Fashion Platform Co Beneish M-Score Historical Data
The historical data trend for Fashion Platform 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.
Fashion Platform Co Beneish M-Score Chart
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Fashion Platform Co Annual Data
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Trend |
Dec15 |
Dec16 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.47 |
0.14 |
-2.34 |
-2.29 |
-3.06 |
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Fashion Platform Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.29 |
-2.42 |
-2.49 |
-2.99 |
-3.06 |
Competitive Comparison of Fashion Platform Co's Beneish M-Score
For the Asset Management subindustry, Fashion Platform 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.
Fashion Platform Co's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Fashion Platform Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fashion Platform Co's Beneish M-Score falls into.
Fashion Platform 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 Fashion Platform 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 * 1.117 | + | 0.528 * 1.0989 | + | 0.404 * 0.9475 | + | 0.892 * 0.9868 | + | 0.115 * 1.0153 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9801 | + | 4.679 * -0.149766 | - | 0.327 * 1.0306 |
| = | -3.06 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₩13,142 Mil.
Revenue was 31663.775 + 20206.416 + 28007.934 + 24723.292 = ₩104,601 Mil.
Gross Profit was 11976.833 + 15750.537 + 19340.12 + 16041.441 = ₩63,109 Mil.
Total Current Assets was ₩54,080 Mil.
Total Assets was ₩100,670 Mil.
Property, Plant and Equipment(Net PPE) was ₩22,513 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,200 Mil.
Selling, General, & Admin. Expense(SGA) was ₩48,983 Mil.
Total Current Liabilities was ₩12,846 Mil.
Long-Term Debt & Capital Lease Obligation was ₩11,796 Mil.
Net Income was -3104.76 + 1637.362 + 1946.146 + 810.084 = ₩1,289 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4213.428 + 3786.812 + 4098.163 + 4267.414 = ₩16,366 Mil.
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Total Receivables was ₩11,923 Mil.
Revenue was 30162.084 + 20696.167 + 28563.027 + 26581.681 = ₩106,003 Mil.
Gross Profit was 17821.405 + 13759.921 + 22294.897 + 16400.973 = ₩70,277 Mil.
Total Current Assets was ₩51,348 Mil.
Total Assets was ₩98,415 Mil.
Property, Plant and Equipment(Net PPE) was ₩22,225 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,214 Mil.
Selling, General, & Admin. Expense(SGA) was ₩50,648 Mil.
Total Current Liabilities was ₩11,169 Mil.
Long-Term Debt & Capital Lease Obligation was ₩12,206 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) |
| = | (13142.262 / 104601.417) | / | (11923.214 / 106002.959) |
| = | 0.125641 | / | 0.11248 |
| | = | 1.117 |
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) |
| = | (70277.196 / 106002.959) | / | (63108.931 / 104601.417) |
| = | 0.662974 | / | 0.603328 |
| | = | 1.0989 |
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 - (54080.417 + 22512.849) / 100670.19) | / | (1 - (51347.988 + 22224.597) / 98415.176) |
| = | 0.239166 | / | 0.252426 |
| | = | 0.9475 |
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 |
| = | 104601.417 | / | 106002.959 |
| | = | 0.9868 |
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)) |
| = | (3214.301 / (3214.301 + 22224.597)) | / | (3200.073 / (3200.073 + 22512.849)) |
| = | 0.126354 | / | 0.124454 |
| | = | 1.0153 |
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) |
| = | (48982.992 / 104601.417) | / | (50648.404 / 106002.959) |
| = | 0.468282 | / | 0.477802 |
| | = | 0.9801 |
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) |
| = | ((11795.829 + 12845.969) / 100670.19) | / | ((12206.086 + 11168.83) / 98415.176) |
| = | 0.244778 | / | 0.237513 |
| | = | 1.0306 |
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 |
| = | (1288.832 - 0 | - | 16365.817) | / | 100670.19 |
| | = | -0.149766 |
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.
Fashion Platform Co has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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