Fast Retailing Co Beneish M-Score Historical Data
The historical data trend for Fast Retailing 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.
Fast Retailing Co Beneish M-Score Chart
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Fast Retailing Co Annual Data
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Aug23 |
| Beneish M-Score |
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-2.59 |
-3.00 |
-3.15 |
-2.41 |
-2.46 |
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Fast Retailing Co Quarterly Data
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May19 |
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Feb24 |
| Beneish M-Score |
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-2.01 |
-2.23 |
-2.46 |
-2.63 |
-2.81 |
Competitive Comparison of Fast Retailing Co's Beneish M-Score
For the Apparel Retail subindustry, Fast Retailing 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.
Fast Retailing Co's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Fast Retailing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fast Retailing Co's Beneish M-Score falls into.
Fast Retailing 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 Fast Retailing 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 * 0.8216 | + | 0.528 * 0.9738 | + | 0.404 * 1.1309 | + | 0.892 * 1.1368 | + | 0.115 * 1.0001 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0039 | + | 4.679 * -0.07706 | - | 0.327 * 0.8814 |
| = | -2.81 |
* 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 円66,635 Mil.
Revenue was 788165 + 810833 + 623053 + 676153 = 円2,898,204 Mil.
Gross Profit was 402420 + 442823 + 330766 + 364074 = 円1,540,083 Mil.
Total Current Assets was 円2,257,979 Mil.
Total Assets was 円3,495,845 Mil.
Property, Plant and Equipment(Net PPE) was 円627,886 Mil.
Depreciation, Depletion and Amortization(DDA) was 円193,370 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,124,230 Mil.
Total Current Liabilities was 円725,092 Mil.
Long-Term Debt & Capital Lease Obligation was 円338,647 Mil.
Net Income was 88111 + 107801 + 57711 + 85127 = 円338,750 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 215194 + 107184 + 147320 + 138442 = 円608,140 Mil.
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Total Receivables was 円71,343 Mil.
Revenue was 750957 + 716393 + 536016 + 546129 = 円2,549,495 Mil.
Gross Profit was 361236 + 380283 + 278900 + 298874 = 円1,319,293 Mil.
Total Current Assets was 円1,948,823 Mil.
Total Assets was 円3,015,617 Mil.
Property, Plant and Equipment(Net PPE) was 円601,523 Mil.
Depreciation, Depletion and Amortization(DDA) was 円185,274 Mil.
Selling, General, & Admin. Expense(SGA) was 円985,098 Mil.
Total Current Liabilities was 円702,373 Mil.
Long-Term Debt & Capital Lease Obligation was 円338,697 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) |
| = | (66635 / 2898204) | / | (71343 / 2549495) |
| = | 0.022992 | / | 0.027983 |
| | = | 0.8216 |
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) |
| = | (1319293 / 2549495) | / | (1540083 / 2898204) |
| = | 0.517472 | / | 0.531392 |
| | = | 0.9738 |
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 - (2257979 + 627886) / 3495845) | / | (1 - (1948823 + 601523) / 3015617) |
| = | 0.174487 | / | 0.154287 |
| | = | 1.1309 |
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 |
| = | 2898204 | / | 2549495 |
| | = | 1.1368 |
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)) |
| = | (185274 / (185274 + 601523)) | / | (193370 / (193370 + 627886)) |
| = | 0.235479 | / | 0.235456 |
| | = | 1.0001 |
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) |
| = | (1124230 / 2898204) | / | (985098 / 2549495) |
| = | 0.387906 | / | 0.386389 |
| | = | 1.0039 |
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) |
| = | ((338647 + 725092) / 3495845) | / | ((338697 + 702373) / 3015617) |
| = | 0.304287 | / | 0.345226 |
| | = | 0.8814 |
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 |
| = | (338750 - 0 | - | 608140) | / | 3495845 |
| | = | -0.07706 |
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.
Fast Retailing Co has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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