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.
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Lululemon Athletica Annual Data
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Trend |
Jan13 |
Jan14 |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
| Beneish M-Score |
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|
|
|
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-2.07 |
-2.65 |
-2.59 |
-0.99 |
-2.70 |
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Lululemon Athletica Quarterly Data
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Jul17 |
Oct17 |
Jan18 |
Apr18 |
Jul18 |
Oct18 |
Jan19 |
Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
| Beneish M-Score |
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-1.82 |
-3.06 |
-2.94 |
-2.70 |
-2.09 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 1.0309 | + | 0.528 * 0.9998 | + | 0.404 * 0.9481 | + | 0.892 * 1.335 | + | 0.115 * 0.974 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9689 | + | 4.679 * 0.026 | - | 0.327 * 1.1266 |
| = | -2.09 |
* 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 (Apr22) TTM: | Last Year (Apr21) TTM: |
Total Receivables was $78 Mil.
Revenue was 1613.463 + 2129.113 + 1450.421 + 1450.618 = $6,644 Mil.
Gross Profit was 870.393 + 1236.172 + 829.393 + 842.686 = $3,779 Mil.
Total Current Assets was $2,303 Mil.
Total Assets was $4,697 Mil.
Property, Plant and Equipment(Net PPE) was $1,795 Mil.
Depreciation, Depletion and Amortization(DDA) was $238 Mil.
Selling, General, & Admin. Expense(SGA) was $2,336 Mil.
Total Current Liabilities was $1,207 Mil.
Long-Term Debt & Capital Lease Obligation was $726 Mil.
Net Income was 189.998 + 434.504 + 187.788 + 208.074 = $1,020 Mil.
Non Operating Income was -0.022 + -1.284 + -24.112 + -8.047 = $-33 Mil.
Cash Flow from Operations was -243.256 + 730.984 + 158.352 + 285.663 = $932 Mil.
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Total Receivables was $57 Mil.
Revenue was 1226.465 + 1729.549 + 1117.426 + 902.942 = $4,976 Mil.
Gross Profit was 700.314 + 1012.734 + 627.354 + 489.501 = $2,830 Mil.
Total Current Assets was $2,253 Mil.
Total Assets was $4,330 Mil.
Property, Plant and Equipment(Net PPE) was $1,494 Mil.
Depreciation, Depletion and Amortization(DDA) was $192 Mil.
Selling, General, & Admin. Expense(SGA) was $1,806 Mil.
Total Current Liabilities was $965 Mil.
Long-Term Debt & Capital Lease Obligation was $617 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) |
| = | (78.391 / 6643.615) | / | (56.956 / 4976.382) |
| = | 0.01179945 | / | 0.01144526 |
| | = | 1.0309 |
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) |
| = | (2829.903 / 4976.382) | / | (3778.644 / 6643.615) |
| = | 0.56866675 | / | 0.56876324 |
| | = | 0.9998 |
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 - (2303.24 + 1794.782) / 4697.212) | / | (1 - (2253.452 + 1493.824) / 4329.831) |
| = | 0.1275629 | / | 0.13454451 |
| | = | 0.9481 |
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 |
| = | 6643.615 | / | 4976.382 |
| | = | 1.335 |
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)) |
| = | (192.431 / (192.431 + 1493.824)) | / | (238.191 / (238.191 + 1794.782)) |
| = | 0.11411738 | / | 0.11716388 |
| | = | 0.974 |
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) |
| = | (2336.251 / 6643.615) | / | (1806.054 / 4976.382) |
| = | 0.35165358 | / | 0.36292511 |
| | = | 0.9689 |
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) |
| = | ((726.27 + 1206.891) / 4697.212) | / | ((616.917 + 964.814) / 4329.831) |
| = | 0.41155498 | / | 0.3653101 |
| | = | 1.1266 |
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 |
| = | (1020.364 - -33.465 | - | 931.743) | / | 4697.212 |
| | = | 0.026 |
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 -2.09 suggests that the company is unlikely to be a manipulator.
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