Robinsons Retail Holdings Beneish M-Score Historical Data
The historical data trend for Robinsons Retail Holdings'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.
Robinsons Retail Holdings Beneish M-Score Chart
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Robinsons Retail Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-2.72 |
-2.77 |
-2.70 |
-2.64 |
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Robinsons Retail Holdings Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.93 |
-2.64 |
-2.55 |
-2.73 |
-2.65 |
Competitive Comparison of Robinsons Retail Holdings's Beneish M-Score
For the Department Stores subindustry, Robinsons Retail Holdings'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.
Robinsons Retail Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Robinsons Retail Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Robinsons Retail Holdings's Beneish M-Score falls into.
Robinsons Retail Holdings 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 Robinsons Retail Holdings 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 * 0.8811 | + | 0.528 * 0.9919 | + | 0.404 * 1.1155 | + | 0.892 * 1.0337 | + | 0.115 * 0.9726 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1253 | + | 4.679 * -0.029499 | - | 0.327 * 0.9138 |
| = | -2.65 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $40 Mil.
Revenue was 831.042 + 816.105 + 783.059 + 920.246 = $3,350 Mil.
Gross Profit was 201.755 + 197.444 + 186.197 + 216.837 = $802 Mil.
Total Current Assets was $759 Mil.
Total Assets was $2,820 Mil.
Property, Plant and Equipment(Net PPE) was $703 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $28 Mil.
Total Current Liabilities was $670 Mil.
Long-Term Debt & Capital Lease Obligation was $488 Mil.
Net Income was 17.203 + 29.327 + 86.713 + 25.857 = $159 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 27.399 + 91.335 + -13.166 + 136.731 = $242 Mil.
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Total Receivables was $44 Mil.
Revenue was 805.842 + 791.555 + 760.982 + 882.777 = $3,241 Mil.
Gross Profit was 193.946 + 187.697 + 179.684 + 208.484 = $770 Mil.
Total Current Assets was $730 Mil.
Total Assets was $2,560 Mil.
Property, Plant and Equipment(Net PPE) was $724 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $24 Mil.
Total Current Liabilities was $539 Mil.
Long-Term Debt & Capital Lease Obligation was $611 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) |
| = | (40.043 / 3350.452) | / | (43.966 / 3241.156) |
| = | 0.011952 | / | 0.013565 |
| | = | 0.8811 |
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) |
| = | (769.811 / 3241.156) | / | (802.233 / 3350.452) |
| = | 0.237511 | / | 0.23944 |
| | = | 0.9919 |
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 - (759.034 + 702.925) / 2820.37) | / | (1 - (730.316 + 724.148) / 2559.722) |
| = | 0.481643 | / | 0.431788 |
| | = | 1.1155 |
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 |
| = | 3350.452 | / | 3241.156 |
| | = | 1.0337 |
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)) |
| = | (125.093 / (125.093 + 724.148)) | / | (125.451 / (125.451 + 702.925)) |
| = | 0.1473 | / | 0.151442 |
| | = | 0.9726 |
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) |
| = | (27.765 / 3350.452) | / | (23.868 / 3241.156) |
| = | 0.008287 | / | 0.007364 |
| | = | 1.1253 |
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) |
| = | ((487.537 + 670.199) / 2820.37) | / | ((610.925 + 538.948) / 2559.722) |
| = | 0.410491 | / | 0.449218 |
| | = | 0.9138 |
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 |
| = | (159.1 - 0 | - | 242.299) | / | 2820.37 |
| | = | -0.029499 |
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.
Robinsons Retail Holdings has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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