Lands' End Beneish M-Score Historical Data
The historical data trend for Lands' End'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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Lands' End Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.07 |
-3.05 |
-2.36 |
-2.45 |
-3.66 |
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Lands' End 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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-2.45 |
-3.05 |
-3.44 |
-3.63 |
-3.66 |
Competitive Comparison
For the Apparel Retail subindustry, Lands' End'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.
Lands' End Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Lands' End's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lands' End's Beneish M-Score falls into.
Lands' End 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 Lands' End 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 * 0.8298 | + | 0.528 * 0.8986 | + | 0.404 * 0.9427 | + | 0.892 * 0.9467 | + | 0.115 * 0.9213 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1021 | + | 4.679 * -0.183046 | - | 0.327 * 1.0615 |
| = | -3.66 |
* 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 $35 Mil.
Revenue was 514.852 + 324.735 + 323.363 + 309.558 = $1,473 Mil.
Gross Profit was 195.4 + 152.593 + 139.597 + 137.937 = $626 Mil.
Total Current Assets was $410 Mil.
Total Assets was $811 Mil.
Property, Plant and Equipment(Net PPE) was $141 Mil.
Depreciation, Depletion and Amortization(DDA) was $38 Mil.
Selling, General, & Admin. Expense(SGA) was $550 Mil.
Total Current Liabilities was $260 Mil.
Long-Term Debt & Capital Lease Obligation was $259 Mil.
Net Income was -8.62 + -112.394 + -8.018 + -1.652 = $-131 Mil.
Non Operating Income was -6.499 + -106.568 + 0.169 + 0.187 = $-113 Mil.
Cash Flow from Operations was 93.898 + -18.16 + 65.582 + -10.755 = $131 Mil.
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Total Receivables was $45 Mil.
Revenue was 529.603 + 370.983 + 351.178 + 303.665 = $1,555 Mil.
Gross Profit was 172.144 + 148.41 + 144.037 + 129.175 = $594 Mil.
Total Current Assets was $557 Mil.
Total Assets was $1,082 Mil.
Property, Plant and Equipment(Net PPE) was $158 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $527 Mil.
Total Current Liabilities was $297 Mil.
Long-Term Debt & Capital Lease Obligation was $355 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) |
| = | (35.295 / 1472.508) | / | (44.928 / 1555.429) |
| = | 0.023969 | / | 0.028885 |
| | = | 0.8298 |
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) |
| = | (593.766 / 1555.429) | / | (625.527 / 1472.508) |
| = | 0.381738 | / | 0.424804 |
| | = | 0.8986 |
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 - (410.26 + 141.471) / 811.479) | / | (1 - (556.726 + 157.963) / 1082.148) |
| = | 0.320092 | / | 0.339564 |
| | = | 0.9427 |
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 |
| = | 1472.508 | / | 1555.429 |
| | = | 0.9467 |
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)) |
| = | (38.741 / (38.741 + 157.963)) | / | (38.465 / (38.465 + 141.471)) |
| = | 0.196951 | / | 0.21377 |
| | = | 0.9213 |
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) |
| = | (550.211 / 1472.508) | / | (527.373 / 1555.429) |
| = | 0.373656 | / | 0.339053 |
| | = | 1.1021 |
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) |
| = | ((259.122 + 259.918) / 811.479) | / | ((354.601 + 297.477) / 1082.148) |
| = | 0.639622 | / | 0.602577 |
| | = | 1.0615 |
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 |
| = | (-130.684 - -112.711 | - | 130.565) | / | 811.479 |
| | = | -0.183046 |
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.
Lands' End has a M-score of -3.66 suggests that the company is unlikely to be a manipulator.
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