AEON Co Beneish M-Score Historical Data
The historical data trend for AEON Co'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.
AEON Co Beneish M-Score Chart
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AEON Co Annual Data
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Feb15 |
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Feb20 |
Feb21 |
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Feb24 |
| Beneish M-Score |
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-2.73 |
-2.59 |
-2.55 |
-2.60 |
-2.52 |
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AEON Co Quarterly Data
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May19 |
Aug19 |
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Feb24 |
| Beneish M-Score |
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-2.60 |
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-2.52 |
Competitive Comparison of AEON Co's Beneish M-Score
For the Department Stores subindustry, AEON Co'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.
AEON Co's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, AEON Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AEON Co's Beneish M-Score falls into.
AEON Co 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 AEON Co 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 * 1.0188 | + | 0.528 * 0.9865 | + | 0.404 * 1.0398 | + | 0.892 * 0.9319 | + | 0.115 * 1.0104 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9446 | + | 4.679 * -0.025021 | - | 0.327 * 0.9994 |
| = | -2.62 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $34,632 Mil.
Revenue was $63,854 Mil.
Gross Profit was $23,700 Mil.
Total Current Assets was $53,771 Mil.
Total Assets was $86,494 Mil.
Property, Plant and Equipment(Net PPE) was $22,825 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,305 Mil.
Selling, General, & Admin. Expense(SGA) was $2,327 Mil.
Total Current Liabilities was $51,953 Mil.
Long-Term Debt & Capital Lease Obligation was $16,919 Mil.
Net Income was $299 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $2,463 Mil.
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Total Receivables was $36,478 Mil.
Revenue was $68,524 Mil.
Gross Profit was $25,088 Mil.
Total Current Assets was $57,737 Mil.
Total Assets was $92,761 Mil.
Property, Plant and Equipment(Net PPE) was $24,814 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,535 Mil.
Selling, General, & Admin. Expense(SGA) was $2,643 Mil.
Total Current Liabilities was $56,205 Mil.
Long-Term Debt & Capital Lease Obligation was $17,698 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) |
| = | (34632.009 / 63854.266) | / | (36477.512 / 68523.679) |
| = | 0.54236 | / | 0.532334 |
| | = | 1.0188 |
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) |
| = | (25088.477 / 68523.679) | / | (23699.569 / 63854.266) |
| = | 0.366129 | / | 0.371151 |
| | = | 0.9865 |
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 - (53770.792 + 22825.171) / 86494.462) | / | (1 - (57737.487 + 24814.249) / 92761.114) |
| = | 0.114441 | / | 0.110061 |
| | = | 1.0398 |
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 |
| = | 63854.266 | / | 68523.679 |
| | = | 0.9319 |
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)) |
| = | (2534.997 / (2534.997 + 24814.249)) | / | (2305.471 / (2305.471 + 22825.171)) |
| = | 0.09269 | / | 0.091739 |
| | = | 1.0104 |
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) |
| = | (2326.605 / 63854.266) | / | (2643.057 / 68523.679) |
| = | 0.036436 | / | 0.038571 |
| | = | 0.9446 |
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) |
| = | ((16918.571 + 51952.772) / 86494.462) | / | ((17698.147 + 56205.08) / 92761.114) |
| = | 0.796251 | / | 0.796705 |
| | = | 0.9994 |
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 |
| = | (298.713 - 0 | - | 2462.901) | / | 86494.462 |
| | = | -0.025021 |
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.
AEON Co has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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