Sally Beauty Holdings Beneish M-Score Historical Data
The historical data trend for Sally Beauty 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.
Sally Beauty Holdings Beneish M-Score Chart
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Sally Beauty Holdings Annual Data
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Trend |
Sep15 |
Sep16 |
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Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
Sep24 |
| Beneish M-Score |
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-3.39 |
-2.52 |
-2.26 |
-2.51 |
-2.44 |
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Sally Beauty Holdings Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.54 |
-2.50 |
-2.51 |
-2.44 |
-2.49 |
Competitive Comparison of Sally Beauty Holdings's Beneish M-Score
For the Specialty Retail subindustry, Sally Beauty 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.
Sally Beauty Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Sally Beauty Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sally Beauty Holdings's Beneish M-Score falls into.
Sally Beauty 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 Sally Beauty 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 * 1.0721 | + | 0.528 * 0.9935 | + | 0.404 * 0.9971 | + | 0.892 * 1.0057 | + | 0.115 * 0.9852 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0093 | + | 4.679 * -0.019521 | - | 0.327 * 0.9426 |
| = | -2.49 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $85 Mil.
Revenue was 937.895 + 935.028 + 942.34 + 908.361 = $3,724 Mil.
Gross Profit was 476.84 + 479.201 + 480.883 + 463.072 = $1,900 Mil.
Total Current Assets was $1,247 Mil.
Total Assets was $2,711 Mil.
Property, Plant and Equipment(Net PPE) was $839 Mil.
Depreciation, Depletion and Amortization(DDA) was $107 Mil.
Selling, General, & Admin. Expense(SGA) was $1,586 Mil.
Total Current Liabilities was $549 Mil.
Long-Term Debt & Capital Lease Obligation was $1,395 Mil.
Net Income was 61.013 + 48.056 + 37.724 + 29.244 = $176 Mil.
Non Operating Income was 0 + 0.436 + -0.383 + -0.063 = $-0 Mil.
Cash Flow from Operations was 33.457 + 110.673 + 47.895 + 36.94 = $229 Mil.
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Total Receivables was $78 Mil.
Revenue was 931.302 + 921.356 + 931.008 + 918.712 = $3,702 Mil.
Gross Profit was 467.176 + 466.562 + 474.705 + 468.339 = $1,877 Mil.
Total Current Assets was $1,263 Mil.
Total Assets was $2,731 Mil.
Property, Plant and Equipment(Net PPE) was $837 Mil.
Depreciation, Depletion and Amortization(DDA) was $105 Mil.
Selling, General, & Admin. Expense(SGA) was $1,563 Mil.
Total Current Liabilities was $573 Mil.
Long-Term Debt & Capital Lease Obligation was $1,504 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) |
| = | (84.636 / 3723.624) | / | (78.489 / 3702.378) |
| = | 0.022729 | / | 0.0212 |
| | = | 1.0721 |
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) |
| = | (1876.782 / 3702.378) | / | (1899.996 / 3723.624) |
| = | 0.506913 | / | 0.510255 |
| | = | 0.9935 |
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 - (1246.72 + 838.661) / 2710.768) | / | (1 - (1262.864 + 836.538) / 2731.386) |
| = | 0.230705 | / | 0.231379 |
| | = | 0.9971 |
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 |
| = | 3723.624 | / | 3702.378 |
| | = | 1.0057 |
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)) |
| = | (105.187 / (105.187 + 836.538)) | / | (107.24 / (107.24 + 838.661)) |
| = | 0.111696 | / | 0.113373 |
| | = | 0.9852 |
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) |
| = | (1586.056 / 3723.624) | / | (1562.504 / 3702.378) |
| = | 0.425944 | / | 0.422027 |
| | = | 1.0093 |
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) |
| = | ((1394.752 + 548.599) / 2710.768) | / | ((1504.227 + 573.069) / 2731.386) |
| = | 0.716901 | / | 0.760528 |
| | = | 0.9426 |
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 |
| = | (176.037 - -0.01 | - | 228.965) | / | 2710.768 |
| | = | -0.019521 |
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.
Sally Beauty Holdings has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
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