Pricesmart Beneish M-Score Historical Data
The historical data trend for Pricesmart'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.
Pricesmart Beneish M-Score Chart
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Pricesmart Annual Data
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Trend |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
Aug24 |
| Beneish M-Score |
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-2.86 |
-2.59 |
-2.38 |
-2.52 |
-2.57 |
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Pricesmart Quarterly Data
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Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
May24 |
Aug24 |
Nov24 |
Feb25 |
May25 |
| Beneish M-Score |
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-2.57 |
-2.57 |
-2.30 |
-2.55 |
-2.42 |
Competitive Comparison of Pricesmart's Beneish M-Score
For the Discount Stores subindustry, Pricesmart'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.
Pricesmart's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Pricesmart's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pricesmart's Beneish M-Score falls into.
Pricesmart 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 Pricesmart 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 * 1.1083 | + | 0.528 * 0.9931 | + | 0.404 * 0.9737 | + | 0.892 * 1.0747 | + | 0.115 * 0.9659 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0153 | + | 4.679 * -0.021673 | - | 0.327 * 0.9484 |
| = | -2.42 |
* 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 (May25) TTM: | Last Year (May24) TTM: |
Total Receivables was $21 Mil.
Revenue was 1317.289 + 1363.886 + 1257.944 + 1226.045 = $5,165 Mil.
Gross Profit was 229.652 + 233.751 + 219.054 + 211.868 = $894 Mil.
Total Current Assets was $901 Mil.
Total Assets was $2,144 Mil.
Property, Plant and Equipment(Net PPE) was $1,079 Mil.
Depreciation, Depletion and Amortization(DDA) was $87 Mil.
Selling, General, & Admin. Expense(SGA) was $662 Mil.
Total Current Liabilities was $702 Mil.
Long-Term Debt & Capital Lease Obligation was $205 Mil.
Net Income was 35.158 + 43.76 + 37.428 + 29.068 = $145 Mil.
Non Operating Income was -7.495 + -6.521 + -7.23 + -7.859 = $-29 Mil.
Cash Flow from Operations was 52.775 + 87.855 + 38.53 + 41.835 = $221 Mil.
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Total Receivables was $18 Mil.
Revenue was 1229.428 + 1291.95 + 1166.475 + 1118.193 = $4,806 Mil.
Gross Profit was 209.772 + 221.087 + 204.197 + 191.358 = $826 Mil.
Total Current Assets was $823 Mil.
Total Assets was $2,021 Mil.
Property, Plant and Equipment(Net PPE) was $1,039 Mil.
Depreciation, Depletion and Amortization(DDA) was $81 Mil.
Selling, General, & Admin. Expense(SGA) was $607 Mil.
Total Current Liabilities was $694 Mil.
Long-Term Debt & Capital Lease Obligation was $207 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) |
| = | (21.249 / 5165.164) | / | (17.842 / 4806.046) |
| = | 0.004114 | / | 0.003712 |
| | = | 1.1083 |
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) |
| = | (826.414 / 4806.046) | / | (894.325 / 5165.164) |
| = | 0.171953 | / | 0.173146 |
| | = | 0.9931 |
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 - (900.779 + 1079.208) / 2144.44) | / | (1 - (822.828 + 1038.727) / 2020.698) |
| = | 0.076688 | / | 0.078756 |
| | = | 0.9737 |
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 |
| = | 5165.164 | / | 4806.046 |
| | = | 1.0747 |
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)) |
| = | (80.548 / (80.548 + 1038.727)) | / | (86.883 / (86.883 + 1079.208)) |
| = | 0.071964 | / | 0.074508 |
| | = | 0.9659 |
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) |
| = | (661.869 / 5165.164) | / | (606.561 / 4806.046) |
| = | 0.128141 | / | 0.126208 |
| | = | 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) |
| = | ((205.082 + 701.786) / 2144.44) | / | ((206.684 + 694.391) / 2020.698) |
| = | 0.422893 | / | 0.445923 |
| | = | 0.9484 |
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 |
| = | (145.414 - -29.105 | - | 220.995) | / | 2144.44 |
| | = | -0.021673 |
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.
Pricesmart has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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