Victoria's Secret Beneish M-Score Historical Data
The historical data trend for Victoria's Secret'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.
Victoria's Secret Beneish M-Score Chart
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Victoria's Secret Annual Data
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Trend |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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- |
- |
-2.63 |
-1.98 |
-2.73 |
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Victoria's Secret Quarterly Data
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Jan19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-1.98 |
-2.27 |
-2.30 |
-2.64 |
-2.73 |
Competitive Comparison of Victoria's Secret's Beneish M-Score
For the Apparel Retail subindustry, Victoria's Secret'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.
Victoria's Secret's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Victoria's Secret's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Victoria's Secret's Beneish M-Score falls into.
Victoria's Secret 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 Victoria's Secret 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 * 1.1063 | + | 0.528 * 0.9814 | + | 0.404 * 0.9978 | + | 0.892 * 0.9745 | + | 0.115 * 1.0165 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1514 | + | 4.679 * -0.06091 | - | 0.327 * 1.0229 |
| = | -2.73 |
* 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 $152 Mil.
Revenue was 2083 + 1265 + 1427 + 1407 = $6,182 Mil.
Gross Profit was 826 + 427 + 487 + 502 = $2,242 Mil.
Total Current Assets was $1,533 Mil.
Total Assets was $4,600 Mil.
Property, Plant and Equipment(Net PPE) was $2,194 Mil.
Depreciation, Depletion and Amortization(DDA) was $284 Mil.
Selling, General, & Admin. Expense(SGA) was $1,996 Mil.
Total Current Liabilities was $1,614 Mil.
Long-Term Debt & Capital Lease Obligation was $2,432 Mil.
Net Income was 181 + -71 + -1 + 1 = $110 Mil.
Non Operating Income was 0.956 + 0.331 + -0.106 + 0.003 = $1 Mil.
Cash Flow from Operations was 589 + -181 + 89 + -108 = $389 Mil.
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Total Receivables was $141 Mil.
Revenue was 2021 + 1318 + 1521 + 1484 = $6,344 Mil.
Gross Profit was 744 + 457 + 535 + 522 = $2,258 Mil.
Total Current Assets was $1,737 Mil.
Total Assets was $4,711 Mil.
Property, Plant and Equipment(Net PPE) was $2,078 Mil.
Depreciation, Depletion and Amortization(DDA) was $274 Mil.
Selling, General, & Admin. Expense(SGA) was $1,779 Mil.
Total Current Liabilities was $1,579 Mil.
Long-Term Debt & Capital Lease Obligation was $2,472 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 / 6182) | / | (141 / 6344) |
| = | 0.024588 | / | 0.022226 |
| | = | 1.1063 |
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) |
| = | (2258 / 6344) | / | (2242 / 6182) |
| = | 0.355927 | / | 0.362666 |
| | = | 0.9814 |
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 - (1533 + 2194) / 4600) | / | (1 - (1737 + 2078) / 4711) |
| = | 0.189783 | / | 0.190193 |
| | = | 0.9978 |
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 |
| = | 6182 | / | 6344 |
| | = | 0.9745 |
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)) |
| = | (274 / (274 + 2078)) | / | (284 / (284 + 2194)) |
| = | 0.116497 | / | 0.114609 |
| | = | 1.0165 |
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) |
| = | (1996 / 6182) | / | (1779 / 6344) |
| = | 0.322873 | / | 0.280422 |
| | = | 1.1514 |
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) |
| = | ((2432 + 1614) / 4600) | / | ((2472 + 1579) / 4711) |
| = | 0.879565 | / | 0.859902 |
| | = | 1.0229 |
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 |
| = | (110 - 1.184 | - | 389) | / | 4600 |
| | = | -0.06091 |
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.
Victoria's Secret has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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