Skechers USA Beneish M-Score Historical Data
The historical data trend for Skechers USA'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.
Skechers USA Beneish M-Score Chart
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Skechers USA Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.32 |
-2.69 |
-1.45 |
-2.26 |
-2.93 |
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Skechers USA Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.26 |
-2.58 |
-2.55 |
-2.93 |
-2.93 |
Competitive Comparison of Skechers USA's Beneish M-Score
For the Footwear & Accessories subindustry, Skechers USA'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.
Skechers USA's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Skechers USA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Skechers USA's Beneish M-Score falls into.
Skechers USA 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 Skechers USA 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 * 0.9387 | + | 0.528 * 0.9098 | + | 0.404 * 1.0574 | + | 0.892 * 1.0747 | + | 0.115 * 0.9279 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0556 | + | 4.679 * -0.09294 | - | 0.327 * 0.9508 |
| = | -2.93 |
* 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 $943 Mil.
Revenue was 1960.94 + 2024.958 + 2012.516 + 2001.928 = $8,000 Mil.
Gross Profit was 1041.383 + 1071.918 + 1060.524 + 978.579 = $4,152 Mil.
Total Current Assets was $3,953 Mil.
Total Assets was $7,547 Mil.
Property, Plant and Equipment(Net PPE) was $2,783 Mil.
Depreciation, Depletion and Amortization(DDA) was $182 Mil.
Selling, General, & Admin. Expense(SGA) was $3,368 Mil.
Total Current Liabilities was $1,661 Mil.
Long-Term Debt & Capital Lease Obligation was $1,351 Mil.
Net Income was 87.182 + 145.415 + 152.759 + 160.443 = $546 Mil.
Non Operating Income was 10.426 + -7.055 + 2.792 + 9.923 = $16 Mil.
Cash Flow from Operations was 312.477 + 343.428 + 340.139 + 235.12 = $1,231 Mil.
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Total Receivables was $934 Mil.
Revenue was 1878.785 + 1878.367 + 1867.804 + 1819.594 = $7,445 Mil.
Gross Profit was 909.68 + 883.935 + 897.579 + 824.163 = $3,515 Mil.
Total Current Assets was $3,646 Mil.
Total Assets was $6,893 Mil.
Property, Plant and Equipment(Net PPE) was $2,546 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General, & Admin. Expense(SGA) was $2,969 Mil.
Total Current Liabilities was $1,613 Mil.
Long-Term Debt & Capital Lease Obligation was $1,280 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) |
| = | (942.553 / 8000.342) | / | (934.323 / 7444.55) |
| = | 0.117814 | / | 0.125504 |
| | = | 0.9387 |
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) |
| = | (3515.357 / 7444.55) | / | (4152.404 / 8000.342) |
| = | 0.472205 | / | 0.519028 |
| | = | 0.9098 |
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 - (3952.604 + 2782.861) / 7547.351) | / | (1 - (3646.273 + 2545.935) / 6893.487) |
| = | 0.107572 | / | 0.101731 |
| | = | 1.0574 |
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 |
| = | 8000.342 | / | 7444.55 |
| | = | 1.0747 |
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)) |
| = | (153.716 / (153.716 + 2545.935)) | / | (181.925 / (181.925 + 2782.861)) |
| = | 0.056939 | / | 0.061362 |
| | = | 0.9279 |
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) |
| = | (3367.618 / 8000.342) | / | (2968.687 / 7444.55) |
| = | 0.420934 | / | 0.398773 |
| | = | 1.0556 |
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) |
| = | ((1351.054 + 1660.867) / 7547.351) | / | ((1280.16 + 1613.04) / 6893.487) |
| = | 0.39907 | / | 0.419701 |
| | = | 0.9508 |
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 |
| = | (545.799 - 16.086 | - | 1231.164) | / | 7547.351 |
| | = | -0.09294 |
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.
Skechers USA has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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