747 / (130.747 + 2643.728)) |
| = | 0.044938 | / | 0.047125 |
| | = | 0.9536 |
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) |
| = | (757.507 / 3559.369) | / | (644.831 / 3076.308) |
| = | 0.212821 | / | 0.209612 |
| | = | 1.0153 |
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) |
| = | ((1497.586 + 715.926) / 3872.037) | / | ((1296.975 + 602.56) / 3324.911) |
| = | 0.571666 | / | 0.571304 |
| | = | 1.0006 |
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 |
| = | (301.106 - 0 | - | 499.619) | / | 3872.037 |
| | = | -0.051268 |
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.
Five Below has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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