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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for YETI Holdings's Beneish M-Score or its related term are showing as below:
During the past 11 years, the highest Beneish M-Score of YETI Holdings was -1.69. The lowest was -3.98. And the median was -2.55.
The historical data trend for YETI Holdings'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.
YETI Holdings Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.46 | -3.98 | -1.69 | -2.55 | -2.85 |
YETI Holdings Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.55 | -2.50 | -2.62 | -3.12 | -2.85 |
For the Leisure subindustry, YETI Holdings'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.
For the Travel & Leisure industry and Consumer Cyclical sector, YETI Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where YETI Holdings's Beneish M-Score falls into.
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 YETI Holdings 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 * 1.1594 | + | 0.528 * 0.8416 | + | 0.404 * 0.8145 | + | 0.892 * 1.0398 | + | 0.115 * 0.9942 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0835 | + | 4.679 * -0.09057 | - | 0.327 * 0.856 | |||||||
= | -2.85 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $96 Mil. Revenue was 519.793 + 433.561 + 402.563 + 302.796 = $1,659 Mil. Gross Profit was 315.227 + 251.251 + 214.838 + 161.87 = $943 Mil. Total Current Assets was $914 Mil. Total Assets was $1,297 Mil. Property, Plant and Equipment(Net PPE) was $208 Mil. Depreciation, Depletion and Amortization(DDA) was $46 Mil. Selling, General, & Admin. Expense(SGA) was $718 Mil. Total Current Liabilities was $398 Mil. Long-Term Debt & Capital Lease Obligation was $155 Mil. Net Income was 78.593 + 42.657 + 38.071 + 10.564 = $170 Mil. Non Operating Income was 4.212 + -4.032 + 1.244 + 0.006 = $1 Mil. Cash Flow from Operations was 171.173 + 85.988 + 75.469 + -46.688 = $286 Mil. |
Total Receivables was $79 Mil. Revenue was 447.996 + 433.556 + 420.042 + 293.628 = $1,595 Mil. Gross Profit was 167.035 + 222.407 + 219.099 + 154.86 = $763 Mil. Total Current Assets was $719 Mil. Total Assets was $1,077 Mil. Property, Plant and Equipment(Net PPE) was $180 Mil. Depreciation, Depletion and Amortization(DDA) was $40 Mil. Selling, General, & Admin. Expense(SGA) was $637 Mil. Total Current Liabilities was $409 Mil. Long-Term Debt & Capital Lease Obligation was $127 Mil. |
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) |
= | (95.774 / 1658.713) | / | (79.446 / 1595.222) | |
= | 0.05774 | / | 0.049802 | |
= | 1.1594 |
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) | |
= | (763.401 / 1595.222) | / | (943.186 / 1658.713) | |
= | 0.478555 | / | 0.568625 | |
= | 0.8416 |
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 - (914.405 + 208.27) / 1297.192) | / | (1 - (718.92 + 179.993) / 1076.765) | |
= | 0.134534 | / | 0.165173 | |
= | 0.8145 |
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 | |
= | 1658.713 | / | 1595.222 | |
= | 1.0398 |
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)) |
= | (39.847 / (39.847 + 179.993)) | / | (46.434 / (46.434 + 208.27)) | |
= | 0.181255 | / | 0.182306 | |
= | 0.9942 |
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) |
= | (717.728 / 1658.713) | / | (637.04 / 1595.222) | |
= | 0.432702 | / | 0.399343 | |
= | 1.0835 |
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) |
= | ((154.808 + 398.353) / 1297.192) | / | ((127.39 + 409.04) / 1076.765) | |
= | 0.42643 | / | 0.498187 | |
= | 0.856 |
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 | |
= | (169.885 - 1.43 | - | 285.942) | / | 1297.192 | |
= | -0.09057 |
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.
YETI Holdings has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of YETI Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Michael John Mcmullen | officer: Interim CFO | 7601 SOUTHWEST PARKWAY, AUSTIN TX 78735 |
Martin Duff | officer: SVP Supply Chain & Operations | 7601 SOUTHWEST PARKWAY, AUSTIN TX 78735 |
Syed Faiz Ahmad | officer: Chief Commercial Officer | 7601 SOUTHWEST PARKWAY, AUSTIN TX 78735 |
Matthew J Reintjes | director, officer: President and CEO | 5301 SOUTHWEST PARKWAY, SUITE 200, AUSTIN TX 78735 |
Kirk A Zambetti | officer: SVP of Sales | 7601 SOUTHWEST PARKWAY, AUSTIN TX 78735 |
Bryan C. Barksdale | officer: SVP, GC and Secretary | 7601 SOUTHWEST PARKWAY, AUSTIN TX 78735 |
Hollie Sammons Castro | officer: SVP of Talent | 2101 CITYWEST BLVD., HOUSTON TX 77042 |
Paul C Carbone | officer: SVP and CFO | YETI HOLDING, INC., 7601 SOUTHWEST PARKWAY, AUSTIN TX 78735 |
Roy J Seiders | director, 10 percent owner | 5301 SOUTHWEST PARKWAY, SUITE 200, AUSTIN TX 78735 |
Alison Dean | director | C/O IROBOT CORPORATION, 63 SOUTH AVENUE, BURLINGTON MA 01803 |
Tracey D Brown | director | 675 AVENUE OF THE AMERICAS, 6TH FLOOR, NEW YORK NY 10010 |
Cortec Group Gp, Llc | 10 percent owner | 140 EAST 45TH STREET, 43RD FLOOR, NEW YORK NY 10017 |
Mary Lou Kelley | director | 7601 PENN AVENUE SOUTH, RICHFIELD MN 55423 |
Michael K Kienitz | officer: SVP, Operations | 7601 SOUTHWEST PARKWAY, AUSTIN TX 78735 |
Frank D Gibeau | director | 699 8TH STREET, C/O ZYNGA INC., SAN FRANCISCO CA 94103 |
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