Switch to:

Burlington Stores Beneish M-Score

: -3.28 (As of Today)
View and export this data going back to 2013. Start your Free Trial

The zones of discrimination for M-Score is as such:

An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.

Burlington Stores has a M-score of -3.28 suggests that the company is not a manipulator.

NYSE:BURL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58   Med: -2.8   Max: -2.34
Current: -3.28

-3.58
-2.34

During the past 10 years, the highest Beneish M-Score of Burlington Stores was -2.34. The lowest was -3.58. And the median was -2.80.


Burlington Stores Beneish M-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Burlington Stores Annual Data
Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19 Jan20
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.04 -3.12 -2.34 -2.99 -2.48

Burlington Stores Quarterly Data
Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.52 -2.48 -3.58 -3.07 -3.28

Competitive Comparison
* 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.


Burlington Stores Beneish M-Score Distribution

* The bar in red indicates where Burlington Stores's Beneish M-Score falls into.



Burlington Stores 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 Burlington Stores 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 * 0.7698+0.528 * 1.0988+0.404 * 0.7707+0.892 * 0.8041+0.115 * 1.0201
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.273+4.679 * -0.0668-0.327 * 1.037
=-3.28

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Oct20) TTM:Last Year (Oct19) TTM:
Accounts Receivable was $73 Mil.
Revenue was 1667.235 + 1012.328 + 801.523 + 2208.599 = $5,690 Mil.
Gross Profit was 751.388 + 464.778 + 19.339 + 934.51 = $2,170 Mil.
Total Current Assets was $2,635 Mil.
Total Assets was $6,909 Mil.
Property, Plant and Equipment(Net PPE) was $3,908 Mil.
Depreciation, Depletion and Amortization(DDA) was $219 Mil.
Selling, General, & Admin. Expense(SGA) was $2,217 Mil.
Total Current Liabilities was $1,741 Mil.
Long-Term Debt & Capital Lease Obligation was $4,566 Mil.
Net Income was 8.016 + -46.781 + -333.728 + 206.325 = $-166 Mil.
Non Operating Income was -1.285 + -0.253 + -0.002 + -0.801 = $-2 Mil.
Cash Flow from Operations was 356.093 + -201.295 + -271.735 + 414.852 = $298 Mil.
Accounts Receivable was $117 Mil.
Revenue was 1781.583 + 1662.022 + 1634.194 + 1998.071 = $7,076 Mil.
Gross Profit was 758.671 + 691.601 + 672.876 + 842.117 = $2,965 Mil.
Total Current Assets was $1,415 Mil.
Total Assets was $5,508 Mil.
Property, Plant and Equipment(Net PPE) was $3,714 Mil.
(DDA) was $212 Mil.
Selling, General, & Admin. Expense(SGA) was $2,166 Mil.
Total Current Liabilities was $1,608 Mil.
Long-Term Debt & Capital Lease Obligation was $3,240 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(72.728 / 5689.685) / (117.493 / 7075.87)
=0.01278243 / 0.01660474
=0.7698

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)
=(2965.265 / 7075.87) / (2170.015 / 5689.685)
=0.4190672 / 0.38139458
=1.0988

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 - (2634.861 + 3907.745) / 6908.796) / (1 - (1415.145 + 3713.663) / 5507.587)
=0.05300345 / 0.06877404
=0.7707

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
=5689.685 / 7075.87
=0.8041

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))
=(212.314 / (212.314 + 3713.663)) / (218.768 / (218.768 + 3907.745))
=0.05407928 / 0.05301522
=1.0201

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)
=(2217.28 / 5689.685) / (2166.054 / 7075.87)
=0.38970171 / 0.3061184
=1.273

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)
=((4565.81 + 1740.646) / 6908.796) / ((3240.478 + 1607.646) / 5507.587)
=0.91281549 / 0.88026281
=1.037

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
=(-166.168 - -2.341 - 297.915) / 6908.796
=-0.0668

An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.

Burlington Stores has a M-score of -3.28 suggests that the company will not be a manipulator.


Burlington Stores Beneish M-Score Headlines

No Headline

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)