Sportsman's Warehouse Holdings Beneish M-Score Historical Data
The historical data trend for Sportsman's Warehouse 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.
Sportsman's Warehouse Holdings Beneish M-Score Chart
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Sportsman's Warehouse Holdings Annual Data
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Jan24 |
| Beneish M-Score |
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2.17 |
-3.63 |
0.24 |
-2.47 |
-2.78 |
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Sportsman's Warehouse Holdings Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-2.47 |
1.21 |
0.85 |
-1.39 |
-2.78 |
Competitive Comparison of Sportsman's Warehouse Holdings's Beneish M-Score
For the Specialty Retail subindustry, Sportsman's Warehouse 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.
Sportsman's Warehouse Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Sportsman's Warehouse Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sportsman's Warehouse Holdings's Beneish M-Score falls into.
Sportsman's Warehouse 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 Sportsman's Warehouse 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 * 1.1213 | + | 0.528 * 1.1047 | + | 0.404 * 1.1968 | + | 0.892 * 0.9203 | + | 0.115 * 0.9551 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1044 | + | 4.679 * -0.091698 | - | 0.327 * 1.0831 |
| = | -2.78 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $2 Mil.
Revenue was 370.394 + 340.569 + 309.495 + 267.529 = $1,288 Mil.
Gross Profit was 99.367 + 103.185 + 100.817 + 80.044 = $383 Mil.
Total Current Assets was $380 Mil.
Total Assets was $886 Mil.
Property, Plant and Equipment(Net PPE) was $504 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $409 Mil.
Total Current Liabilities was $315 Mil.
Long-Term Debt & Capital Lease Obligation was $307 Mil.
Net Income was -8.739 + -1.331 + -3.288 + -15.639 = $-29 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 68.903 + 41.691 + -21.343 + -36.985 = $52 Mil.
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Total Receivables was $2 Mil.
Revenue was 379.269 + 359.72 + 351.021 + 309.505 = $1,400 Mil.
Gross Profit was 122.788 + 120.822 + 117.539 + 99.091 = $460 Mil.
Total Current Assets was $426 Mil.
Total Assets was $859 Mil.
Property, Plant and Equipment(Net PPE) was $431 Mil.
Depreciation, Depletion and Amortization(DDA) was $32 Mil.
Selling, General, & Admin. Expense(SGA) was $402 Mil.
Total Current Liabilities was $296 Mil.
Long-Term Debt & Capital Lease Obligation was $260 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) |
| = | (2.119 / 1287.987) | / | (2.053 / 1399.515) |
| = | 0.001645 | / | 0.001467 |
| | = | 1.1213 |
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) |
| = | (460.24 / 1399.515) | / | (383.413 / 1287.987) |
| = | 0.328857 | / | 0.297684 |
| | = | 1.1047 |
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 - (380.048 + 503.829) / 886.205) | / | (1 - (425.896 + 431.179) / 858.96) |
| = | 0.002627 | / | 0.002195 |
| | = | 1.1968 |
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 |
| = | 1287.987 | / | 1399.515 |
| | = | 0.9203 |
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)) |
| = | (31.776 / (31.776 + 431.179)) | / | (39.009 / (39.009 + 503.829)) |
| = | 0.068637 | / | 0.071861 |
| | = | 0.9551 |
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) |
| = | (408.75 / 1287.987) | / | (402.177 / 1399.515) |
| = | 0.317356 | / | 0.287369 |
| | = | 1.1044 |
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) |
| = | ((307 + 314.649) / 886.205) | / | ((260.479 + 295.824) / 858.96) |
| = | 0.701473 | / | 0.647647 |
| | = | 1.0831 |
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 |
| = | (-28.997 - 0 | - | 52.266) | / | 886.205 |
| | = | -0.091698 |
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.
Sportsman's Warehouse Holdings has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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