PVH Beneish M-Score Historical Data
The historical data trend for PVH'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.
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PVH Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.66 |
-2.98 |
-2.41 |
-2.05 |
-2.76 |
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PVH Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.05 |
-2.30 |
-2.33 |
-2.44 |
-2.76 |
Competitive Comparison
For the Apparel Manufacturing subindustry, PVH'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.
PVH Beneish M-Score Distribution
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, PVH's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PVH's Beneish M-Score falls into.
PVH 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 PVH 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 * 0.8361 | + | 0.528 * 0.9757 | + | 0.404 * 1.0267 | + | 0.892 * 1.0214 | + | 0.115 * 0.9588 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.027 | + | 4.679 * -0.032829 | - | 0.327 * 0.9415 |
| = | -2.76 |
* 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 $807 Mil.
Revenue was 2489.9 + 2362.9 + 2207 + 2157.9 = $9,218 Mil.
Gross Profit was 1501.2 + 1339.4 + 1272.3 + 1250.3 = $5,363 Mil.
Total Current Assets was $3,260 Mil.
Total Assets was $11,173 Mil.
Property, Plant and Equipment(Net PPE) was $2,076 Mil.
Depreciation, Depletion and Amortization(DDA) was $299 Mil.
Selling, General, & Admin. Expense(SGA) was $4,495 Mil.
Total Current Liabilities was $2,772 Mil.
Long-Term Debt & Capital Lease Obligation was $2,668 Mil.
Net Income was 271.8 + 161.6 + 94.2 + 136 = $664 Mil.
Non Operating Income was 24.8 + 14.2 + 9.5 + 12.5 = $61 Mil.
Cash Flow from Operations was 657.7 + 115.5 + 271.6 + -75.4 = $969 Mil.
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Total Receivables was $945 Mil.
Revenue was 2488.7 + 2280.8 + 2132 + 2122.7 = $9,024 Mil.
Gross Profit was 1390.5 + 1274.2 + 1219.5 + 1238.7 = $5,123 Mil.
Total Current Assets was $3,580 Mil.
Total Assets was $11,768 Mil.
Property, Plant and Equipment(Net PPE) was $2,200 Mil.
Depreciation, Depletion and Amortization(DDA) was $302 Mil.
Selling, General, & Admin. Expense(SGA) was $4,286 Mil.
Total Current Liabilities was $2,768 Mil.
Long-Term Debt & Capital Lease Obligation was $3,317 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) |
| = | (807.2 / 9217.7) | / | (945.2 / 9024.2) |
| = | 0.087571 | / | 0.104741 |
| | = | 0.8361 |
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) |
| = | (5122.9 / 9024.2) | / | (5363.2 / 9217.7) |
| = | 0.567685 | / | 0.581837 |
| | = | 0.9757 |
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 - (3259.7 + 2076.4) / 11172.9) | / | (1 - (3580.4 + 2199.7) / 11768.3) |
| = | 0.522407 | / | 0.508842 |
| | = | 1.0267 |
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 |
| = | 9217.7 | / | 9024.2 |
| | = | 1.0214 |
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)) |
| = | (301.5 / (301.5 + 2199.7)) | / | (298.6 / (298.6 + 2076.4)) |
| = | 0.120542 | / | 0.125726 |
| | = | 0.9588 |
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) |
| = | (4495.4 / 9217.7) | / | (4285.5 / 9024.2) |
| = | 0.487692 | / | 0.47489 |
| | = | 1.027 |
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) |
| = | ((2667.5 + 2771.5) / 11172.9) | / | ((3317 + 2767.5) / 11768.3) |
| = | 0.486803 | / | 0.517025 |
| | = | 0.9415 |
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 |
| = | (663.6 - 61 | - | 969.4) | / | 11172.9 |
| | = | -0.032829 |
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.
PVH has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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