G-III Apparel Group Beneish M-Score Historical Data
The historical data trend for G-III Apparel 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.
G-III Apparel Group Beneish M-Score Chart
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G-III Apparel Group Annual Data
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Jan15 |
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Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.36 |
-2.48 |
-2.20 |
-1.90 |
-3.41 |
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G-III Apparel Group Quarterly Data
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Apr19 |
Jul19 |
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Jan24 |
| Beneish M-Score |
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-1.90 |
-2.52 |
-2.61 |
-3.11 |
-3.41 |
Competitive Comparison of G-III Apparel Group's Beneish M-Score
For the Apparel Manufacturing subindustry, G-III Apparel 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.
G-III Apparel Group's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, G-III Apparel Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where G-III Apparel Group's Beneish M-Score falls into.
G-III Apparel 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 G-III Apparel 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 * 0.8677 | + | 0.528 * 0.8514 | + | 0.404 * 0.9884 | + | 0.892 * 0.9602 | + | 0.115 * 0.9406 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1554 | + | 4.679 * -0.149751 | - | 0.327 * 0.8575 |
| = | -3.41 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $562 Mil.
Revenue was 764.782 + 1067.11 + 659.761 + 606.589 = $3,098 Mil.
Gross Profit was 281.981 + 433.413 + 276.653 + 249.801 = $1,242 Mil.
Total Current Assets was $1,660 Mil.
Total Assets was $2,681 Mil.
Property, Plant and Equipment(Net PPE) was $272 Mil.
Depreciation, Depletion and Amortization(DDA) was $28 Mil.
Selling, General, & Admin. Expense(SGA) was $924 Mil.
Total Current Liabilities was $494 Mil.
Long-Term Debt & Capital Lease Obligation was $581 Mil.
Net Income was 28.854 + 127.64 + 16.438 + 3.236 = $176 Mil.
Non Operating Income was -7.721 + -3.351 + 0.192 + 0.973 = $-10 Mil.
Cash Flow from Operations was 361.311 + 13.792 + 10.648 + 201.831 = $588 Mil.
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Total Receivables was $675 Mil.
Revenue was 854.428 + 1078.299 + 605.244 + 688.757 = $3,227 Mil.
Gross Profit was 281.545 + 344.627 + 228.926 + 246.039 = $1,101 Mil.
Total Current Assets was $1,653 Mil.
Total Assets was $2,712 Mil.
Property, Plant and Equipment(Net PPE) was $293 Mil.
Depreciation, Depletion and Amortization(DDA) was $28 Mil.
Selling, General, & Admin. Expense(SGA) was $833 Mil.
Total Current Liabilities was $579 Mil.
Long-Term Debt & Capital Lease Obligation was $689 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) |
| = | (562.363 / 3098.242) | / | (674.963 / 3226.728) |
| = | 0.18151 | / | 0.209179 |
| | = | 0.8677 |
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) |
| = | (1101.137 / 3226.728) | / | (1241.848 / 3098.242) |
| = | 0.341255 | / | 0.400823 |
| | = | 0.8514 |
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 - (1660.318 + 271.97) / 2681.164) | / | (1 - (1652.5 + 293.407) / 2712.405) |
| = | 0.27931 | / | 0.28259 |
| | = | 0.9884 |
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 |
| = | 3098.242 | / | 3226.728 |
| | = | 0.9602 |
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)) |
| = | (27.762 / (27.762 + 293.407)) | / | (27.523 / (27.523 + 271.97)) |
| = | 0.08644 | / | 0.091899 |
| | = | 0.9406 |
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) |
| = | (924.223 / 3098.242) | / | (833.112 / 3226.728) |
| = | 0.298306 | / | 0.258191 |
| | = | 1.1554 |
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) |
| = | ((581.054 + 493.628) / 2681.164) | / | ((688.814 + 579.069) / 2712.405) |
| = | 0.400827 | / | 0.467439 |
| | = | 0.8575 |
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 |
| = | (176.168 - -9.907 | - | 587.582) | / | 2681.164 |
| | = | -0.149751 |
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.
G-III Apparel Group has a M-score of -3.41 suggests that the company is unlikely to be a manipulator.
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