hhgregg Beneish M-Score Historical Data
The historical data trend for hhgregg'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.
hhgregg Beneish M-Score Chart
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hhgregg Annual Data
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Trend |
Mar07 |
Mar08 |
Mar09 |
Mar10 |
Mar11 |
Mar12 |
Mar13 |
Mar14 |
Mar15 |
Mar16 |
| Beneish M-Score |
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-2.54 |
-2.75 |
-3.39 |
-4.65 |
-3.20 |
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hhgregg Semi-Annual Data
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Mar03 |
Mar04 |
Mar05 |
Mar06 |
Mar07 |
Mar08 |
Mar09 |
Mar10 |
Mar11 |
Mar12 |
Mar13 |
Mar14 |
Mar15 |
Mar16 |
| Beneish M-Score |
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-2.54 |
-2.75 |
-3.39 |
-4.65 |
-3.23 |
Competitive Comparison of hhgregg's Beneish M-Score
For the Specialty Retail subindustry, hhgregg'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.
hhgregg's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, hhgregg's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where hhgregg's Beneish M-Score falls into.
hhgregg 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 hhgregg 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 * 0.8698 | + | 0.528 * 1.007 | + | 0.404 * 0.4484 | + | 0.892 * 0.9205 | + | 0.115 * 0.8909 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9726 | + | 4.679 * -0.031626 | - | 0.327 * 1.1 |
| = | -3.08 |
* 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 (Mar16) TTM: | Last Year (Mar15) TTM: |
Total Receivables was $27 Mil.
Revenue was $1,960 Mil.
Gross Profit was $554 Mil.
Total Current Assets was $294 Mil.
Total Assets was $385 Mil.
Property, Plant and Equipment(Net PPE) was $87 Mil.
Depreciation, Depletion and Amortization(DDA) was $32 Mil.
Selling, General, & Admin. Expense(SGA) was $553 Mil.
Total Current Liabilities was $194 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was $-55 Mil.
Gross Profit was $-21 Mil.
Cash Flow from Operations was $-22 Mil.
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Total Receivables was $34 Mil.
Revenue was $2,129 Mil.
Gross Profit was $606 Mil.
Total Current Assets was $328 Mil.
Total Assets was $468 Mil.
Property, Plant and Equipment(Net PPE) was $128 Mil.
Depreciation, Depletion and Amortization(DDA) was $40 Mil.
Selling, General, & Admin. Expense(SGA) was $617 Mil.
Total Current Liabilities was $214 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (27.173 / 1959.998) | / | (33.942 / 2129.374) |
| = | 0.013864 | / | 0.01594 |
| | = | 0.8698 |
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) |
| = | (605.838 / 2129.374) | / | (553.782 / 1959.998) |
| = | 0.284515 | / | 0.282542 |
| | = | 1.007 |
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 - (293.768 + 87.472) / 385.352) | / | (1 - (328.393 + 128.107) / 467.629) |
| = | 0.010671 | / | 0.023799 |
| | = | 0.4484 |
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 |
| = | 1959.998 | / | 2129.374 |
| | = | 0.9205 |
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)) |
| = | (40.2 / (40.2 + 128.107)) | / | (32.043 / (32.043 + 87.472)) |
| = | 0.238849 | / | 0.268109 |
| | = | 0.8909 |
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) |
| = | (552.554 / 1959.998) | / | (617.217 / 2129.374) |
| = | 0.281916 | / | 0.289858 |
| | = | 0.9726 |
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) |
| = | ((0 + 194.079) / 385.352) | / | ((0 + 214.097) / 467.629) |
| = | 0.503641 | / | 0.457835 |
| | = | 1.1 |
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 |
| = | (-54.879 - -20.91 | - | -21.782) | / | 385.352 |
| | = | -0.031626 |
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.
hhgregg has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
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