Aramark Beneish M-Score Historical Data
The historical data trend for Aramark'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.
Aramark Beneish M-Score Chart
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Aramark Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.62 |
-2.58 |
-2.63 |
-2.41 |
-2.51 |
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Aramark Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.30 |
-2.37 |
-2.51 |
-2.71 |
-2.72 |
Competitive Comparison of Aramark's Beneish M-Score
For the Specialty Business Services subindustry, Aramark'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.
Aramark's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Aramark's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aramark's Beneish M-Score falls into.
Aramark 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 Aramark 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 * 0.8638 | + | 0.528 * 0.9704 | + | 0.404 * 0.9511 | + | 0.892 * 1.0759 | + | 0.115 * 0.7389 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9384 | + | 4.679 * -0.035348 | - | 0.327 * 0.9657 |
| = | -2.75 |
* 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 €2,043 Mil.
Revenue was 3863.92 + 4041.921 + 4592.766 + 4383.52 = €16,882 Mil.
Gross Profit was 304.3 + 332.584 + 487.215 + 401.043 = €1,525 Mil.
Total Current Assets was €3,062 Mil.
Total Assets was €11,556 Mil.
Property, Plant and Equipment(Net PPE) was €1,953 Mil.
Depreciation, Depletion and Amortization(DDA) was €513 Mil.
Selling, General, & Admin. Expense(SGA) was €326 Mil.
Total Current Liabilities was €2,445 Mil.
Long-Term Debt & Capital Lease Obligation was €5,631 Mil.
Net Income was 49.173 + 26.168 + 192.49 + 312.421 = €580 Mil.
Non Operating Income was 0 + 0 + 48.566 + 347.022 = €396 Mil.
Cash Flow from Operations was 203.578 + -602.54 + 971.221 + 20.887 = €593 Mil.
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Total Receivables was €2,198 Mil.
Revenue was 3657.69 + 3694.552 + 4434.362 + 3904.5 = €15,691 Mil.
Gross Profit was 275.297 + 303.891 + 437.328 + 359.054 = €1,376 Mil.
Total Current Assets was €3,359 Mil.
Total Assets was €14,436 Mil.
Property, Plant and Equipment(Net PPE) was €2,486 Mil.
Depreciation, Depletion and Amortization(DDA) was €452 Mil.
Selling, General, & Admin. Expense(SGA) was €323 Mil.
Total Current Liabilities was €2,772 Mil.
Long-Term Debt & Capital Lease Obligation was €7,674 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) |
| = | (2042.983 / 16882.127) | / | (2198.244 / 15691.104) |
| = | 0.121015 | / | 0.140095 |
| | = | 0.8638 |
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) |
| = | (1375.57 / 15691.104) | / | (1525.142 / 16882.127) |
| = | 0.087666 | / | 0.090341 |
| | = | 0.9704 |
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 - (3062.147 + 1953.023) / 11556.028) | / | (1 - (3359.183 + 2485.862) / 14435.98) |
| = | 0.566013 | / | 0.595106 |
| | = | 0.9511 |
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 |
| = | 16882.127 | / | 15691.104 |
| | = | 1.0759 |
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)) |
| = | (451.87 / (451.87 + 2485.862)) | / | (513.469 / (513.469 + 1953.023)) |
| = | 0.153816 | / | 0.208178 |
| | = | 0.7389 |
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) |
| = | (326.401 / 16882.127) | / | (323.302 / 15691.104) |
| = | 0.019334 | / | 0.020604 |
| | = | 0.9384 |
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) |
| = | ((5630.53 + 2445.454) / 11556.028) | / | ((7674.344 + 2772.19) / 14435.98) |
| = | 0.698855 | / | 0.723646 |
| | = | 0.9657 |
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 |
| = | (580.252 - 395.588 | - | 593.146) | / | 11556.028 |
| | = | -0.035348 |
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.
Aramark has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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