Fossil Group Beneish M-Score Historical Data
The historical data trend for Fossil Group'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.
Fossil Group Beneish M-Score Chart
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Fossil Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.66 |
-2.41 |
-2.43 |
-2.68 |
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Fossil Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.43 |
-2.55 |
-2.71 |
-3.03 |
-2.68 |
Competitive Comparison of Fossil Group's Beneish M-Score
For the Luxury Goods subindustry, Fossil Group'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.
Fossil Group's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Fossil Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fossil Group's Beneish M-Score falls into.
Fossil Group 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 Fossil Group 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 * 1.1215 | + | 0.528 * 1.0266 | + | 0.404 * 1.3359 | + | 0.892 * 0.8163 | + | 0.115 * 1.0631 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1266 | + | 4.679 * -0.058616 | - | 0.327 * 1.0979 |
| = | -2.70 |
* 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 €225 Mil.
Revenue was 386.296 + 322.441 + 297.175 + 303.584 = €1,309 Mil.
Gross Profit was 183.89 + 151.478 + 144.604 + 150.11 = €630 Mil.
Total Current Assets was €652 Mil.
Total Assets was €897 Mil.
Property, Plant and Equipment(Net PPE) was €191 Mil.
Depreciation, Depletion and Amortization(DDA) was €18 Mil.
Selling, General, & Admin. Expense(SGA) was €721 Mil.
Total Current Liabilities was €314 Mil.
Long-Term Debt & Capital Lease Obligation was €316 Mil.
Net Income was -25.891 + -57.215 + -24.486 + -38.539 = €-146 Mil.
Non Operating Income was -16.689 + -18.476 + 2.196 + -4.127 = €-37 Mil.
Cash Flow from Operations was 44.477 + -23.344 + 2.597 + -80.195 = €-56 Mil.
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Total Receivables was €246 Mil.
Revenue was 471.195 + 440.634 + 351.125 + 341.275 = €1,604 Mil.
Gross Profit was 222.215 + 221.816 + 181.016 + 167.356 = €792 Mil.
Total Current Assets was €892 Mil.
Total Assets was €1,169 Mil.
Property, Plant and Equipment(Net PPE) was €224 Mil.
Depreciation, Depletion and Amortization(DDA) was €22 Mil.
Selling, General, & Admin. Expense(SGA) was €784 Mil.
Total Current Liabilities was €402 Mil.
Long-Term Debt & Capital Lease Obligation was €346 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) |
| = | (224.901 / 1309.496) | / | (245.666 / 1604.229) |
| = | 0.171746 | / | 0.153136 |
| | = | 1.1215 |
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) |
| = | (792.403 / 1604.229) | / | (630.082 / 1309.496) |
| = | 0.493946 | / | 0.481164 |
| | = | 1.0266 |
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 - (651.703 + 190.96) / 896.854) | / | (1 - (892.363 + 223.567) / 1168.793) |
| = | 0.060423 | / | 0.045229 |
| | = | 1.3359 |
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 |
| = | 1309.496 | / | 1604.229 |
| | = | 0.8163 |
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)) |
| = | (22.187 / (22.187 + 223.567)) | / | (17.721 / (17.721 + 190.96)) |
| = | 0.090281 | / | 0.084919 |
| | = | 1.0631 |
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) |
| = | (720.859 / 1309.496) | / | (783.884 / 1604.229) |
| = | 0.550486 | / | 0.488636 |
| | = | 1.1266 |
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) |
| = | ((316.023 + 314.051) / 896.854) | / | ((345.806 + 402.068) / 1168.793) |
| = | 0.702538 | / | 0.639869 |
| | = | 1.0979 |
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 |
| = | (-146.131 - -37.096 | - | -56.465) | / | 896.854 |
| | = | -0.058616 |
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.
Fossil Group has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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