Fox-Wizel Beneish M-Score Historical Data
The historical data trend for Fox-Wizel'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.
Fox-Wizel Beneish M-Score Chart
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Fox-Wizel Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-2.64 |
-2.69 |
-2.64 |
-2.85 |
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Fox-Wizel Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.82 |
-2.85 |
-3.12 |
-3.10 |
-2.92 |
Competitive Comparison of Fox-Wizel's Beneish M-Score
For the Apparel Manufacturing subindustry, Fox-Wizel'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.
Fox-Wizel's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Fox-Wizel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fox-Wizel's Beneish M-Score falls into.
Fox-Wizel 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 Fox-Wizel 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 * 0.9547 | + | 0.528 * 0.9786 | + | 0.404 * 1.1134 | + | 0.892 * 1.1194 | + | 0.115 * 1.0397 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.864 | + | 4.679 * -0.119132 | - | 0.327 * 1.024 |
| = | -2.92 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₪789 Mil.
Revenue was 1631.787 + 1587.18 + 1301.889 + 1447.221 = ₪5,968 Mil.
Gross Profit was 920.932 + 949.195 + 708.973 + 809.983 = ₪3,389 Mil.
Total Current Assets was ₪3,450 Mil.
Total Assets was ₪8,663 Mil.
Property, Plant and Equipment(Net PPE) was ₪4,360 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪674 Mil.
Selling, General, & Admin. Expense(SGA) was ₪635 Mil.
Total Current Liabilities was ₪2,513 Mil.
Long-Term Debt & Capital Lease Obligation was ₪3,705 Mil.
Net Income was 51.812 + 95.578 + 27.329 + 73.029 = ₪248 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₪0 Mil.
Cash Flow from Operations was 141.427 + 391.6 + 224.986 + 521.75 = ₪1,280 Mil.
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Total Receivables was ₪738 Mil.
Revenue was 1398.754 + 1328.452 + 1209.795 + 1394.29 = ₪5,331 Mil.
Gross Profit was 759.802 + 773.36 + 622.751 + 806.834 = ₪2,963 Mil.
Total Current Assets was ₪3,355 Mil.
Total Assets was ₪7,521 Mil.
Property, Plant and Equipment(Net PPE) was ₪3,501 Mil.
Depreciation, Depletion and Amortization(DDA) was ₪566 Mil.
Selling, General, & Admin. Expense(SGA) was ₪657 Mil.
Total Current Liabilities was ₪2,164 Mil.
Long-Term Debt & Capital Lease Obligation was ₪3,108 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) |
| = | (788.671 / 5968.077) | / | (737.929 / 5331.291) |
| = | 0.132148 | / | 0.138415 |
| | = | 0.9547 |
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) |
| = | (2962.747 / 5331.291) | / | (3389.083 / 5968.077) |
| = | 0.555728 | / | 0.567869 |
| | = | 0.9786 |
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 - (3449.603 + 4360.403) / 8662.792) | / | (1 - (3354.857 + 3501.267) / 7521.119) |
| = | 0.098442 | / | 0.088417 |
| | = | 1.1134 |
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 |
| = | 5968.077 | / | 5331.291 |
| | = | 1.1194 |
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)) |
| = | (565.825 / (565.825 + 3501.267)) | / | (673.589 / (673.589 + 4360.403)) |
| = | 0.139123 | / | 0.133808 |
| | = | 1.0397 |
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) |
| = | (635.378 / 5968.077) | / | (656.945 / 5331.291) |
| = | 0.106463 | / | 0.123224 |
| | = | 0.864 |
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) |
| = | ((3704.672 + 2513.47) / 8662.792) | / | ((3108.173 + 2164.133) / 7521.119) |
| = | 0.717799 | / | 0.701 |
| | = | 1.024 |
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 |
| = | (247.748 - 0 | - | 1279.763) | / | 8662.792 |
| | = | -0.119132 |
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.
Fox-Wizel has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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