World Co Beneish M-Score Historical Data
The historical data trend for World Co'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.
World Co Beneish M-Score Chart
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World Co Annual Data
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Mar15 |
Mar16 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.44 |
-3.25 |
-2.55 |
-2.79 |
-2.77 |
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World Co 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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-2.75 |
-2.77 |
-2.82 |
-2.83 |
-2.84 |
Competitive Comparison of World Co's Beneish M-Score
For the Department Stores subindustry, World Co'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.
World Co's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, World Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where World Co's Beneish M-Score falls into.
World Co 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 World Co 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 * 0.8953 | + | 0.528 * 0.9965 | + | 0.404 * 1.0161 | + | 0.892 * 1.0972 | + | 0.115 * 0.9844 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9897 | + | 4.679 * -0.078454 | - | 0.327 * 0.9778 |
| = | -2.84 |
* 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 円23,956 Mil.
Revenue was 62356 + 49648 + 53417 + 56815 = 円222,236 Mil.
Gross Profit was 38694 + 27450 + 33439 + 30624 = 円130,207 Mil.
Total Current Assets was 円75,067 Mil.
Total Assets was 円247,292 Mil.
Property, Plant and Equipment(Net PPE) was 円69,513 Mil.
Depreciation, Depletion and Amortization(DDA) was 円16,956 Mil.
Selling, General, & Admin. Expense(SGA) was 円114,438 Mil.
Total Current Liabilities was 円88,917 Mil.
Long-Term Debt & Capital Lease Obligation was 円60,215 Mil.
Net Income was 4852 + -107 + 3356 + -816 = 円7,285 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 8034 + 5265 + 6457 + 6930 = 円26,686 Mil.
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Total Receivables was 円24,387 Mil.
Revenue was 60684 + 46215 + 50532 + 45114 = 円202,545 Mil.
Gross Profit was 37310 + 24821 + 31180 + 24941 = 円118,252 Mil.
Total Current Assets was 円74,728 Mil.
Total Assets was 円249,171 Mil.
Property, Plant and Equipment(Net PPE) was 円72,586 Mil.
Depreciation, Depletion and Amortization(DDA) was 円17,363 Mil.
Selling, General, & Admin. Expense(SGA) was 円105,384 Mil.
Total Current Liabilities was 円90,682 Mil.
Long-Term Debt & Capital Lease Obligation was 円62,999 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) |
| = | (23956 / 222236) | / | (24387 / 202545) |
| = | 0.107795 | / | 0.120403 |
| | = | 0.8953 |
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) |
| = | (118252 / 202545) | / | (130207 / 222236) |
| = | 0.583831 | / | 0.585895 |
| | = | 0.9965 |
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 - (75067 + 69513) / 247292) | / | (1 - (74728 + 72586) / 249171) |
| = | 0.415347 | / | 0.408784 |
| | = | 1.0161 |
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 |
| = | 222236 | / | 202545 |
| | = | 1.0972 |
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)) |
| = | (17363 / (17363 + 72586)) | / | (16956 / (16956 + 69513)) |
| = | 0.193032 | / | 0.196093 |
| | = | 0.9844 |
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) |
| = | (114438 / 222236) | / | (105384 / 202545) |
| = | 0.514939 | / | 0.520299 |
| | = | 0.9897 |
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) |
| = | ((60215 + 88917) / 247292) | / | ((62999 + 90682) / 249171) |
| = | 0.60306 | / | 0.616769 |
| | = | 0.9778 |
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 |
| = | (7285 - 0 | - | 26686) | / | 247292 |
| | = | -0.078454 |
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.
World Co has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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