Lululemon Athletica Beneish M-Score Historical Data
The historical data trend for Lululemon Athletica'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.
Lululemon Athletica Beneish M-Score Chart
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Lululemon Athletica Annual Data
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Trend |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
Jan25 |
| Beneish M-Score |
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-0.95 |
-2.87 |
-1.99 |
-3.04 |
-2.52 |
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Lululemon Athletica Quarterly Data
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Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
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Oct23 |
Jan24 |
Apr24 |
Jul24 |
Oct24 |
Jan25 |
Apr25 |
| Beneish M-Score |
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-2.97 |
-2.96 |
-2.58 |
-2.52 |
-2.24 |
Competitive Comparison of Lululemon Athletica's Beneish M-Score
For the Apparel Retail subindustry, Lululemon Athletica'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.
Lululemon Athletica's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Lululemon Athletica's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lululemon Athletica's Beneish M-Score falls into.
Lululemon Athletica 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 Lululemon Athletica 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 * 1.0637 | + | 0.528 * 0.9832 | + | 0.404 * 1.7641 | + | 0.892 * 1.0939 | + | 0.115 * 1.009 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0112 | + | 4.679 * -0.037326 | - | 0.327 * 1.0882 |
| = | -2.24 |
* 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 (Apr25) TTM: | Last Year (Apr24) TTM: |
Total Receivables was $372 Mil.
Revenue was 2370.66 + 3611.497 + 2396.66 + 2371.078 = $10,750 Mil.
Gross Profit was 1383.126 + 2181.952 + 1401.606 + 1412.185 = $6,379 Mil.
Total Current Assets was $3,583 Mil.
Total Assets was $7,431 Mil.
Property, Plant and Equipment(Net PPE) was $3,396 Mil.
Depreciation, Depletion and Amortization(DDA) was $465 Mil.
Selling, General, & Admin. Expense(SGA) was $3,863 Mil.
Total Current Liabilities was $1,572 Mil.
Long-Term Debt & Capital Lease Obligation was $1,425 Mil.
Net Income was 314.572 + 748.403 + 351.87 + 392.922 = $1,808 Mil.
Non Operating Income was 11.786 + 15.36 + 13.743 + 17.994 = $59 Mil.
Cash Flow from Operations was -118.954 + 1401.39 + 300.659 + 443.14 = $2,026 Mil.
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Total Receivables was $319 Mil.
Revenue was 2208.891 + 3205.103 + 2204.218 + 2209.165 = $9,827 Mil.
Gross Profit was 1275.068 + 1903.425 + 1256.664 + 1298.511 = $5,734 Mil.
Total Current Assets was $3,768 Mil.
Total Assets was $6,828 Mil.
Property, Plant and Equipment(Net PPE) was $2,825 Mil.
Depreciation, Depletion and Amortization(DDA) was $391 Mil.
Selling, General, & Admin. Expense(SGA) was $3,492 Mil.
Total Current Liabilities was $1,384 Mil.
Long-Term Debt & Capital Lease Obligation was $1,148 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) |
| = | (371.521 / 10749.895) | / | (319.304 / 9827.377) |
| = | 0.03456 | / | 0.032491 |
| | = | 1.0637 |
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) |
| = | (5733.668 / 9827.377) | / | (6378.869 / 10749.895) |
| = | 0.583438 | / | 0.593389 |
| | = | 0.9832 |
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 - (3582.517 + 3396.01) / 7430.543) | / | (1 - (3768.087 + 2824.934) / 6828.495) |
| = | 0.060832 | / | 0.034484 |
| | = | 1.7641 |
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 |
| = | 10749.895 | / | 9827.377 |
| | = | 1.0939 |
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)) |
| = | (391.027 / (391.027 + 2824.934)) | / | (465.294 / (465.294 + 3396.01)) |
| = | 0.121589 | / | 0.120502 |
| | = | 1.009 |
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) |
| = | (3862.824 / 10749.895) | / | (3492.131 / 9827.377) |
| = | 0.359336 | / | 0.355347 |
| | = | 1.0112 |
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) |
| = | ((1424.945 + 1572.385) / 7430.543) | / | ((1147.631 + 1383.571) / 6828.495) |
| = | 0.40338 | / | 0.370682 |
| | = | 1.0882 |
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 |
| = | (1807.767 - 58.883 | - | 2026.235) | / | 7430.543 |
| | = | -0.037326 |
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.
Lululemon Athletica has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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