PetSmart Beneish M-Score Historical Data
The historical data trend for PetSmart'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.
PetSmart Beneish M-Score Chart
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PetSmart Annual Data
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| Beneish M-Score |
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-2.83 |
-3.05 |
-2.67 |
-2.82 |
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PetSmart Quarterly Data
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| Beneish M-Score |
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-2.82 |
-2.80 |
-2.65 |
-2.21 |
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Competitive Comparison of PetSmart's Beneish M-Score
For the Specialty Retail subindustry, PetSmart'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.
PetSmart's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, PetSmart's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PetSmart's Beneish M-Score falls into.
PetSmart 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 PetSmart 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 * 1.5229 | + | 0.528 * 1.0116 | + | 0.404 * 1.5931 | + | 0.892 * 0.9914 | + | 0.115 * 1.0413 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9822 | + | 4.679 * -0.070065 | - | 0.327 * 0.9999 |
| = | -2.08 |
* 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 (Oct14) TTM: | Last Year (Oct13) TTM: |
Total Receivables was €58 Mil.
Revenue was 1372.163 + 1278.425 + 1251.892 + 1324.772 = €5,227 Mil.
Gross Profit was 404.097 + 380.671 + 384.327 + 415.443 = €1,585 Mil.
Total Current Assets was €1,097 Mil.
Total Assets was €2,138 Mil.
Property, Plant and Equipment(Net PPE) was €728 Mil.
Depreciation, Depletion and Amortization(DDA) was €176 Mil.
Selling, General, & Admin. Expense(SGA) was €1,062 Mil.
Total Current Liabilities was €644 Mil.
Long-Term Debt & Capital Lease Obligation was €355 Mil.
Net Income was 72.711 + 72.508 + 75.127 + 96.533 = €317 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 98.899 + 67.887 + 98.83 + 201.048 = €467 Mil.
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Total Receivables was €39 Mil.
Revenue was 1242.558 + 1303.382 + 1313.738 + 1413.133 = €5,273 Mil.
Gross Profit was 370.145 + 393.628 + 406.845 + 446.265 = €1,617 Mil.
Total Current Assets was €1,027 Mil.
Total Assets was €1,903 Mil.
Property, Plant and Equipment(Net PPE) was €701 Mil.
Depreciation, Depletion and Amortization(DDA) was €178 Mil.
Selling, General, & Admin. Expense(SGA) was €1,090 Mil.
Total Current Liabilities was €556 Mil.
Long-Term Debt & Capital Lease Obligation was €333 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) |
| = | (58.185 / 5227.252) | / | (38.538 / 5272.811) |
| = | 0.011131 | / | 0.007309 |
| | = | 1.5229 |
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) |
| = | (1616.883 / 5272.811) | / | (1584.538 / 5227.252) |
| = | 0.306645 | / | 0.30313 |
| | = | 1.0116 |
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 - (1096.648 + 728.202) / 2137.793) | / | (1 - (1026.776 + 701.227) / 1902.855) |
| = | 0.146386 | / | 0.091889 |
| | = | 1.5931 |
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 |
| = | 5227.252 | / | 5272.811 |
| | = | 0.9914 |
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)) |
| = | (177.782 / (177.782 + 701.227)) | / | (175.528 / (175.528 + 728.202)) |
| = | 0.202253 | / | 0.194226 |
| | = | 1.0413 |
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) |
| = | (1061.643 / 5227.252) | / | (1090.338 / 5272.811) |
| = | 0.203098 | / | 0.206785 |
| | = | 0.9822 |
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) |
| = | ((354.602 + 643.998) / 2137.793) | / | ((332.503 + 556.406) / 1902.855) |
| = | 0.467117 | / | 0.467145 |
| | = | 0.9999 |
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 |
| = | (316.879 - 0 | - | 466.664) | / | 2137.793 |
| | = | -0.070065 |
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.
PetSmart has a M-score of -2.08 suggests that the company is unlikely to be a manipulator.
PetSmart (FRA:PEM) Business Description
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PetSmart Inc was incorporated in the State of Delaware in 1986. The Company provides specialty products, services and solutions for the lifetime needs of pets in North America. It offers a broad selection of products for all the life stages of pets, as well as various pet services including professional grooming, training, day camp for dogs and boarding. It also offers pet products through its website, PetSmart.com. As of 2 February 2014, it operated 1,333 retail stores and had full-service veterinary hospitals in 844 of its stores. MMI Holdings, Inc., through a wholly owned subsidiary, Medical Management International, Inc., operated 837 of the veterinary hospitals under the registered trade name of "Banfield, The Pet Hospital." The remaining 7 hospitals are operated by other third parties in Canada. The Company opened 55 net new stores in 2013 and at the end of the year operated 1,333 retail stores in the United States, Puerto Rico and Canada. Its stores typically range in size from 12,000 to 27,500 square feet and carry a broad selection of high-quality pet products at everyday low prices. It offers approximately 11,000 distinct items in stores and 9,000 additional items on its website, PetSmart.com, including nationally recognized brand names, as well as an extensive selection of proprietary brands across a range of product categories. All the Company's stores feature pet styling salons that provide high-quality grooming services and offer comprehensive pet training services. Its PetsHotels provide boarding for dogs and cats, which includes 24-hour supervision by caregivers who are trained to provide personalized pet care, temperature controlled rooms and suites, daily specialty treats and play time, as well as day camp for dogs. As of 3 February 2014, it operated 199 PetsHotels. The Company's trademarks include PetSmart, PetSmart.com, PetSmart PetsHotel, PetPerks, and Where Pets Are Family, as well as many others.
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