Wolverine World Wide Beneish M-Score Historical Data
The historical data trend for Wolverine World Wide'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.
|
Wolverine World Wide Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.77 |
-3.23 |
-2.19 |
-2.24 |
-2.64 |
|
Wolverine World Wide Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.24 |
-2.24 |
-2.88 |
-3.36 |
-2.64 |
Competitive Comparison
For the Footwear & Accessories subindustry, Wolverine World Wide'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.
Wolverine World Wide Beneish M-Score Distribution
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Wolverine World Wide's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wolverine World Wide's Beneish M-Score falls into.
Wolverine World Wide 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 Wolverine World Wide 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 * 1.143 | + | 0.528 * 1.0249 | + | 0.404 * 1.0854 | + | 0.892 * 0.8354 | + | 0.115 * 0.7121 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1307 | + | 4.679 * -0.031026 | - | 0.327 * 0.9777 |
| = | -2.64 |
* 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 $231 Mil.
Revenue was 526.7 + 527.7 + 589.1 + 599.4 = $2,243 Mil.
Gross Profit was 193 + 215.4 + 227.8 + 236.3 = $873 Mil.
Total Current Assets was $1,025 Mil.
Total Assets was $2,063 Mil.
Property, Plant and Equipment(Net PPE) was $215 Mil.
Depreciation, Depletion and Amortization(DDA) was $35 Mil.
Selling, General, & Admin. Expense(SGA) was $856 Mil.
Total Current Liabilities was $869 Mil.
Long-Term Debt & Capital Lease Obligation was $738 Mil.
Net Income was -91.2 + 8.6 + 24 + 19 = $-40 Mil.
Non Operating Income was -116.2 + 15.1 + -15.2 + 18.9 = $-97 Mil.
Cash Flow from Operations was 114.8 + -38.9 + 143.7 + -97.8 = $122 Mil.
|
Total Receivables was $242 Mil.
Revenue was 665 + 691.4 + 713.6 + 614.8 = $2,685 Mil.
Gross Profit was 224.2 + 277.8 + 307.1 + 261.3 = $1,070 Mil.
Total Current Assets was $1,265 Mil.
Total Assets was $2,493 Mil.
Property, Plant and Equipment(Net PPE) was $311 Mil.
Depreciation, Depletion and Amortization(DDA) was $35 Mil.
Selling, General, & Admin. Expense(SGA) was $906 Mil.
Total Current Liabilities was $1,110 Mil.
Long-Term Debt & Capital Lease Obligation was $877 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) |
| = | (230.8 / 2242.9) | / | (241.7 / 2684.8) |
| = | 0.102902 | / | 0.090025 |
| | = | 1.143 |
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) |
| = | (1070.4 / 2684.8) | / | (872.5 / 2242.9) |
| = | 0.398689 | / | 0.389005 |
| | = | 1.0249 |
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 - (1025.1 + 214.5) / 2062.8) | / | (1 - (1265.3 + 310.9) / 2492.7) |
| = | 0.399069 | / | 0.367674 |
| | = | 1.0854 |
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 |
| = | 2242.9 | / | 2684.8 |
| | = | 0.8354 |
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)) |
| = | (34.6 / (34.6 + 310.9)) | / | (35.1 / (35.1 + 214.5)) |
| = | 0.100145 | / | 0.140625 |
| | = | 0.7121 |
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) |
| = | (856.2 / 2242.9) | / | (906.4 / 2684.8) |
| = | 0.381738 | / | 0.337604 |
| | = | 1.1307 |
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) |
| = | ((738.2 + 869.4) / 2062.8) | / | ((876.6 + 1110.3) / 2492.7) |
| = | 0.779329 | / | 0.797087 |
| | = | 0.9777 |
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 |
| = | (-39.6 - -97.4 | - | 121.8) | / | 2062.8 |
| | = | -0.031026 |
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.
Wolverine World Wide has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
WWW has been successfully added to your