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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for The ODP's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of The ODP was -0.01. The lowest was -3.38. And the median was -2.66.
The historical data trend for The ODP'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.
The ODP Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.68 | -3.26 | -3.01 | -2.44 | -2.74 |
The ODP Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.80 | -2.92 | -2.85 | -2.74 | -2.62 |
For the Specialty Retail subindustry, The ODP'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.
For the Retail - Cyclical industry and Consumer Cyclical sector, The ODP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The ODP's Beneish M-Score falls into.
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 The ODP 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 * 0.986 | + | 0.528 * 0.9812 | + | 0.404 * 0.9464 | + | 0.892 * 0.9019 | + | 0.115 * 1.192 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0226 | + | 4.679 * -0.006961 | - | 0.327 * 0.9939 | |||||||
= | -2.62 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $466 Mil. Revenue was 1871 + 1806 + 2009 + 1908 = $7,594 Mil. Gross Profit was 410 + 396 + 474 + 415 = $1,695 Mil. Total Current Assets was $1,524 Mil. Total Assets was $3,735 Mil. Property, Plant and Equipment(Net PPE) was $1,338 Mil. Depreciation, Depletion and Amortization(DDA) was $114 Mil. Selling, General, & Admin. Expense(SGA) was $1,459 Mil. Total Current Liabilities was $1,624 Mil. Long-Term Debt & Capital Lease Obligation was $906 Mil. Net Income was 15 + -37 + 70 + 34 = $82 Mil. Non Operating Income was -27 + -73 + -1 + -3 = $-104 Mil. Cash Flow from Operations was 38 + 70 + 112 + -8 = $212 Mil. |
Total Receivables was $524 Mil. Revenue was 2108 + 2106 + 2172 + 2034 = $8,420 Mil. Gross Profit was 481 + 446 + 486 + 431 = $1,844 Mil. Total Current Assets was $1,813 Mil. Total Assets was $4,041 Mil. Property, Plant and Equipment(Net PPE) was $1,230 Mil. Depreciation, Depletion and Amortization(DDA) was $127 Mil. Selling, General, & Admin. Expense(SGA) was $1,582 Mil. Total Current Liabilities was $1,845 Mil. Long-Term Debt & Capital Lease Obligation was $909 Mil. |
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) |
= | (466 / 7594) | / | (524 / 8420) | |
= | 0.061364 | / | 0.062233 | |
= | 0.986 |
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) | |
= | (1844 / 8420) | / | (1695 / 7594) | |
= | 0.219002 | / | 0.223203 | |
= | 0.9812 |
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 - (1524 + 1338) / 3735) | / | (1 - (1813 + 1230) / 4041) | |
= | 0.233735 | / | 0.246969 | |
= | 0.9464 |
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 | |
= | 7594 | / | 8420 | |
= | 0.9019 |
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)) |
= | (127 / (127 + 1230)) | / | (114 / (114 + 1338)) | |
= | 0.093589 | / | 0.078512 | |
= | 1.192 |
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) |
= | (1459 / 7594) | / | (1582 / 8420) | |
= | 0.192125 | / | 0.187886 | |
= | 1.0226 |
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) |
= | ((906 + 1624) / 3735) | / | ((909 + 1845) / 4041) | |
= | 0.677376 | / | 0.681514 | |
= | 0.9939 |
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 | |
= | (82 - -104 | - | 212) | / | 3735 | |
= | -0.006961 |
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.
The ODP has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of The ODP's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Kevin Moffitt | officer: SVP, Chief Retail Officer | 6600 NORTH MILITARY TRAIL, LEGAL DEPARTMENT, BOCA RATON FL 33496 |
Diego Anthony Scaglione | officer: EVP & Chief Financial Officer | 6600 NORTH MILITARY TRAIL, LEGAL DEPARTMENT, BOCA RATON FL 33496 |
Gerry P Smith | director, officer: Chief Executive Officer | 6600 NORTH MILITARY TRAIL, LEGAL DEPARTMENT, BOCA RATON FL 33496 |
John Gannfors | officer: EVP-Transformation & Strategic, other: Sourcing | 6600 NORTH MILITARY TRAIL, LEGAL DEPARTMENT, BOCA RATON FL 33496 |
Zoe Maloney | officer: EVP, Chief HR Officer | 6600 N MILITARY TRAIL, LEGAL DEPARTMENT, BOCA RATON FL 33496 |
Max Hood | officer: SVP & Chief Accounting Officer | 6600 NORTH MILITARY TRAIL, BOCA RATON, FL FL 33496 |
Sarah E. Hlavinka | officer: EVP-Chief Legal Officer & Secy | 2111 N MOLTER RD, LIBERTY LAKE WA 99019 |
David C Centrella | officer: EVP - Business Solutions Div | 6600 NORTH MILITARY TRAIL, LEGAL DEPARTMENT, BOCA RATON FL 33496 |
N. David Bleisch | officer: EVP-Chief Legal Officer & Secy | C/O THE ADT CORPORATION, 1501 YAMATO ROAD, BOCA RATON FL 33431 |
Stephen M. Mohan | officer: EVP - Business Solutions Div | 6600 NORTH MILITARY TRAIL, LEGAL DEPARTMENT, BOCA RATON FL 33496 |
Haas Richard A. Jr | officer: SVP & Chief Accounting Officer | 6600 NORTH MILITARY TRAIL, LEGAL DEPARTMENT, BOCA RATON FL 33496 |
Marcus Dunlop | director | 330 MADISON AVENUE, FLOOR 23, NEW YORK NY 10017 |
Wendy Lee Schoppert | director | 6105 TRENTON LANE NORTH, MINNEAPOLIS MN 55442 |
Terry Leeper | officer: EVP, Chief Technology Officer | 6600 NORTH MILITARY TRAIL, LEGAL DEPARTMENT, BOCA RATON FL 33496 |
Shashank Samant | director | 6600 NORTH MILITARY TRAIL, LEGAL DEPARTMENT, BOCA RATON FL 33496 |
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