Canada Goose Holdings Beneish M-Score Historical Data
The historical data trend for Canada Goose 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.
Canada Goose Holdings Beneish M-Score Chart
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Canada Goose Holdings Annual Data
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Mar15 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.66 |
-1.58 |
-3.31 |
-2.69 |
-2.44 |
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Canada Goose Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Dec20 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.43 |
-2.44 |
-2.53 |
-2.58 |
-2.37 |
Competitive Comparison of Canada Goose Holdings's Beneish M-Score
For the Apparel Manufacturing subindustry, Canada Goose 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.
Canada Goose Holdings's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Canada Goose Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Canada Goose Holdings's Beneish M-Score falls into.
Canada Goose 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 Canada Goose 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 * 1.0894 | + | 0.528 * 0.9854 | + | 0.404 * 1.1292 | + | 0.892 * 1.1065 | + | 0.115 * 0.9674 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0707 | + | 4.679 * -0.016668 | - | 0.327 * 1.0402 |
| = | -2.37 |
* 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 C$153 Mil.
Revenue was 609.9 + 281.1 + 84.8 + 293.2 = C$1,269 Mil.
Gross Profit was 449.7 + 179.5 + 55.2 + 190.3 = C$875 Mil.
Total Current Assets was C$846 Mil.
Total Assets was C$1,602 Mil.
Property, Plant and Equipment(Net PPE) was C$450 Mil.
Depreciation, Depletion and Amortization(DDA) was C$122 Mil.
Selling, General, & Admin. Expense(SGA) was C$768 Mil.
Total Current Liabilities was C$453 Mil.
Long-Term Debt & Capital Lease Obligation was C$626 Mil.
Net Income was 130.6 + 3.9 + -81.1 + -3.1 = C$50 Mil.
Non Operating Income was -3.5 + -2.4 + -4.9 + -1 = C$-12 Mil.
Cash Flow from Operations was 348.3 + -57.2 + -209.3 + 7 = C$89 Mil.
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Total Receivables was C$127 Mil.
Revenue was 576.7 + 277.2 + 69.9 + 223.1 = C$1,147 Mil.
Gross Profit was 416.4 + 165.8 + 42.7 + 154.1 = C$779 Mil.
Total Current Assets was C$1,011 Mil.
Total Assets was C$1,703 Mil.
Property, Plant and Equipment(Net PPE) was C$404 Mil.
Depreciation, Depletion and Amortization(DDA) was C$105 Mil.
Selling, General, & Admin. Expense(SGA) was C$648 Mil.
Total Current Liabilities was C$459 Mil.
Long-Term Debt & Capital Lease Obligation was C$644 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) |
| = | (152.6 / 1269) | / | (126.6 / 1146.9) |
| = | 0.120252 | / | 0.110385 |
| | = | 1.0894 |
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) |
| = | (779 / 1146.9) | / | (874.7 / 1269) |
| = | 0.679222 | / | 0.689283 |
| | = | 0.9854 |
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 - (846.3 + 449.9) / 1601.9) | / | (1 - (1011.1 + 404.1) / 1703) |
| = | 0.190836 | / | 0.168996 |
| | = | 1.1292 |
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 |
| = | 1269 | / | 1146.9 |
| | = | 1.1065 |
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)) |
| = | (105 / (105 + 404.1)) | / | (121.9 / (121.9 + 449.9)) |
| = | 0.206246 | / | 0.213186 |
| | = | 0.9674 |
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) |
| = | (767.8 / 1269) | / | (648.1 / 1146.9) |
| = | 0.605043 | / | 0.565088 |
| | = | 1.0707 |
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) |
| = | ((625.9 + 453.4) / 1601.9) | / | ((643.7 + 459.4) / 1703) |
| = | 0.673762 | / | 0.647739 |
| | = | 1.0402 |
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 |
| = | (50.3 - -11.8 | - | 88.8) | / | 1601.9 |
| | = | -0.016668 |
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.
Canada Goose Holdings has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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