Dunkin' Brands Group Beneish M-Score Historical Data
The historical data trend for Dunkin' Brands Group'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.
Dunkin' Brands Group Beneish M-Score Chart
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Dunkin' Brands Group Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-2.77 |
-2.74 |
-2.08 |
-2.45 |
-2.40 |
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Dunkin' Brands Group Quarterly Data
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Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
| Beneish M-Score |
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-2.37 |
-2.40 |
-2.43 |
-2.28 |
-2.54 |
Competitive Comparison of Dunkin' Brands Group's Beneish M-Score
For the Restaurants subindustry, Dunkin' Brands Group'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.
Dunkin' Brands Group's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Dunkin' Brands Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dunkin' Brands Group's Beneish M-Score falls into.
Dunkin' Brands Group 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 Dunkin' Brands Group 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 * 1.2454 | + | 0.528 * 0.9983 | + | 0.404 * 0.9785 | + | 0.892 * 0.9661 | + | 0.115 * 0.8889 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0175 | + | 4.679 * -0.020765 | - | 0.327 * 0.9842 |
| = | -2.40 |
* 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 (Sep20) TTM: | Last Year (Sep19) TTM: |
Total Receivables was $143 Mil.
Revenue was 361.543 + 287.376 + 323.144 + 335.917 = $1,308 Mil.
Gross Profit was 342.267 + 269.39 + 304.996 + 319.87 = $1,237 Mil.
Total Current Assets was $913 Mil.
Total Assets was $3,889 Mil.
Property, Plant and Equipment(Net PPE) was $565 Mil.
Depreciation, Depletion and Amortization(DDA) was $46 Mil.
Selling, General, & Admin. Expense(SGA) was $800 Mil.
Total Current Liabilities was $564 Mil.
Long-Term Debt & Capital Lease Obligation was $3,350 Mil.
Net Income was 73.968 + 36.45 + 52.113 + 57.714 = $220 Mil.
Non Operating Income was 7.313 + 4.011 + 2.922 + 4.076 = $18 Mil.
Cash Flow from Operations was 131.002 + 48.976 + -37.255 + 139.955 = $283 Mil.
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Total Receivables was $119 Mil.
Revenue was 355.882 + 359.337 + 319.091 + 319.624 = $1,354 Mil.
Gross Profit was 334.816 + 337.319 + 302.451 + 303.168 = $1,278 Mil.
Total Current Assets was $799 Mil.
Total Assets was $3,802 Mil.
Property, Plant and Equipment(Net PPE) was $594 Mil.
Depreciation, Depletion and Amortization(DDA) was $43 Mil.
Selling, General, & Admin. Expense(SGA) was $814 Mil.
Total Current Liabilities was $493 Mil.
Long-Term Debt & Capital Lease Obligation was $3,395 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) |
| = | (142.844 / 1307.98) | / | (118.726 / 1353.934) |
| = | 0.10921 | / | 0.08769 |
| | = | 1.2454 |
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) |
| = | (1277.754 / 1353.934) | / | (1236.523 / 1307.98) |
| = | 0.943734 | / | 0.945368 |
| | = | 0.9983 |
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 - (912.532 + 565.464) / 3889.004) | / | (1 - (799.049 + 594.18) / 3802.181) |
| = | 0.619955 | / | 0.633571 |
| | = | 0.9785 |
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 |
| = | 1307.98 | / | 1353.934 |
| | = | 0.9661 |
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)) |
| = | (42.873 / (42.873 + 594.18)) | / | (46.318 / (46.318 + 565.464)) |
| = | 0.067299 | / | 0.07571 |
| | = | 0.8889 |
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) |
| = | (799.967 / 1307.98) | / | (813.8 / 1353.934) |
| = | 0.611605 | / | 0.601063 |
| | = | 1.0175 |
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) |
| = | ((3349.559 + 564.378) / 3889.004) | / | ((3395.456 + 492.528) / 3802.181) |
| = | 1.006411 | / | 1.022567 |
| | = | 0.9842 |
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 |
| = | (220.245 - 18.322 | - | 282.678) | / | 3889.004 |
| | = | -0.020765 |
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.
Dunkin' Brands Group has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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