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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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for FirstCash Holdings's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of FirstCash Holdings was -0.44. The lowest was -3.01. And the median was -2.59.
The historical data trend for FirstCash 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.
FirstCash Holdings Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.60 | -2.79 | -2.04 | -2.68 | -2.58 |
FirstCash Holdings Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.73 | -2.70 | -2.65 | -2.58 | -2.59 |
For the Credit Services subindustry, FirstCash 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 Credit Services industry and Financial Services sector, FirstCash Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FirstCash 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 FirstCash 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 * 1.034 | + | 0.528 * 0.9679 | + | 0.404 * 0.9523 | + | 0.892 * 1.139 | + | 0.115 * 0.9826 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.055 | + | 4.679 * -0.044738 | - | 0.327 * 1.017 | |||||||
= | -2.59 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $631 Mil. Revenue was 836.37 + 852.134 + 786.301 + 750.622 = $3,225 Mil. Gross Profit was 395.84 + 417.649 + 388.647 + 352.887 = $1,555 Mil. Total Current Assets was $1,257 Mil. Total Assets was $4,247 Mil. Property, Plant and Equipment(Net PPE) was $979 Mil. Depreciation, Depletion and Amortization(DDA) was $538 Mil. Selling, General, & Admin. Expense(SGA) was $180 Mil. Total Current Liabilities was $315 Mil. Long-Term Debt & Capital Lease Obligation was $1,753 Mil. Net Income was 61.368 + 69.589 + 57.144 + 45.18 = $233 Mil. Non Operating Income was 0.94 + -3.486 + -2.717 + 0.486 = $-5 Mil. Cash Flow from Operations was 122.532 + 99.105 + 111.368 + 95.075 = $428 Mil. |
Total Receivables was $536 Mil. Revenue was 762.739 + 749.344 + 672.143 + 647.616 = $2,832 Mil. Gross Profit was 348.056 + 349.135 + 323.292 + 300.972 = $1,321 Mil. Total Current Assets was $1,073 Mil. Total Assets was $3,869 Mil. Property, Plant and Equipment(Net PPE) was $872 Mil. Depreciation, Depletion and Amortization(DDA) was $467 Mil. Selling, General, & Admin. Expense(SGA) was $150 Mil. Total Current Liabilities was $307 Mil. Long-Term Debt & Capital Lease Obligation was $1,546 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) |
= | (631.435 / 3225.427) | / | (536.147 / 2831.842) | |
= | 0.195768 | / | 0.189328 | |
= | 1.034 |
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) | |
= | (1321.455 / 2831.842) | / | (1555.023 / 3225.427) | |
= | 0.466642 | / | 0.482114 | |
= | 0.9679 |
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 - (1257.135 + 978.864) / 4247.452) | / | (1 - (1072.922 + 872.312) / 3869.297) | |
= | 0.473567 | / | 0.497264 | |
= | 0.9523 |
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 | |
= | 3225.427 | / | 2831.842 | |
= | 1.139 |
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)) |
= | (466.795 / (466.795 + 872.312)) | / | (538.211 / (538.211 + 978.864)) | |
= | 0.348587 | / | 0.354769 | |
= | 0.9826 |
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) |
= | (180.355 / 3225.427) | / | (150.097 / 2831.842) | |
= | 0.055917 | / | 0.053003 | |
= | 1.055 |
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) |
= | ((1753.355 + 315.109) / 4247.452) | / | ((1546.047 + 306.69) / 3869.297) | |
= | 0.486989 | / | 0.47883 | |
= | 1.017 |
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 | |
= | (233.281 - -4.777 | - | 428.08) | / | 4247.452 | |
= | -0.044738 |
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.
FirstCash Holdings has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of FirstCash Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
R Douglas Orr | officer: EVP & Chief Financial Officer | 1600 WEST 7TH STREET, FORT WORTH TX 76102 |
Douglas Richard Rippel | director, 10 percent owner | 8425 MYSTIC LAKES, MAIZE KS 67101 |
Randel G Owen | director | C/O EMERGENCY MEDICAL SERVICES CORP, 6200 SOUTH SYRACUSE WAY, GREENWOOD VILLAGE CO 80111 |
Howard F Hambleton | officer: AFF President | 1660 WEST 7TH ST., FORT WORTH TX 76102 |
Raul Ramos | officer: SVP Latin American Operations | 1600 WEST 7TH STREET, FORT WORTH TX 76102 |
James H Graves | director | ERWIN GRAVES & ASSOCIATES, 2100 MCKINNEY AVE STE 900, DALLAS TX 75205 |
Marthea Davis | director | 1600 WEST 7TH ST., FORT WORTH TX 76102 |
Douglas R. Rippel Revocable Trust | 10 percent owner | 7570 W. 21ST STREET N, BUILDING 1010, SUITE C, WICHITA KS 67205 |
Aff Services, Inc. | 10 percent owner | 7570 W. 21ST STREET N, BUILDING 1010, SUITE C, WICHITA KS 67205 |
Paula K Garrett | director | 1600 WEST 7TH ST, FORT WORTH TX 76102 |
Mikel D Faulkner | director | 180 STATE STREET 200, SOUTHLAKE TX 76092 |
Daniel R Feehan | director | CASH AMERICA INTL INC, 1600 W &TH ST, FORT WORTH TX 76102 |
Thomas Brent Stuart | officer: President and COO | 1600 W. 7TH STREET, FORT WORTH TX 76102 |
Anna M Alvarado | officer: General Counsel | 1600 WEST 7TH STREET, FORT WORTH TX 76102 |
Daniel E Berce | director | 801 CHERRY STREET, SUITE 3900, C/O GM FINANCIAL COMPANY, INC., FORT WORTH TX 76102 |
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