Kontoor Brands Beneish M-Score Historical Data
The historical data trend for Kontoor Brands'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.
Kontoor Brands Beneish M-Score Chart
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Kontoor Brands Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-5.74 |
-2.97 |
-2.56 |
-2.15 |
-2.81 |
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Kontoor Brands 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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-2.15 |
-1.91 |
-2.09 |
-2.38 |
-2.81 |
Competitive Comparison of Kontoor Brands's Beneish M-Score
For the Apparel Manufacturing subindustry, Kontoor Brands'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.
Kontoor Brands's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Kontoor Brands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kontoor Brands's Beneish M-Score falls into.
Kontoor Brands 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 Kontoor Brands 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 * 0.9726 | + | 0.528 * 1.0333 | + | 0.404 * 0.9404 | + | 0.892 * 0.9909 | + | 0.115 * 1.038 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9973 | + | 4.679 * -0.06977 | - | 0.327 * 0.9147 |
| = | -2.81 |
* 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 $218 Mil.
Revenue was 669.8 + 654.54 + 616.009 + 667.123 = $2,607 Mil.
Gross Profit was 279.41 + 271.465 + 250.261 + 286.701 = $1,088 Mil.
Total Current Assets was $1,044 Mil.
Total Assets was $1,645 Mil.
Property, Plant and Equipment(Net PPE) was $167 Mil.
Depreciation, Depletion and Amortization(DDA) was $38 Mil.
Selling, General, & Admin. Expense(SGA) was $769 Mil.
Total Current Liabilities was $393 Mil.
Long-Term Debt & Capital Lease Obligation was $801 Mil.
Net Income was 68.771 + 59.531 + 36.396 + 66.296 = $231 Mil.
Non Operating Income was -1.611 + -3.764 + -3.152 + -2.226 = $-11 Mil.
Cash Flow from Operations was 209.023 + 35.85 + 124.298 + -12.622 = $357 Mil.
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Total Receivables was $226 Mil.
Revenue was 731.608 + 606.521 + 613.572 + 679.743 = $2,631 Mil.
Gross Profit was 298.722 + 264.061 + 266.964 + 304.621 = $1,134 Mil.
Total Current Assets was $982 Mil.
Total Assets was $1,582 Mil.
Property, Plant and Equipment(Net PPE) was $155 Mil.
Depreciation, Depletion and Amortization(DDA) was $37 Mil.
Selling, General, & Admin. Expense(SGA) was $778 Mil.
Total Current Liabilities was $440 Mil.
Long-Term Debt & Capital Lease Obligation was $814 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) |
| = | (217.673 / 2607.472) | / | (225.858 / 2631.444) |
| = | 0.08348 | / | 0.08583 |
| | = | 0.9726 |
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) |
| = | (1134.368 / 2631.444) | / | (1087.837 / 2607.472) |
| = | 0.431082 | / | 0.4172 |
| | = | 1.0333 |
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 - (1043.884 + 166.857) / 1645.439) | / | (1 - (982.269 + 155.494) / 1582.261) |
| = | 0.264184 | / | 0.280926 |
| | = | 0.9404 |
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 |
| = | 2607.472 | / | 2631.444 |
| | = | 0.9909 |
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)) |
| = | (37.126 / (37.126 + 155.494)) | / | (38.046 / (38.046 + 166.857)) |
| = | 0.192742 | / | 0.185678 |
| | = | 1.038 |
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) |
| = | (768.568 / 2607.472) | / | (777.703 / 2631.444) |
| = | 0.294756 | / | 0.295542 |
| | = | 0.9973 |
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) |
| = | ((800.674 + 392.637) / 1645.439) | / | ((814.125 + 440.429) / 1582.261) |
| = | 0.725223 | / | 0.792887 |
| | = | 0.9147 |
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 |
| = | (230.994 - -10.753 | - | 356.549) | / | 1645.439 |
| | = | -0.06977 |
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.
Kontoor Brands has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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