PVH Beneish M-Score Historical Data
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.
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PVH Annual Data
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Trend |
Jan13 |
Jan14 |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
| Beneish M-Score |
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-2.44 |
-2.38 |
-2.66 |
-2.98 |
-2.44 |
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PVH Quarterly Data
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Jul17 |
Oct17 |
Jan18 |
Apr18 |
Jul18 |
Oct18 |
Jan19 |
Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
| Beneish M-Score |
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-2.15 |
-2.31 |
-2.55 |
-2.44 |
-2.54 |
Competitive Comparison
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.
PVH Beneish M-Score Distribution
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.
PVH 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 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.
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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.
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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) |
| = | (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.
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