Tiffany Beneish M-Score Historical Data
The historical data trend for Tiffany'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.
Tiffany Beneish M-Score Chart
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Tiffany Annual Data
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Jan11 |
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Jan16 |
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Jan19 |
Jan20 |
| Beneish M-Score |
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-2.82 |
-2.70 |
-3.02 |
-2.34 |
-2.70 |
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Tiffany Quarterly Data
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Jan16 |
Apr16 |
Jul16 |
Oct16 |
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Apr18 |
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Apr19 |
Jul19 |
Oct19 |
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Jul20 |
Oct20 |
| Beneish M-Score |
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-2.65 |
-2.70 |
-2.85 |
-2.89 |
-2.89 |
Competitive Comparison of Tiffany's Beneish M-Score
For the Luxury Goods subindustry, Tiffany'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.
Tiffany's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Tiffany's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tiffany's Beneish M-Score falls into.
Tiffany 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 Tiffany 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 * 1.0986 | + | 0.528 * 1.0097 | + | 0.404 * 0.9286 | + | 0.892 * 0.8363 | + | 0.115 * 0.9659 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.12 | + | 4.679 * -0.061007 | - | 0.327 * 1.0535 |
| = | -2.89 |
* 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 (Oct20) TTM: | Last Year (Oct19) TTM: |
Total Receivables was $200 Mil.
Revenue was 1008.2 + 747.1 + 555.5 + 1357.9 = $3,669 Mil.
Gross Profit was 643.5 + 461.6 + 309 + 859.2 = $2,273 Mil.
Total Current Assets was $4,150 Mil.
Total Assets was $6,935 Mil.
Property, Plant and Equipment(Net PPE) was $2,220 Mil.
Depreciation, Depletion and Amortization(DDA) was $273 Mil.
Selling, General, & Admin. Expense(SGA) was $1,885 Mil.
Total Current Liabilities was $1,300 Mil.
Long-Term Debt & Capital Lease Obligation was $1,884 Mil.
Net Income was 119 + 31.9 + -64.6 + 201.2 = $288 Mil.
Non Operating Income was -5.7 + 0.8 + 25.4 + -1.6 = $19 Mil.
Cash Flow from Operations was 297.8 + 204.3 + -217.6 + 407.2 = $692 Mil.
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Total Receivables was $218 Mil.
Revenue was 1014.6 + 1048.5 + 1003.1 + 1320.6 = $4,387 Mil.
Gross Profit was 625.7 + 657.7 + 619.2 + 842 = $2,745 Mil.
Total Current Assets was $3,601 Mil.
Total Assets was $6,259 Mil.
Property, Plant and Equipment(Net PPE) was $2,109 Mil.
Depreciation, Depletion and Amortization(DDA) was $250 Mil.
Selling, General, & Admin. Expense(SGA) was $2,013 Mil.
Total Current Liabilities was $877 Mil.
Long-Term Debt & Capital Lease Obligation was $1,851 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) |
| = | (200.3 / 3668.7) | / | (218 / 4386.8) |
| = | 0.054597 | / | 0.049695 |
| | = | 1.0986 |
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) |
| = | (2744.6 / 4386.8) | / | (2273.3 / 3668.7) |
| = | 0.62565 | / | 0.619647 |
| | = | 1.0097 |
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 - (4149.9 + 2220.3) / 6935.3) | / | (1 - (3600.8 + 2109) / 6259) |
| = | 0.081482 | / | 0.087746 |
| | = | 0.9286 |
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 |
| = | 3668.7 | / | 4386.8 |
| | = | 0.8363 |
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)) |
| = | (249.7 / (249.7 + 2109)) | / | (273.3 / (273.3 + 2220.3)) |
| = | 0.105863 | / | 0.109601 |
| | = | 0.9659 |
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) |
| = | (1885 / 3668.7) | / | (2012.5 / 4386.8) |
| = | 0.513806 | / | 0.458763 |
| | = | 1.12 |
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) |
| = | ((1884.4 + 1299.8) / 6935.3) | / | ((1850.5 + 877.2) / 6259) |
| = | 0.459129 | / | 0.435804 |
| | = | 1.0535 |
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 |
| = | (287.5 - 18.9 | - | 691.7) | / | 6935.3 |
| | = | -0.061007 |
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.
Tiffany has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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