Sally Beauty Holdings Beneish M-Score Historical Data
The historical data trend for Sally Beauty Holdings'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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Sally Beauty Holdings Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.42 |
-3.39 |
-2.52 |
-2.26 |
-2.51 |
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Sally Beauty Holdings 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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-2.33 |
-2.28 |
-2.35 |
-2.51 |
-2.54 |
Competitive Comparison
For the Specialty Retail subindustry, Sally Beauty Holdings'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.
Sally Beauty Holdings Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Sally Beauty Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sally Beauty Holdings's Beneish M-Score falls into.
Sally Beauty Holdings 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 Sally Beauty Holdings 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 * 1.0661 | + | 0.528 * 0.9923 | + | 0.404 * 0.9994 | + | 0.892 * 0.9763 | + | 0.115 * 0.9679 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0264 | + | 4.679 * -0.024168 | - | 0.327 * 0.9282 |
| = | -2.54 |
* 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 $78 Mil.
Revenue was 931.302 + 921.356 + 931.008 + 918.712 = $3,702 Mil.
Gross Profit was 467.176 + 466.562 + 474.705 + 468.339 = $1,877 Mil.
Total Current Assets was $1,263 Mil.
Total Assets was $2,731 Mil.
Property, Plant and Equipment(Net PPE) was $837 Mil.
Depreciation, Depletion and Amortization(DDA) was $105 Mil.
Selling, General, & Admin. Expense(SGA) was $1,563 Mil.
Total Current Liabilities was $573 Mil.
Long-Term Debt & Capital Lease Obligation was $1,504 Mil.
Net Income was 38.39 + 42.581 + 50.821 + 40.861 = $173 Mil.
Non Operating Income was 0.085 + 0.872 + -0.397 + -7.274 = $-7 Mil.
Cash Flow from Operations was 51.02 + 116.54 + 53.123 + 24.697 = $245 Mil.
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Total Receivables was $75 Mil.
Revenue was 957.055 + 962.46 + 961.467 + 911.387 = $3,792 Mil.
Gross Profit was 488.574 + 463.496 + 490.208 + 465.332 = $1,908 Mil.
Total Current Assets was $1,219 Mil.
Total Assets was $2,669 Mil.
Property, Plant and Equipment(Net PPE) was $832 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $1,559 Mil.
Total Current Liabilities was $677 Mil.
Long-Term Debt & Capital Lease Obligation was $1,509 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) |
| = | (78.489 / 3702.378) | / | (75.412 / 3792.369) |
| = | 0.0212 | / | 0.019885 |
| | = | 1.0661 |
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) |
| = | (1907.61 / 3792.369) | / | (1876.782 / 3702.378) |
| = | 0.503013 | / | 0.506913 |
| | = | 0.9923 |
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 - (1262.864 + 836.538) / 2731.386) | / | (1 - (1219.201 + 831.538) / 2668.546) |
| = | 0.231379 | / | 0.231514 |
| | = | 0.9994 |
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 |
| = | 3702.378 | / | 3792.369 |
| | = | 0.9763 |
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)) |
| = | (100.793 / (100.793 + 831.538)) | / | (105.187 / (105.187 + 836.538)) |
| = | 0.108109 | / | 0.111696 |
| | = | 0.9679 |
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) |
| = | (1562.504 / 3702.378) | / | (1559.278 / 3792.369) |
| = | 0.422027 | / | 0.411162 |
| | = | 1.0264 |
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) |
| = | ((1504.227 + 573.069) / 2731.386) | / | ((1509.343 + 677.266) / 2668.546) |
| = | 0.760528 | / | 0.819401 |
| | = | 0.9282 |
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 |
| = | (172.653 - -6.714 | - | 245.38) | / | 2731.386 |
| | = | -0.024168 |
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.
Sally Beauty Holdings has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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