Tapestry Beneish M-Score Historical Data
The historical data trend for Tapestry'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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Tapestry Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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|
|
|
|
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-2.55 |
-3.35 |
-2.01 |
-2.35 |
-2.55 |
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Tapestry 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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|
|
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|
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-2.32 |
-2.32 |
-2.55 |
-2.66 |
-2.91 |
Competitive Comparison
For the Luxury Goods subindustry, Tapestry'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.
Tapestry Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Tapestry's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tapestry's Beneish M-Score falls into.
Tapestry 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 Tapestry 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 * 1.0247 | + | 0.528 * 0.9585 | + | 0.404 * 0.5316 | + | 0.892 * 1.0201 | + | 0.115 * 1.0154 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.032 | + | 4.679 * -0.035627 | - | 0.327 * 1.2673 |
| = | -2.91 |
* 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 $487 Mil.
Revenue was 2084.5 + 1513.2 + 1619.5 + 1509.5 = $6,727 Mil.
Gross Profit was 1493.2 + 1097.7 + 1172.7 + 1098.3 = $4,862 Mil.
Total Current Assets was $9,043 Mil.
Total Assets was $13,815 Mil.
Property, Plant and Equipment(Net PPE) was $1,910 Mil.
Depreciation, Depletion and Amortization(DDA) was $179 Mil.
Selling, General, & Admin. Expense(SGA) was $3,661 Mil.
Total Current Liabilities was $1,448 Mil.
Long-Term Debt & Capital Lease Obligation was $9,009 Mil.
Net Income was 322.3 + 195 + 224.1 + 186.7 = $928 Mil.
Non Operating Income was 4.7 + -1.4 + -0.6 + 3 = $6 Mil.
Cash Flow from Operations was 826.5 + 75.3 + 400.4 + 112.4 = $1,415 Mil.
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Total Receivables was $466 Mil.
Revenue was 2025.4 + 1506.5 + 1624.9 + 1437.5 = $6,594 Mil.
Gross Profit was 1389.3 + 1054.6 + 1119.2 + 1005.1 = $4,568 Mil.
Total Current Assets was $2,499 Mil.
Total Assets was $7,258 Mil.
Property, Plant and Equipment(Net PPE) was $1,930 Mil.
Depreciation, Depletion and Amortization(DDA) was $184 Mil.
Selling, General, & Admin. Expense(SGA) was $3,478 Mil.
Total Current Liabilities was $1,339 Mil.
Long-Term Debt & Capital Lease Obligation was $2,996 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) |
| = | (487.2 / 6726.7) | / | (466.1 / 6594.3) |
| = | 0.072428 | / | 0.070682 |
| | = | 1.0247 |
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) |
| = | (4568.2 / 6594.3) | / | (4861.9 / 6726.7) |
| = | 0.69275 | / | 0.722776 |
| | = | 0.9585 |
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 - (9042.5 + 1910.2) / 13815.4) | / | (1 - (2498.6 + 1929.9) / 7257.7) |
| = | 0.207211 | / | 0.38982 |
| | = | 0.5316 |
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 |
| = | 6726.7 | / | 6594.3 |
| | = | 1.0201 |
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)) |
| = | (184.3 / (184.3 + 1929.9)) | / | (179.4 / (179.4 + 1910.2)) |
| = | 0.087172 | / | 0.085854 |
| | = | 1.0154 |
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) |
| = | (3661.2 / 6726.7) | / | (3477.7 / 6594.3) |
| = | 0.544279 | / | 0.52738 |
| | = | 1.032 |
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) |
| = | ((9009.1 + 1447.6) / 13815.4) | / | ((2995.9 + 1338.6) / 7257.7) |
| = | 0.756887 | / | 0.597228 |
| | = | 1.2673 |
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 |
| = | (928.1 - 5.7 | - | 1414.6) | / | 13815.4 |
| | = | -0.035627 |
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.
Tapestry has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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