Wayfair Beneish M-Score Historical Data
The historical data trend for Wayfair'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.
Wayfair Beneish M-Score Chart
|
Wayfair Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.90 |
-2.33 |
-3.24 |
-4.11 |
-3.16 |
|
Wayfair Quarterly Data
|
|
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-4.11 |
-3.41 |
-3.29 |
-3.16 |
-3.08 |
Competitive Comparison of Wayfair's Beneish M-Score
For the Internet Retail subindustry, Wayfair'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.
Wayfair's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Wayfair's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wayfair's Beneish M-Score falls into.
Wayfair 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 Wayfair 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 * 1.2499 | + | 0.528 * 1.0113 | + | 0.404 * 1.0777 | + | 0.892 * 0.9911 | + | 0.115 * 1.04 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9048 | + | 4.679 * -0.189529 | - | 0.327 * 0.9747 |
| = | -3.08 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $140 Mil.
Revenue was 2730 + 3121 + 2884 + 3117 = $11,852 Mil.
Gross Profit was 837 + 941 + 873 + 941 = $3,592 Mil.
Total Current Assets was $1,893 Mil.
Total Assets was $3,419 Mil.
Property, Plant and Equipment(Net PPE) was $1,468 Mil.
Depreciation, Depletion and Amortization(DDA) was $364 Mil.
Selling, General, & Admin. Expense(SGA) was $3,364 Mil.
Total Current Liabilities was $2,283 Mil.
Long-Term Debt & Capital Lease Obligation was $3,914 Mil.
Net Income was -113 + -128 + -74 + -42 = $-357 Mil.
Non Operating Income was -44 + -30 + 7 + -2 = $-69 Mil.
Cash Flow from Operations was -96 + 162 + 49 + 245 = $360 Mil.
|
Total Receivables was $113 Mil.
Revenue was 2729 + 3114 + 2944 + 3171 = $11,958 Mil.
Gross Profit was 819 + 944 + 917 + 985 = $3,665 Mil.
Total Current Assets was $1,588 Mil.
Total Assets was $3,240 Mil.
Property, Plant and Equipment(Net PPE) was $1,601 Mil.
Depreciation, Depletion and Amortization(DDA) was $417 Mil.
Selling, General, & Admin. Expense(SGA) was $3,751 Mil.
Total Current Liabilities was $2,025 Mil.
Long-Term Debt & Capital Lease Obligation was $4,000 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) |
| = | (140 / 11852) | / | (113 / 11958) |
| = | 0.011812 | / | 0.00945 |
| | = | 1.2499 |
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) |
| = | (3665 / 11958) | / | (3592 / 11852) |
| = | 0.306489 | / | 0.303071 |
| | = | 1.0113 |
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 - (1893 + 1468) / 3419) | / | (1 - (1588 + 1601) / 3240) |
| = | 0.016964 | / | 0.015741 |
| | = | 1.0777 |
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 |
| = | 11852 | / | 11958 |
| | = | 0.9911 |
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)) |
| = | (417 / (417 + 1601)) | / | (364 / (364 + 1468)) |
| = | 0.20664 | / | 0.19869 |
| | = | 1.04 |
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) |
| = | (3364 / 11852) | / | (3751 / 11958) |
| = | 0.283834 | / | 0.313681 |
| | = | 0.9048 |
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) |
| = | ((3914 + 2283) / 3419) | / | ((4000 + 2025) / 3240) |
| = | 1.812518 | / | 1.859568 |
| | = | 0.9747 |
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 |
| = | (-357 - -69 | - | 360) | / | 3419 |
| | = | -0.189529 |
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.
Wayfair has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
W has been successfully added to your