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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Sally Beauty Holdings's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Sally Beauty Holdings was -2.26. The lowest was -3.39. And the median was -2.59.
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 Annual Data | |||||||||||||||||||||
Trend | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | Sep20 | Sep21 | Sep22 | Sep23 | Sep24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-3.39 | -2.52 | -2.26 | -2.51 | -2.44 |
Sally Beauty Holdings Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.54 | -2.50 | -2.51 | -2.44 | -2.49 |
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.
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.
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. |
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. |
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.
Thank you for viewing the detailed overview of Sally Beauty Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Kim Mcintosh | officer: GVP, CONTROLLER & CAO | 3001 COLORADO BLVD, DENTON TX 76210 |
Scott C Sherman | officer: SVP & CHRO | 3001 COLORADO BLVD., DENTON TX 76210 |
Denise Paulonis | director, officer: President & CEO | 8000 BENT BRANCH DRIVE, IRVING TX 75063 |
Rachel Rothe Bishop | director | 2021 SPRING ROAD, SUITE 600, OAKBROOK IL 60523 |
Jeffrey N Boyer | director | 100 PIER 1 PLACE, FORT WORTH TX 76102 |
Lawrence Molloy | director | 19601 N 27TH AVENUE, PHOENIX AZ 85027 |
Susan R Mulder | director | 3001 COLORADO BLVD., DENTON TX 76210 |
Linda Heasley | director | 4 BATTERYMARCH PARK, QUINCY MA 02169 |
Robert R Mcmaster | director, other: Chairman of the Board | 907-B EAST MAIN STREET, HUMBLE TX 77338-4662 |
Platz Marlo Michelle Cormier | officer: SVP, CFO | 2180 RUTHERFORD ROAD, CARLSBAD CA 92008 |
John A Miller | director | 3001 COLORADO BLVD, DENTON TX 76210 |
Marshall E Eisenberg | director | TWO NORTH LASALLE STREET, CHICAGO IL 60602 |
Edward W Rabin | director | 200 WEST MADISON STE.3900, CHICAGO IL 60606 |
Pamela K Kohn | officer: See Remarks | 3001 COLORADO BLVD, DENTON TX 76210 |
Mark Gregory Spinks | officer: See Remarks | 3001 COLORADO BLVD., DENTON TX 76210 |
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