Staples Beneish M-Score Historical Data
The historical data trend for Staples'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.
Staples Beneish M-Score Chart
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Staples Annual Data
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Trend |
Jan08 |
Jan09 |
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Jan11 |
Jan12 |
Jan13 |
Jan14 |
Jan15 |
Jan16 |
Jan17 |
| Beneish M-Score |
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-3.06 |
-2.65 |
-3.06 |
-2.81 |
-4.17 |
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Staples Quarterly Data
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Oct12 |
Jan13 |
Apr13 |
Jul13 |
Oct13 |
Jan14 |
Apr14 |
Jul14 |
Oct14 |
Jan15 |
Apr15 |
Jul15 |
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Jan16 |
Apr16 |
Jul16 |
Oct16 |
Jan17 |
Apr17 |
Jul17 |
| Beneish M-Score |
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-3.18 |
-3.32 |
-4.17 |
-4.77 |
-4.31 |
Competitive Comparison of Staples's Beneish M-Score
For the Specialty Retail subindustry, Staples'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.
Staples's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Staples's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Staples's Beneish M-Score falls into.
Staples 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 Staples 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 * 0.7654 | + | 0.528 * 0.9878 | + | 0.404 * 0.8284 | + | 0.892 * 0.9698 | + | 0.115 * 0.8675 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0011 | + | 4.679 * -0.361466 | - | 0.327 * 1.0762 |
| = | -4.53 |
* 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 (Jul17) TTM: | Last Year (Jul16) TTM: |
Total Receivables was $1,342 Mil.
Revenue was 3905 + 4149 + 3039 + 5355 = $16,448 Mil.
Gross Profit was 997 + 1078 + 835 + 1443 = $4,353 Mil.
Total Current Assets was $4,754 Mil.
Total Assets was $7,666 Mil.
Property, Plant and Equipment(Net PPE) was $1,057 Mil.
Depreciation, Depletion and Amortization(DDA) was $389 Mil.
Selling, General, & Admin. Expense(SGA) was $3,424 Mil.
Total Current Liabilities was $3,316 Mil.
Long-Term Debt & Capital Lease Obligation was $524 Mil.
Net Income was 55 + -815 + -952 + 179 = $-1,533 Mil.
Non Operating Income was 4 + 4 + 10 + -4 = $14 Mil.
Cash Flow from Operations was 21 + 258 + 304 + 641 = $1,224 Mil.
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Total Receivables was $1,808 Mil.
Revenue was 4032 + 4363 + 2973 + 5593 = $16,961 Mil.
Gross Profit was 1025 + 1112 + 775 + 1522 = $4,434 Mil.
Total Current Assets was $5,248 Mil.
Total Assets was $9,483 Mil.
Property, Plant and Equipment(Net PPE) was $1,465 Mil.
Depreciation, Depletion and Amortization(DDA) was $446 Mil.
Selling, General, & Admin. Expense(SGA) was $3,527 Mil.
Total Current Liabilities was $3,399 Mil.
Long-Term Debt & Capital Lease Obligation was $1,015 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) |
| = | (1342 / 16448) | / | (1808 / 16961) |
| = | 0.08159 | / | 0.106597 |
| | = | 0.7654 |
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) |
| = | (4434 / 16961) | / | (4353 / 16448) |
| = | 0.261423 | / | 0.264652 |
| | = | 0.9878 |
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 - (4754 + 1057) / 7666) | / | (1 - (5248 + 1465) / 9483) |
| = | 0.241978 | / | 0.292102 |
| | = | 0.8284 |
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 |
| = | 16448 | / | 16961 |
| | = | 0.9698 |
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)) |
| = | (446 / (446 + 1465)) | / | (389 / (389 + 1057)) |
| = | 0.233386 | / | 0.269018 |
| | = | 0.8675 |
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) |
| = | (3424 / 16448) | / | (3527 / 16961) |
| = | 0.208171 | / | 0.207948 |
| | = | 1.0011 |
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) |
| = | ((524 + 3316) / 7666) | / | ((1015 + 3399) / 9483) |
| = | 0.500913 | / | 0.465465 |
| | = | 1.0762 |
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 |
| = | (-1533 - 14 | - | 1224) | / | 7666 |
| | = | -0.361466 |
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.
Staples has a M-score of -4.53 suggests that the company is unlikely to be a manipulator.
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