Target Beneish M-Score Historical Data
The historical data trend for Target'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.
Target Beneish M-Score Chart
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Target Annual Data
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Jan15 |
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Jan20 |
Jan21 |
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Jan23 |
Jan24 |
| Beneish M-Score |
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-3.01 |
-2.92 |
-2.49 |
-2.31 |
-3.06 |
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Target Quarterly Data
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Jan20 |
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Jul24 |
Oct24 |
| Beneish M-Score |
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-3.03 |
-3.06 |
-2.93 |
-2.85 |
-2.72 |
Competitive Comparison of Target's Beneish M-Score
For the Discount Stores subindustry, Target'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.
Target's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Target's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Target's Beneish M-Score falls into.
Target 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 Target 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 | + | 0.528 * 0.9424 | + | 0.404 * 1.0703 | + | 0.892 * 1.0053 | + | 0.115 * 0.9227 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0349 | + | 4.679 * -0.053126 | - | 0.327 * 0.9641 |
| = | -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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was €0 Mil.
Revenue was 23563.224 + 23466.744 + 22862.892 + 29301.642 = €99,195 Mil.
Gross Profit was 6694.974 + 7056.066 + 6600.424 + 7817.688 = €28,169 Mil.
Total Current Assets was €18,869 Mil.
Total Assets was €53,731 Mil.
Property, Plant and Equipment(Net PPE) was €33,456 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,716 Mil.
Selling, General, & Admin. Expense(SGA) was €20,359 Mil.
Total Current Liabilities was €20,005 Mil.
Long-Term Debt & Capital Lease Obligation was €16,307 Mil.
Net Income was 783.972 + 1099.024 + 877.944 + 1268.676 = €4,030 Mil.
Non Operating Income was 25.704 + 18.44 + 27.028 + 25.704 = €97 Mil.
Cash Flow from Operations was 678.402 + 2063.436 + 1026.132 + 3019.302 = €6,787 Mil.
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Total Receivables was €0 Mil.
Revenue was 24051.906 + 22394.792 + 23093.664 + 29134.56 = €98,675 Mil.
Gross Profit was 6864.803 + 6305.4 + 6325.632 + 6912.672 = €26,409 Mil.
Total Current Assets was €17,613 Mil.
Total Assets was €53,249 Mil.
Property, Plant and Equipment(Net PPE) was €34,333 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,555 Mil.
Selling, General, & Admin. Expense(SGA) was €19,570 Mil.
Total Current Liabilities was €20,362 Mil.
Long-Term Debt & Capital Lease Obligation was €16,965 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) |
| = | (0 / 99194.502) | / | (0 / 98674.922) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (26408.507 / 98674.922) | / | (28169.152 / 99194.502) |
| = | 0.267631 | / | 0.283979 |
| | = | 0.9424 |
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 - (18868.572 + 33455.592) / 53731.458) | / | (1 - (17613.253 + 34332.538) / 53248.863) |
| = | 0.026191 | / | 0.024471 |
| | = | 1.0703 |
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 |
| = | 99194.502 | / | 98674.922 |
| | = | 1.0053 |
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)) |
| = | (2555.358 / (2555.358 + 34332.538)) | / | (2715.616 / (2715.616 + 33455.592)) |
| = | 0.069274 | / | 0.075077 |
| | = | 0.9227 |
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) |
| = | (20358.77 / 99194.502) | / | (19569.788 / 98674.922) |
| = | 0.205241 | / | 0.198326 |
| | = | 1.0349 |
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) |
| = | ((16307.352 + 20005.056) / 53731.458) | / | ((16964.558 + 20362.394) / 53248.863) |
| = | 0.675813 | / | 0.700991 |
| | = | 0.9641 |
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 |
| = | (4029.616 - 96.876 | - | 6787.272) | / | 53731.458 |
| | = | -0.053126 |
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.
Target has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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