Stitch Fix Beneish M-Score Historical Data
The historical data trend for Stitch Fix'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.
Stitch Fix Beneish M-Score Chart
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Stitch Fix Annual Data
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Jul24 |
| Beneish M-Score |
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-3.12 |
-2.30 |
-4.48 |
-5.84 |
-4.11 |
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Stitch Fix Quarterly Data
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Jul20 |
Oct20 |
Jan21 |
Apr21 |
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Apr25 |
| Beneish M-Score |
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-4.85 |
-4.11 |
-3.54 |
-1.76 |
-2.62 |
Competitive Comparison of Stitch Fix's Beneish M-Score
For the Apparel Retail subindustry, Stitch Fix'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.
Stitch Fix's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Stitch Fix's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Stitch Fix's Beneish M-Score falls into.
Stitch Fix 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 Stitch Fix 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 | + | 0.528 * 0.9885 | + | 0.404 * 2.7731 | + | 0.892 * 0.9225 | + | 0.115 * 1.1062 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.956 | + | 4.679 * -0.173026 | - | 0.327 * 0.9672 |
| = | -2.62 |
* 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 $0 Mil.
Revenue was 325.016 + 312.11 + 318.818 + 319.55 = $1,275 Mil.
Gross Profit was 143.558 + 138.861 + 144.805 + 142.477 = $570 Mil.
Total Current Assets was $373 Mil.
Total Assets was $485 Mil.
Property, Plant and Equipment(Net PPE) was $99 Mil.
Depreciation, Depletion and Amortization(DDA) was $28 Mil.
Selling, General, & Admin. Expense(SGA) was $639 Mil.
Total Current Liabilities was $207 Mil.
Long-Term Debt & Capital Lease Obligation was $77 Mil.
Net Income was -7.378 + -6.529 + -6.256 + -36.498 = $-57 Mil.
Non Operating Income was -0.059 + -0.079 + -0.072 + 0.651 = $0 Mil.
Cash Flow from Operations was 20.516 + -16.212 + 14.268 + 8.2 = $27 Mil.
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Total Receivables was $0 Mil.
Revenue was 322.731 + 330.402 + 364.785 + 364.739 = $1,383 Mil.
Gross Profit was 146.978 + 143.48 + 159.103 + 160.872 = $610 Mil.
Total Current Assets was $385 Mil.
Total Assets was $537 Mil.
Property, Plant and Equipment(Net PPE) was $147 Mil.
Depreciation, Depletion and Amortization(DDA) was $47 Mil.
Selling, General, & Admin. Expense(SGA) was $725 Mil.
Total Current Liabilities was $220 Mil.
Long-Term Debt & Capital Lease Obligation was $105 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) |
| = | (0 / 1275.494) | / | (0 / 1382.657) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (610.433 / 1382.657) | / | (569.701 / 1275.494) |
| = | 0.441493 | / | 0.446651 |
| | = | 0.9885 |
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 - (373.276 + 99.087) / 484.748) | / | (1 - (385.282 + 146.735) / 536.964) |
| = | 0.025549 | / | 0.009213 |
| | = | 2.7731 |
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 |
| = | 1275.494 | / | 1382.657 |
| | = | 0.9225 |
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)) |
| = | (47.256 / (47.256 + 146.735)) | / | (27.983 / (27.983 + 99.087)) |
| = | 0.243599 | / | 0.220217 |
| | = | 1.1062 |
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) |
| = | (639.288 / 1275.494) | / | (724.915 / 1382.657) |
| = | 0.501208 | / | 0.524291 |
| | = | 0.956 |
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) |
| = | ((76.93 + 206.82) / 484.748) | / | ((105.115 + 219.849) / 536.964) |
| = | 0.585356 | / | 0.605188 |
| | = | 0.9672 |
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 |
| = | (-56.661 - 0.441 | - | 26.772) | / | 484.748 |
| | = | -0.173026 |
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.
Stitch Fix has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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