Fast Retailing Co Beneish M-Score Historical Data
The historical data trend for Fast Retailing Co'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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Fast Retailing Co Annual Data
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Trend |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.59 |
-3.00 |
-3.15 |
-2.41 |
-2.46 |
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Fast Retailing Co Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.01 |
-2.23 |
-2.46 |
-2.63 |
-2.81 |
Competitive Comparison
For the Apparel Retail subindustry, Fast Retailing Co'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.
Fast Retailing Co Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, Fast Retailing Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fast Retailing Co's Beneish M-Score falls into.
Fast Retailing Co 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 Fast Retailing Co 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 * 0.7869 | + | 0.528 * 0.9735 | + | 0.404 * 1.1309 | + | 0.892 * 1.0555 | + | 0.115 * 0.9685 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.004 | + | 4.679 * -0.079314 | - | 0.327 * 0.8814 |
| = | -2.92 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $445 Mil.
Revenue was 5267.954 + 5417.146 + 4303.435 + 4933.508 = $19,922 Mil.
Gross Profit was 2689.704 + 2958.484 + 2284.605 + 2656.443 = $10,589 Mil.
Total Current Assets was $15,092 Mil.
Total Assets was $23,366 Mil.
Property, Plant and Equipment(Net PPE) was $4,197 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,331 Mil.
Selling, General, & Admin. Expense(SGA) was $7,731 Mil.
Total Current Liabilities was $4,846 Mil.
Long-Term Debt & Capital Lease Obligation was $2,263 Mil.
Net Income was 588.918 + 720.215 + 398.611 + 621.124 = $2,329 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1438.318 + 716.092 + 1017.541 + 1010.133 = $4,182 Mil.
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Total Receivables was $536 Mil.
Revenue was 5644.328 + 5029.26 + 3962.168 + 4238.533 = $18,874 Mil.
Gross Profit was 2715.115 + 2669.683 + 2061.597 + 2319.575 = $9,766 Mil.
Total Current Assets was $14,648 Mil.
Total Assets was $22,666 Mil.
Property, Plant and Equipment(Net PPE) was $4,521 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,375 Mil.
Selling, General, & Admin. Expense(SGA) was $7,295 Mil.
Total Current Liabilities was $5,279 Mil.
Long-Term Debt & Capital Lease Obligation was $2,546 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) |
| = | (445.376 / 19922.043) | / | (536.227 / 18874.289) |
| = | 0.022356 | / | 0.02841 |
| | = | 0.7869 |
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) |
| = | (9765.97 / 18874.289) | / | (10589.236 / 19922.043) |
| = | 0.517422 | / | 0.531534 |
| | = | 0.9735 |
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 - (15091.929 + 4196.678) / 23365.605) | / | (1 - (14647.705 + 4521.155) / 22665.922) |
| = | 0.174487 | / | 0.154287 |
| | = | 1.1309 |
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 |
| = | 19922.043 | / | 18874.289 |
| | = | 1.0555 |
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)) |
| = | (1375.02 / (1375.02 + 4521.155)) | / | (1331.102 / (1331.102 + 4196.678)) |
| = | 0.233205 | / | 0.240802 |
| | = | 0.9685 |
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) |
| = | (7731.299 / 19922.043) | / | (7295.29 / 18874.289) |
| = | 0.388078 | / | 0.38652 |
| | = | 1.004 |
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) |
| = | ((2263.456 + 4846.386) / 23365.605) | / | ((2545.708 + 5279.162) / 22665.922) |
| = | 0.304287 | / | 0.345226 |
| | = | 0.8814 |
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 |
| = | (2328.868 - 0 | - | 4182.084) | / | 23365.605 |
| | = | -0.079314 |
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.
Fast Retailing Co has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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