Hennes & Mauritz AB Beneish M-Score Historical Data
The historical data trend for Hennes & Mauritz AB'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.
Hennes & Mauritz AB Beneish M-Score Chart
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Hennes & Mauritz AB Annual Data
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Trend |
Nov14 |
Nov15 |
Nov16 |
Nov17 |
Nov18 |
Nov19 |
Nov20 |
Nov21 |
Nov22 |
Nov23 |
| Beneish M-Score |
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-3.06 |
-3.66 |
-3.13 |
-2.95 |
-3.06 |
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Hennes & Mauritz AB Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
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Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-3.08 |
-2.98 |
-3.11 |
-3.06 |
-3.09 |
Competitive Comparison of Hennes & Mauritz AB's Beneish M-Score
For the Apparel Manufacturing subindustry, Hennes & Mauritz AB'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.
Hennes & Mauritz AB's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Hennes & Mauritz AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hennes & Mauritz AB's Beneish M-Score falls into.
Hennes & Mauritz AB 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 Hennes & Mauritz AB 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 * 1.1098 | + | 0.528 * 0.9611 | + | 0.404 * 0.9337 | + | 0.892 * 0.9596 | + | 0.115 * 1.0328 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9702 | + | 4.679 * -0.131492 | - | 0.327 * 1.0003 |
| = | -3.07 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was €1,460 Mil.
Revenue was 4771.561 + 5425.666 + 5156.712 + 5065.482 = €20,419 Mil.
Gross Profit was 2458.729 + 2914.791 + 2626.327 + 2667.255 = €10,667 Mil.
Total Current Assets was €6,656 Mil.
Total Assets was €15,449 Mil.
Property, Plant and Equipment(Net PPE) was €7,126 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,988 Mil.
Selling, General, & Admin. Expense(SGA) was €10,176 Mil.
Total Current Liabilities was €5,533 Mil.
Long-Term Debt & Capital Lease Obligation was €4,263 Mil.
Net Income was 107.489 + 137.439 + 281.813 + 289.074 = €816 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 352.695 + 797.352 + 1037.913 + 659.297 = €2,847 Mil.
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Total Receivables was €1,371 Mil.
Revenue was 4904.725 + 5721.858 + 5464.258 + 5188.611 = €21,279 Mil.
Gross Profit was 2313.816 + 2850.619 + 2678.39 + 2841.246 = €10,684 Mil.
Total Current Assets was €6,942 Mil.
Total Assets was €16,042 Mil.
Property, Plant and Equipment(Net PPE) was €7,246 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,107 Mil.
Selling, General, & Admin. Expense(SGA) was €10,930 Mil.
Total Current Liabilities was €5,793 Mil.
Long-Term Debt & Capital Lease Obligation was €4,375 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) |
| = | (1459.501 / 20419.421) | / | (1370.538 / 21279.452) |
| = | 0.071476 | / | 0.064407 |
| | = | 1.1098 |
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) |
| = | (10684.071 / 21279.452) | / | (10667.102 / 20419.421) |
| = | 0.502084 | / | 0.5224 |
| | = | 0.9611 |
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 - (6656.306 + 7126.002) / 15449.141) | / | (1 - (6941.894 + 7246.25) / 16041.807) |
| = | 0.107892 | / | 0.115552 |
| | = | 0.9337 |
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 |
| = | 20419.421 | / | 21279.452 |
| | = | 0.9596 |
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)) |
| = | (2107.049 / (2107.049 + 7246.25)) | / | (1987.97 / (1987.97 + 7126.002)) |
| = | 0.225273 | / | 0.218123 |
| | = | 1.0328 |
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) |
| = | (10175.785 / 20419.421) | / | (10929.752 / 21279.452) |
| = | 0.498339 | / | 0.513629 |
| | = | 0.9702 |
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) |
| = | ((4262.568 + 5533.23) / 15449.141) | / | ((4375.119 + 5793.299) / 16041.807) |
| = | 0.634067 | / | 0.63387 |
| | = | 1.0003 |
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 |
| = | (815.815 - 0 | - | 2847.257) | / | 15449.141 |
| | = | -0.131492 |
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.
Hennes & Mauritz AB has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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