Rite Aid Beneish M-Score Historical Data
The historical data trend for Rite Aid'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.
Rite Aid Beneish M-Score Chart
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Rite Aid Annual Data
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Trend |
Feb14 |
Feb15 |
Feb16 |
Feb17 |
Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
| Beneish M-Score |
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-2.39 |
-3.20 |
-2.37 |
-2.94 |
-2.90 |
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Rite Aid Quarterly Data
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Nov18 |
Feb19 |
May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
| Beneish M-Score |
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-2.74 |
-2.96 |
-2.90 |
-2.86 |
-3.06 |
Competitive Comparison of Rite Aid's Beneish M-Score
For the Pharmaceutical Retailers subindustry, Rite Aid'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.
Rite Aid's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Rite Aid's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rite Aid's Beneish M-Score falls into.
Rite Aid 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 Rite Aid 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 * 0.9709 | + | 0.528 * 1.0107 | + | 0.404 * 0.4224 | + | 0.892 * 0.9697 | + | 0.115 * 0.8797 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0882 | + | 4.679 * -0.04306 | - | 0.327 * 1.2225 |
| = | -3.06 |
* 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 (Aug23) TTM: | Last Year (Aug22) TTM: |
Total Receivables was $1,473 Mil.
Revenue was 5646.081 + 5653.162 + 6092.902 + 6083.346 = $23,475 Mil.
Gross Profit was 1095.596 + 1178.526 + 1248.964 + 1203.752 = $4,727 Mil.
Total Current Assets was $3,739 Mil.
Total Assets was $7,126 Mil.
Property, Plant and Equipment(Net PPE) was $3,029 Mil.
Depreciation, Depletion and Amortization(DDA) was $273 Mil.
Selling, General, & Admin. Expense(SGA) was $5,204 Mil.
Total Current Liabilities was $6,518 Mil.
Long-Term Debt & Capital Lease Obligation was $2,386 Mil.
Net Income was -1020.03 + -306.718 + -241.311 + -67.144 = $-1,635 Mil.
Non Operating Income was -582.164 + -163.308 + -149.306 + -19.444 = $-914 Mil.
Cash Flow from Operations was -440.623 + -372.538 + 266.413 + 132.609 = $-414 Mil.
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Total Receivables was $1,564 Mil.
Revenue was 5901.069 + 6014.583 + 6065.39 + 6228.88 = $24,210 Mil.
Gross Profit was 1154.495 + 1196.729 + 1241.313 + 1334.383 = $4,927 Mil.
Total Current Assets was $3,741 Mil.
Total Assets was $8,367 Mil.
Property, Plant and Equipment(Net PPE) was $3,630 Mil.
Depreciation, Depletion and Amortization(DDA) was $285 Mil.
Selling, General, & Admin. Expense(SGA) was $4,932 Mil.
Total Current Liabilities was $2,819 Mil.
Long-Term Debt & Capital Lease Obligation was $5,733 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) |
| = | (1472.755 / 23475.491) | / | (1564.388 / 24209.922) |
| = | 0.062736 | / | 0.064618 |
| | = | 0.9709 |
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) |
| = | (4926.92 / 24209.922) | / | (4726.838 / 23475.491) |
| = | 0.203508 | / | 0.201352 |
| | = | 1.0107 |
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 - (3738.653 + 3029.044) / 7125.952) | / | (1 - (3740.864 + 3630.462) / 8367.125) |
| = | 0.050275 | / | 0.119013 |
| | = | 0.4224 |
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 |
| = | 23475.491 | / | 24209.922 |
| | = | 0.9697 |
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)) |
| = | (284.605 / (284.605 + 3630.462)) | / | (272.87 / (272.87 + 3029.044)) |
| = | 0.072695 | / | 0.08264 |
| | = | 0.8797 |
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) |
| = | (5204.294 / 23475.491) | / | (4932.243 / 24209.922) |
| = | 0.221691 | / | 0.203728 |
| | = | 1.0882 |
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) |
| = | ((2385.671 + 6517.954) / 7125.952) | / | ((5733.14 + 2818.767) / 8367.125) |
| = | 1.249465 | / | 1.022084 |
| | = | 1.2225 |
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 |
| = | (-1635.203 - -914.222 | - | -414.139) | / | 7125.952 |
| | = | -0.04306 |
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.
Rite Aid has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.
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