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Kohl's Beneish M-Score

: -2.61 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Kohl's's Beneish M-Score or its related term are showing as below:

KSS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.34   Med: -2.58   Max: 1.16
Current: -2.61

During the past 13 years, the highest Beneish M-Score of Kohl's was 1.16. The lowest was -4.34. And the median was -2.58.


Kohl's Beneish M-Score Historical Data

The historical data trend for Kohl's'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.

* Premium members only.

Kohl's Annual Data
Trend Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21 Jan22
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.72 -2.91 -2.93 1.16 -3.37

Kohl's Quarterly Data
Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22
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 -2.92 -3.20 -2.87 -3.37 -2.61

Competitive Comparison

For the Department Stores subindustry, Kohl's'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.

   

Kohl's Beneish M-Score Distribution

For the Retail - Cyclical industry and Consumer Cyclical sector, Kohl's's Beneish M-Score distribution charts can be found below:

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



Kohl's 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 Kohl's 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 * 0.9232+0.404 * 1.0209+0.892 * 1.1061+0.115 * 1.1358
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9881+4.679 * -0.039-0.327 * 1.0985
=-2.61

* 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 (Apr22) TTM:Last Year (Apr21) TTM:
Total Receivables was $0 Mil.
Revenue was 3715 + 6499 + 4600 + 4447 = $19,261 Mil.
Gross Profit was 1575 + 2344 + 1977 + 2021 = $7,917 Mil.
Total Current Assets was $4,763 Mil.
Total Assets was $15,253 Mil.
Property, Plant and Equipment(Net PPE) was $10,014 Mil.
Depreciation, Depletion and Amortization(DDA) was $827 Mil.
Selling, General, & Admin. Expense(SGA) was $5,601 Mil.
Total Current Liabilities was $3,394 Mil.
Long-Term Debt & Capital Lease Obligation was $6,804 Mil.
Net Income was 14 + 299 + 243 + 382 = $938 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -460 + 497 + 82 + 1414 = $1,533 Mil.
Total Receivables was $0 Mil.
Revenue was 3887 + 6141 + 3979 + 3407 = $17,414 Mil.
Gross Profit was 1654 + 2141 + 1555 + 1258 = $6,608 Mil.
Total Current Assets was $5,195 Mil.
Total Assets was $14,689 Mil.
Property, Plant and Equipment(Net PPE) was $9,045 Mil.
Depreciation, Depletion and Amortization(DDA) was $858 Mil.
Selling, General, & Admin. Expense(SGA) was $5,125 Mil.
Total Current Liabilities was $2,938 Mil.
Long-Term Debt & Capital Lease Obligation was $6,002 Mil.




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 / 19261) / (0 / 17414)
=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)
=(6608 / 17414) / (7917 / 19261)
=0.3794648 / 0.41103785
=0.9232

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 - (4763 + 10014) / 15253) / (1 - (5195 + 9045) / 14689)
=0.03120698 / 0.03056709
=1.0209

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
=19261 / 17414
=1.1061

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))
=(858 / (858 + 9045)) / (827 / (827 + 10014))
=0.08664041 / 0.07628448
=1.1358

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)
=(5601 / 19261) / (5125 / 17414)
=0.29079487 / 0.29430343
=0.9881

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)
=((6804 + 3394) / 15253) / ((6002 + 2938) / 14689)
=0.66858979 / 0.60861869
=1.0985

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
=(938 - 0 - 1533) / 15253
=-0.039

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.

Kohl's has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.


Kohl's Business Description

Kohl's logo
Address
N56 W17000 Ridgewood Drive, Menomonee Falls, WI, USA, 53051
Kohl's operates 1,165 department stores in 49 states that sell moderately priced private-label and national brand clothing, shoes, accessories, cosmetics, and home furnishings. Most of these stores are in strip centers. Kohl's also operates a large digital sales business. Women's apparel is Kohl's largest category, having generated 27% of its 2021 sales. The retailer, headquartered in Menomonee Falls, Wisconsin, opened its first department store in 1962.
Executives
Day Christine Mccormick director N56 W17000 RIDGEWOOD DRIVE MENOMONEE FALLS WI 53051
Jenkins Margaret L director 203 EAST MAINST P 12-02 SPARTANBURG SC 29319
Mitchell Robbin director W56 N17000 RIDGEWOOD DRIVE MENOMONEE FALLS WI 53051
Kelroy Jason J. officer: Sr.EVP,Gen. Counsel,Secretary W56 N17000 RIDGEWOOD DRIVE MENOMONEE FALLS WI 53051
Cosset Yael director 1014 VINE STREET CINCINNATI OH 45202
Timm Jill officer: Sr.EVP/Chief Financial Officer W56 N17000 RIDGEWOOD DRIVE MENOMONEE FALLS WI 53051
Gaffney Paul J officer: Sr. Exec. V.P., Ch. Tech. Off. N56 W17000 RIDGEWOOD DRIVE MENOMONEE FALLS WI 53051
Bender Michael J director 3980 BAUGHMAN GRANT ROAD NEW ALBANY OH 43054
Chini Marc A. officer: Sr. EVP/Chief People Officer W56 N17000 RIDGEWOOD DRIVE MENOMONEE FALLS WI 53051
Howe Douglas M. officer: Chief Merchandising Officer N56 W17000 RIDGEWOOD DRIVE MENOMONEE FALLS WI 53051-5660
Lavu Ratnakar officer: Sr. EVP, Chief Tech. Officer W56 N17000 RIDGEWOOD DRIVE MENOMONEE FALLS WI 53051-5660
Revelle Greg officer: Sr. EVP/Chief Marketing Off. N56 W17000 RIDGEWOOD DRIVE MENOMONEE FALLS WI 53051
Floyd H. Charles director 71 SOUTH WACKER DRIVE, 12TH FLOOR CHICAGO IL 60606
Besanko Bruce H officer: Chief Financial Officer N56 W17000 RIDGEWOOD DRIVE MENOMONEE FALLS WI 53051
Shapira Adrianne director C/O THE HAIN CELESTIAL GROUP, INC. 1111 MARCUS AVENUE LAKE SUCCESS NY 11050

Kohl's Headlines

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