Market Cap : 4.7 B | Enterprise Value : 7.76 B | PE Ratio : 5.05 | PB Ratio : 0.90 |
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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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PVH's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of PVH was -0.59. The lowest was -3.40. And the median was -2.53.
The historical data trend for PVH'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.
For the Apparel Manufacturing subindustry, PVH'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.
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, PVH's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PVH's Beneish M-Score falls into.
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 PVH 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 * 0.8449 | + | 0.528 * 0.9513 | + | 0.404 * 0.9952 | + | 0.892 * 1.1691 | + | 0.115 * 0.9415 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9332 | + | 4.679 * -0.0153 | - | 0.327 * 0.9164 | |||||||
= | -2.54 |
* 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 $873 Mil. Revenue was 2122.7 + 2429.7 + 2332.5 + 2313.2 = $9,198 Mil. Gross Profit was 1238.7 + 1416.3 + 1345.1 + 1333.6 = $5,334 Mil. Total Current Assets was $3,365 Mil. Total Assets was $11,889 Mil. Property, Plant and Equipment(Net PPE) was $2,176 Mil. Depreciation, Depletion and Amortization(DDA) was $313 Mil. Selling, General, & Admin. Expense(SGA) was $4,454 Mil. Total Current Liabilities was $2,429 Mil. Long-Term Debt & Capital Lease Obligation was $3,388 Mil. Net Income was 133.1 + 390.8 + 279.7 + 181.9 = $986 Mil. Non Operating Income was 11 + 62.2 + 129.4 + 7.4 = $210 Mil. Cash Flow from Operations was -303.4 + 488 + 251 + 521.3 = $957 Mil. |
Total Receivables was $883 Mil. Revenue was 2079.3 + 2089.8 + 2118.1 + 1580.7 = $7,868 Mil. Gross Profit was 1229.1 + 1126.3 + 1101.3 + 883.3 = $4,340 Mil. Total Current Assets was $3,483 Mil. Total Assets was $12,702 Mil. Property, Plant and Equipment(Net PPE) was $2,404 Mil. Depreciation, Depletion and Amortization(DDA) was $322 Mil. Selling, General, & Admin. Expense(SGA) was $4,083 Mil. Total Current Liabilities was $2,389 Mil. Long-Term Debt & Capital Lease Obligation was $4,393 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) |
= | (872.5 / 9198.1) | / | (883.3 / 7867.9) | |
= | 0.09485655 | / | 0.1122663 | |
= | 0.8449 |
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) | |
= | (4340 / 7867.9) | / | (5333.7 / 9198.1) | |
= | 0.55160843 | / | 0.57986976 | |
= | 0.9513 |
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 - (3365 + 2175.8) / 11889.3) | / | (1 - (3483 + 2403.5) / 12701.6) | |
= | 0.53396752 | / | 0.53655445 | |
= | 0.9952 |
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 | |
= | 9198.1 | / | 7867.9 | |
= | 1.1691 |
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)) |
= | (322.3 / (322.3 + 2403.5)) | / | (312.5 / (312.5 + 2175.8)) | |
= | 0.11824052 | / | 0.12558775 | |
= | 0.9415 |
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) |
= | (4453.9 / 9198.1) | / | (4082.5 / 7867.9) | |
= | 0.48421957 | / | 0.51888051 | |
= | 0.9332 |
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) |
= | ((3388.2 + 2428.7) / 11889.3) | / | ((4392.6 + 2388.5) / 12701.6) | |
= | 0.48925504 | / | 0.53387762 | |
= | 0.9164 |
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 | |
= | (985.5 - 210 | - | 956.9) | / | 11889.3 | |
= | -0.0153 |
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.
PVH has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of PVH's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Donnelly Trish | officer: CEO, PVH Americas/CK Global | C/O PVH CORP. 200 MADISON AVENUE NEW YORK NY 10016 |
Calbert Michael M | director | C/O DOLLAR GENERAL CORPORATION 100 MISSION RIDGE GOODLETTSVILLE TN 37072 |
Fuller Julie | officer: Chief People Officer | 200 MADISON AVENUE NEW YORK NY 10016 |
Coughlin Zachary | officer: EVP, Chief Financial Officer | 285 MADISON AVENUE NEW YORK NY 10017 |
Perlman Dana | officer: EVP & Chief Strategy Officer | C/O 200 MADISON AVENUE NEW YORK NY 10016 |
Hagman Martijn | officer: CEO, PVH Europe | C/O PVH CORP. 200 MADISON AVENUE NEW YORK NY 10016 |
Larsson Stefan | director, officer: Chief Executive Officer | TWO FOLSOM STREET SAN FRANCISCO CA 94105 |
Fischer Mark D | officer: EVP, General Counsel & Sec. | C/O PHILLIPS-VAN HEUSEN CORPORATION 200 MADISON AVENUE NEW YORK NY 10016 |
Nasella Henry | director | |
Holmes James | officer: EVP, Interim CFO & Controller | C/O PVH CORP. 200 MADISON AVENUE NEW YORK NY 10016 |
Shaffer Michael A | officer: EVP, COO and CFO | C/O PHILLIPS-VAN HEUSEN CORPORATION 200 MADISON AVENUE NEW YORK NY 10016 |
Chirico Emanuel | director | 7 NEW YORK PLACE BRONSVILLE NY 10708 |
Sourry Knox Judith Amanda | director | C/O 200 MADISON AVENUE NEW YORK NY 10016 |
Cheeks George | director, Director | 200 MADISON AVENUE NEW YORK NY 10016 |
Peterson Allison | director | 7601 PENN AVENUE SOUTH RICHFIELD MN 55423 |
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