Birkenstock Holding Beneish M-Score Historical Data
The historical data trend for Birkenstock Holding'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.
Birkenstock Holding Beneish M-Score Chart
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Birkenstock Holding Annual Data
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Trend |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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- |
- |
- |
-2.06 |
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Birkenstock Holding Quarterly Data
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Sep20 |
Sep21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-2.06 |
- |
-2.59 |
Competitive Comparison of Birkenstock Holding's Beneish M-Score
For the Footwear & Accessories subindustry, Birkenstock Holding'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.
Birkenstock Holding's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Birkenstock Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Birkenstock Holding's Beneish M-Score falls into.
Birkenstock Holding 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 Birkenstock Holding 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 * 0.9338 | + | 0.528 * 1.0175 | + | 0.404 * 0.9552 | + | 0.892 * 1.2138 | + | 0.115 * 0.6438 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1637 | + | 4.679 * -0.056273 | - | 0.327 * 0.7729 |
| = | -2.62 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €210 Mil.
Revenue was 481.244 + 302.924 + 374.543 + 473.195 = €1,632 Mil.
Gross Profit was 271.16 + 184.868 + 244.957 + 292.066 = €993 Mil.
Total Current Assets was €1,076 Mil.
Total Assets was €4,848 Mil.
Property, Plant and Equipment(Net PPE) was €468 Mil.
Depreciation, Depletion and Amortization(DDA) was €90 Mil.
Selling, General, & Admin. Expense(SGA) was €598 Mil.
Total Current Liabilities was €375 Mil.
Long-Term Debt & Capital Lease Obligation was €1,438 Mil.
Net Income was 71.652 + -7.154 + -28.288 + 63.103 = €99 Mil.
Non Operating Income was -5.483 + -11.655 + 33.583 + -3.596 = €13 Mil.
Cash Flow from Operations was 50.037 + -45.426 + 117.759 + 236.894 = €359 Mil.
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Total Receivables was €185 Mil.
Revenue was 395.683 + 248.49 + 321.608 + 378.667 = €1,344 Mil.
Gross Profit was 235.45 + 153.32 + 205.847 + 237.814 = €832 Mil.
Total Current Assets was €979 Mil.
Total Assets was €4,635 Mil.
Property, Plant and Equipment(Net PPE) was €349 Mil.
Depreciation, Depletion and Amortization(DDA) was €41 Mil.
Selling, General, & Admin. Expense(SGA) was €423 Mil.
Total Current Liabilities was €326 Mil.
Long-Term Debt & Capital Lease Obligation was €1,917 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) |
| = | (209.94 / 1631.906) | / | (185.219 / 1344.448) |
| = | 0.128647 | / | 0.137766 |
| | = | 0.9338 |
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) |
| = | (832.431 / 1344.448) | / | (993.051 / 1631.906) |
| = | 0.619162 | / | 0.608522 |
| | = | 1.0175 |
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 - (1075.676 + 467.992) / 4847.793) | / | (1 - (978.592 + 349.334) / 4635.149) |
| = | 0.681573 | / | 0.71351 |
| | = | 0.9552 |
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 |
| = | 1631.906 | / | 1344.448 |
| | = | 1.2138 |
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)) |
| = | (40.574 / (40.574 + 349.334)) | / | (90.223 / (90.223 + 467.992)) |
| = | 0.10406 | / | 0.161628 |
| | = | 0.6438 |
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) |
| = | (597.505 / 1631.906) | / | (423.02 / 1344.448) |
| = | 0.366139 | / | 0.314642 |
| | = | 1.1637 |
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) |
| = | ((1437.966 + 374.756) / 4847.793) | / | ((1916.91 + 325.595) / 4635.149) |
| = | 0.373927 | / | 0.483804 |
| | = | 0.7729 |
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 |
| = | (99.313 - 12.849 | - | 359.264) | / | 4847.793 |
| | = | -0.056273 |
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.
Birkenstock Holding has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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