Woolworths Holdings Beneish M-Score Historical Data
The historical data trend for Woolworths Holdings'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.
Woolworths Holdings Beneish M-Score Chart
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Woolworths Holdings Annual Data
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Jun14 |
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Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-3.09 |
-2.51 |
-3.16 |
-2.28 |
-2.34 |
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Woolworths Holdings Semi-Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.28 |
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-2.34 |
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Competitive Comparison of Woolworths Holdings's Beneish M-Score
For the Department Stores subindustry, Woolworths Holdings'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.
Woolworths Holdings's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Woolworths Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Woolworths Holdings's Beneish M-Score falls into.
Woolworths Holdings 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 Woolworths Holdings 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 * 0.8753 | + | 0.528 * 0.9572 | + | 0.404 * 1.4534 | + | 0.892 * 0.9328 | + | 0.115 * 0.6776 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.001683 | - | 0.327 * 0.8759 |
| = | -2.50 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $88 Mil.
Revenue was $3,855 Mil.
Gross Profit was $1,431 Mil.
Total Current Assets was $672 Mil.
Total Assets was $2,093 Mil.
Property, Plant and Equipment(Net PPE) was $777 Mil.
Depreciation, Depletion and Amortization(DDA) was $196 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $656 Mil.
Long-Term Debt & Capital Lease Obligation was $764 Mil.
Net Income was $271 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $274 Mil.
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Total Receivables was $108 Mil.
Revenue was $4,133 Mil.
Gross Profit was $1,469 Mil.
Total Current Assets was $1,020 Mil.
Total Assets was $3,546 Mil.
Property, Plant and Equipment(Net PPE) was $1,776 Mil.
Depreciation, Depletion and Amortization(DDA) was $281 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $910 Mil.
Long-Term Debt & Capital Lease Obligation was $1,836 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) |
| = | (87.918 / 3855.256) | / | (107.687 / 4133.069) |
| = | 0.022805 | / | 0.026055 |
| | = | 0.8753 |
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) |
| = | (1468.598 / 4133.069) | / | (1431.117 / 3855.256) |
| = | 0.355329 | / | 0.371212 |
| | = | 0.9572 |
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 - (671.813 + 776.962) / 2092.687) | / | (1 - (1019.704 + 1775.66) / 3546.072) |
| = | 0.307696 | / | 0.211701 |
| | = | 1.4534 |
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 |
| = | 3855.256 | / | 4133.069 |
| | = | 0.9328 |
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)) |
| = | (280.82 / (280.82 + 1775.66)) | / | (196.108 / (196.108 + 776.962)) |
| = | 0.136554 | / | 0.201535 |
| | = | 0.6776 |
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) |
| = | (0 / 3855.256) | / | (0 / 4133.069) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((763.785 + 655.809) / 2092.687) | / | ((1835.858 + 910.499) / 3546.072) |
| = | 0.678359 | / | 0.774479 |
| | = | 0.8759 |
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 |
| = | (270.688 - 0 | - | 274.209) | / | 2092.687 |
| | = | -0.001683 |
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.
Woolworths Holdings has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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