Empire Co Beneish M-Score Historical Data
The historical data trend for Empire 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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Empire Co Annual Data
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Trend |
Apr14 |
Apr15 |
Apr16 |
Apr17 |
Apr18 |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
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-2.71 |
-2.97 |
-2.81 |
-2.89 |
-2.54 |
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Empire Co Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.57 |
-2.54 |
-2.76 |
-2.95 |
-3.01 |
Competitive Comparison
For the Grocery Stores subindustry, Empire 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.
Empire Co Beneish M-Score Distribution
For the Retail - Defensive industry and Consumer Defensive sector, Empire Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Empire Co's Beneish M-Score falls into.
Empire 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 Empire 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 * 0.9573 | + | 0.528 * 0.971 | + | 0.404 * 0.9825 | + | 0.892 * 0.9717 | + | 0.115 * 0.9842 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.039 | + | 4.679 * -0.092778 | - | 0.327 * 0.9891 |
| = | -3.01 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $601 Mil.
Revenue was 5583.253 + 5652.859 + 6112.709 + 5494.215 = $22,843 Mil.
Gross Profit was 1480.519 + 1461.129 + 1570.282 + 1452.833 = $5,965 Mil.
Total Current Assets was $2,190 Mil.
Total Assets was $12,298 Mil.
Property, Plant and Equipment(Net PPE) was $6,223 Mil.
Depreciation, Depletion and Amortization(DDA) was $800 Mil.
Selling, General, & Admin. Expense(SGA) was $5,162 Mil.
Total Current Liabilities was $2,746 Mil.
Long-Term Debt & Capital Lease Obligation was $4,903 Mil.
Net Income was 99.978 + 132.074 + 197.563 + 135.642 = $565 Mil.
Non Operating Income was 18.252 + 43.247 + 93.634 + 43.236 = $198 Mil.
Cash Flow from Operations was 498.249 + 190.198 + 445.235 + 374.221 = $1,508 Mil.
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Total Receivables was $646 Mil.
Revenue was 5579.869 + 5583.169 + 6136.054 + 6209.059 = $23,508 Mil.
Gross Profit was 1416.033 + 1428.3 + 1528.989 + 1586.95 = $5,960 Mil.
Total Current Assets was $2,186 Mil.
Total Assets was $12,185 Mil.
Property, Plant and Equipment(Net PPE) was $6,081 Mil.
Depreciation, Depletion and Amortization(DDA) was $768 Mil.
Selling, General, & Admin. Expense(SGA) was $5,113 Mil.
Total Current Liabilities was $2,773 Mil.
Long-Term Debt & Capital Lease Obligation was $4,889 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) |
| = | (600.685 / 22843.036) | / | (645.731 / 23508.151) |
| = | 0.026296 | / | 0.027468 |
| | = | 0.9573 |
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) |
| = | (5960.272 / 23508.151) | / | (5964.763 / 22843.036) |
| = | 0.253541 | / | 0.26112 |
| | = | 0.971 |
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 - (2190.345 + 6222.826) / 12298.294) | / | (1 - (2186.485 + 6080.837) / 12185.442) |
| = | 0.315907 | / | 0.321541 |
| | = | 0.9825 |
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 |
| = | 22843.036 | / | 23508.151 |
| | = | 0.9717 |
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)) |
| = | (768.284 / (768.284 + 6080.837)) | / | (800.492 / (800.492 + 6222.826)) |
| = | 0.112173 | / | 0.113976 |
| | = | 0.9842 |
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) |
| = | (5161.74 / 22843.036) | / | (5112.71 / 23508.151) |
| = | 0.225966 | / | 0.217487 |
| | = | 1.039 |
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) |
| = | ((4902.928 + 2746.48) / 12298.294) | / | ((4889.063 + 2773.357) / 12185.442) |
| = | 0.621989 | / | 0.628818 |
| | = | 0.9891 |
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 |
| = | (565.257 - 198.369 | - | 1507.903) | / | 12298.294 |
| | = | -0.092778 |
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.
Empire Co has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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