Boot Barn Holdings Beneish M-Score Historical Data
The historical data trend for Boot Barn Holdings'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.
Boot Barn Holdings Beneish M-Score Chart
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Boot Barn Holdings Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.72 |
-1.74 |
-3.16 |
-1.98 |
-2.18 |
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Boot Barn Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.27 |
-2.18 |
-2.29 |
-2.97 |
-2.97 |
Competitive Comparison of Boot Barn Holdings's Beneish M-Score
For the Apparel Retail subindustry, Boot Barn Holdings'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.
Boot Barn Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Boot Barn Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Boot Barn Holdings's Beneish M-Score falls into.
Boot Barn Holdings 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 Boot Barn Holdings 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 * 0.6643 | + | 0.528 * 1.0095 | + | 0.404 * 0.8996 | + | 0.892 * 1.0551 | + | 0.115 * 0.9219 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0395 | + | 4.679 * -0.047228 | - | 0.327 * 0.8627 |
| = | -2.97 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $10 Mil.
Revenue was 520.399 + 374.456 + 383.695 + 425.661 = $1,704 Mil.
Gross Profit was 199.107 + 133.916 + 141.963 + 155.832 = $631 Mil.
Total Current Assets was $735 Mil.
Total Assets was $1,674 Mil.
Property, Plant and Equipment(Net PPE) was $675 Mil.
Depreciation, Depletion and Amortization(DDA) was $46 Mil.
Selling, General, & Admin. Expense(SGA) was $408 Mil.
Total Current Liabilities was $344 Mil.
Long-Term Debt & Capital Lease Obligation was $375 Mil.
Net Income was 55.624 + 27.68 + 34.253 + 46.409 = $164 Mil.
Non Operating Income was 0.351 + -0.05 + 0.224 + 0.181 = $1 Mil.
Cash Flow from Operations was 94.999 + 74.658 + 70.802 + 1.837 = $242 Mil.
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Total Receivables was $15 Mil.
Revenue was 514.553 + 351.545 + 365.856 + 383.308 = $1,615 Mil.
Gross Profit was 187.814 + 129.096 + 137.83 + 148.836 = $604 Mil.
Total Current Assets was $709 Mil.
Total Assets was $1,512 Mil.
Property, Plant and Equipment(Net PPE) was $539 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General, & Admin. Expense(SGA) was $372 Mil.
Total Current Liabilities was $445 Mil.
Long-Term Debt & Capital Lease Obligation was $308 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) |
| = | (10.38 / 1704.211) | / | (14.811 / 1615.262) |
| = | 0.006091 | / | 0.009169 |
| | = | 0.6643 |
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) |
| = | (603.576 / 1615.262) | / | (630.818 / 1704.211) |
| = | 0.373671 | / | 0.370153 |
| | = | 1.0095 |
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 - (735.129 + 674.83) / 1673.505) | / | (1 - (708.878 + 538.797) / 1512.452) |
| = | 0.157481 | / | 0.175065 |
| | = | 0.8996 |
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 |
| = | 1704.211 | / | 1615.262 |
| | = | 1.0551 |
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)) |
| = | (33.513 / (33.513 + 538.797)) | / | (45.772 / (45.772 + 674.83)) |
| = | 0.058557 | / | 0.063519 |
| | = | 0.9219 |
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) |
| = | (408.132 / 1704.211) | / | (372.116 / 1615.262) |
| = | 0.239484 | / | 0.230375 |
| | = | 1.0395 |
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) |
| = | ((375.345 + 343.602) / 1673.505) | / | ((308.165 + 445.021) / 1512.452) |
| = | 0.429606 | / | 0.49799 |
| | = | 0.8627 |
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 |
| = | (163.966 - 0.706 | - | 242.296) | / | 1673.505 |
| | = | -0.047228 |
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.
Boot Barn Holdings has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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