Fred's Beneish M-Score Historical Data
The historical data trend for Fred's'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.
Fred's Beneish M-Score Chart
|
Fred's Annual Data
|
|
Trend |
Jan10 |
Jan11 |
Jan12 |
Jan13 |
Jan14 |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.75 |
-2.53 |
-3.05 |
-3.71 |
-1.96 |
|
Fred's Quarterly Data
|
|
Oct14 |
Jan15 |
Apr15 |
Jul15 |
Oct15 |
Jan16 |
Apr16 |
Jul16 |
Oct16 |
Jan17 |
Apr17 |
Jul17 |
Oct17 |
Jan18 |
Apr18 |
Jul18 |
Oct18 |
Jan19 |
Apr19 |
Apr20 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.74 |
-3.62 |
-1.96 |
-1.50 |
- |
Competitive Comparison of Fred's's Beneish M-Score
For the Discount Stores subindustry, Fred's'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.
Fred's's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Fred's's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fred's's Beneish M-Score falls into.
Fred's 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 Fred's 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 * 0.9643 | + | 0.528 * 1.0629 | + | 0.404 * 1.6718 | + | 0.892 * 0.9548 | + | 0.115 * 0.7713 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9671 | + | 4.679 * 0.200834 | - | 0.327 * 0.8381 |
| = | -1.28 |
* 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 (Apr19) TTM: | Last Year (Apr18) TTM: |
Total Receivables was €47 Mil.
Revenue was 283.866 + 269.013 + 266.579 + 359.227 = €1,179 Mil.
Gross Profit was 66.393 + 62.821 + 66.961 + 85.998 = €282 Mil.
Total Current Assets was €257 Mil.
Total Assets was €423 Mil.
Property, Plant and Equipment(Net PPE) was €57 Mil.
Depreciation, Depletion and Amortization(DDA) was €24 Mil.
Selling, General, & Admin. Expense(SGA) was €351 Mil.
Total Current Liabilities was €232 Mil.
Long-Term Debt & Capital Lease Obligation was €13 Mil.
Net Income was -30.207 + 60.205 + -23.82 + -27.652 = €-21 Mil.
Non Operating Income was -0.264 + 0 + 0 + 0 = €-0 Mil.
Cash Flow from Operations was -16.521 + -54.088 + -14.024 + -21.439 = €-106 Mil.
|
Total Receivables was €51 Mil.
Revenue was 274.165 + 304.109 + 276.004 + 380.203 = €1,234 Mil.
Gross Profit was 72.592 + 75.502 + 59.596 + 106.422 = €314 Mil.
Total Current Assets was €320 Mil.
Total Assets was €486 Mil.
Property, Plant and Equipment(Net PPE) was €91 Mil.
Depreciation, Depletion and Amortization(DDA) was €27 Mil.
Selling, General, & Admin. Expense(SGA) was €380 Mil.
Total Current Liabilities was €193 Mil.
Long-Term Debt & Capital Lease Obligation was €143 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) |
| = | (47.07 / 1178.685) | / | (51.122 / 1234.481) |
| = | 0.039934 | / | 0.041412 |
| | = | 0.9643 |
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) |
| = | (314.112 / 1234.481) | / | (282.173 / 1178.685) |
| = | 0.254449 | / | 0.239396 |
| | = | 1.0629 |
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 - (256.725 + 57.126) / 422.549) | / | (1 - (320.084 + 91.434) / 486.354) |
| = | 0.257244 | / | 0.153871 |
| | = | 1.6718 |
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 |
| = | 1178.685 | / | 1234.481 |
| | = | 0.9548 |
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)) |
| = | (27.442 / (27.442 + 91.434)) | / | (24.4 / (24.4 + 57.126)) |
| = | 0.230846 | / | 0.299291 |
| | = | 0.7713 |
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) |
| = | (350.995 / 1178.685) | / | (380.134 / 1234.481) |
| = | 0.297785 | / | 0.30793 |
| | = | 0.9671 |
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) |
| = | ((12.842 + 231.985) / 422.549) | / | ((143.059 + 193.18) / 486.354) |
| = | 0.579405 | / | 0.691346 |
| | = | 0.8381 |
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 |
| = | (-21.474 - -0.264 | - | -106.072) | / | 422.549 |
| | = | 0.200834 |
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.
Fred's has a M-score of -1.28 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
STU:FR1A has been successfully added to your