Qurate Retail Beneish M-Score Historical Data
The historical data trend for Qurate Retail'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.
Qurate Retail Beneish M-Score Chart
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Qurate Retail Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.41 |
-2.84 |
-2.65 |
-3.01 |
-2.99 |
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Qurate Retail Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-3.24 |
-2.89 |
-2.99 |
-3.01 |
-2.84 |
Competitive Comparison of Qurate Retail's Beneish M-Score
For the Internet Retail subindustry, Qurate Retail'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.
Qurate Retail's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Qurate Retail's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Qurate Retail's Beneish M-Score falls into.
Qurate Retail 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 Qurate Retail 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 * 1.0628 | + | 0.528 * 0.8826 | + | 0.404 * 0.9969 | + | 0.892 * 0.8969 | + | 0.115 * 1.048 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9845 | + | 4.679 * -0.058049 | - | 0.327 * 1.0036 |
| = | -2.84 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $897 Mil.
Revenue was 2407 + 2342 + 3143 + 2479 = $10,371 Mil.
Gross Profit was 875 + 831 + 1059 + 876 = $3,641 Mil.
Total Current Assets was $3,416 Mil.
Total Assets was $10,939 Mil.
Property, Plant and Equipment(Net PPE) was $1,107 Mil.
Depreciation, Depletion and Amortization(DDA) was $398 Mil.
Selling, General, & Admin. Expense(SGA) was $1,751 Mil.
Total Current Liabilities was $2,543 Mil.
Long-Term Debt & Capital Lease Obligation was $5,095 Mil.
Net Income was 20 + -1 + -273 + 1 = $-253 Mil.
Non Operating Income was -17 + 4 + -331 + -18 = $-362 Mil.
Cash Flow from Operations was 267 + 26 + 317 + 134 = $744 Mil.
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Total Receivables was $941 Mil.
Revenue was 2649 + 2644 + 3526 + 2744 = $11,563 Mil.
Gross Profit was 915 + 835 + 994 + 839 = $3,583 Mil.
Total Current Assets was $3,759 Mil.
Total Assets was $11,799 Mil.
Property, Plant and Equipment(Net PPE) was $1,098 Mil.
Depreciation, Depletion and Amortization(DDA) was $421 Mil.
Selling, General, & Admin. Expense(SGA) was $1,983 Mil.
Total Current Liabilities was $2,397 Mil.
Long-Term Debt & Capital Lease Obligation was $5,812 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) |
| = | (897 / 10371) | / | (941 / 11563) |
| = | 0.086491 | / | 0.08138 |
| | = | 1.0628 |
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) |
| = | (3583 / 11563) | / | (3641 / 10371) |
| = | 0.309868 | / | 0.351075 |
| | = | 0.8826 |
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 - (3416 + 1107) / 10939) | / | (1 - (3759 + 1098) / 11799) |
| = | 0.586525 | / | 0.588355 |
| | = | 0.9969 |
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 |
| = | 10371 | / | 11563 |
| | = | 0.8969 |
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)) |
| = | (421 / (421 + 1098)) | / | (398 / (398 + 1107)) |
| = | 0.277156 | / | 0.264452 |
| | = | 1.048 |
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) |
| = | (1751 / 10371) | / | (1983 / 11563) |
| = | 0.168836 | / | 0.171495 |
| | = | 0.9845 |
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) |
| = | ((5095 + 2543) / 10939) | / | ((5812 + 2397) / 11799) |
| = | 0.698236 | / | 0.695737 |
| | = | 1.0036 |
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 |
| = | (-253 - -362 | - | 744) | / | 10939 |
| | = | -0.058049 |
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.
Qurate Retail has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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