SUPERVALU Beneish M-Score Historical Data
The historical data trend for SUPERVALU'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.
SUPERVALU Beneish M-Score Chart
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SUPERVALU Annual Data
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Trend |
Feb09 |
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Feb14 |
Feb15 |
Feb16 |
Feb17 |
Feb18 |
| Beneish M-Score |
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-2.67 |
-2.89 |
-2.50 |
-2.12 |
-1.94 |
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SUPERVALU Quarterly Data
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Nov13 |
Feb14 |
May14 |
Aug14 |
Nov14 |
Feb15 |
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Feb16 |
May16 |
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May17 |
Aug17 |
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Feb18 |
May18 |
Aug18 |
| Beneish M-Score |
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-1.92 |
-1.65 |
-1.94 |
-2.03 |
-2.37 |
Competitive Comparison of SUPERVALU's Beneish M-Score
For the Grocery Stores subindustry, SUPERVALU'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.
SUPERVALU's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, SUPERVALU's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SUPERVALU's Beneish M-Score falls into.
SUPERVALU 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 SUPERVALU 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 * 0.8252 | + | 0.528 * 1.3221 | + | 0.404 * 1.1139 | + | 0.892 * 1.2929 | + | 0.115 * 0.6597 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7904 | + | 4.679 * -0.022189 | - | 0.327 * 0.9844 |
| = | -2.27 |
* 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 (Aug18) TTM: | Last Year (Aug17) TTM: |
Total Receivables was $638 Mil.
Revenue was 3512 + 4755 + 2415 + 3938 = $14,620 Mil.
Gross Profit was 294 + 428 + 63 + 409 = $1,194 Mil.
Total Current Assets was $1,885 Mil.
Total Assets was $4,056 Mil.
Property, Plant and Equipment(Net PPE) was $994 Mil.
Depreciation, Depletion and Amortization(DDA) was $210 Mil.
Selling, General, & Admin. Expense(SGA) was $1,123 Mil.
Total Current Liabilities was $1,561 Mil.
Long-Term Debt & Capital Lease Obligation was $1,557 Mil.
Net Income was -57 + -21 + 33 + 26 = $-19 Mil.
Non Operating Income was 9 + 12 + 14 + -29 = $6 Mil.
Cash Flow from Operations was 48 + -58 + 233 + -158 = $65 Mil.
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Total Receivables was $598 Mil.
Revenue was 3449 + 3517 + 1339 + 3003 = $11,308 Mil.
Gross Profit was 340 + 431 + 43 + 407 = $1,221 Mil.
Total Current Assets was $2,004 Mil.
Total Assets was $4,395 Mil.
Property, Plant and Equipment(Net PPE) was $1,246 Mil.
Depreciation, Depletion and Amortization(DDA) was $162 Mil.
Selling, General, & Admin. Expense(SGA) was $1,099 Mil.
Total Current Liabilities was $1,657 Mil.
Long-Term Debt & Capital Lease Obligation was $1,775 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) |
| = | (638 / 14620) | / | (598 / 11308) |
| = | 0.043639 | / | 0.052883 |
| | = | 0.8252 |
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) |
| = | (1221 / 11308) | / | (1194 / 14620) |
| = | 0.107977 | / | 0.081669 |
| | = | 1.3221 |
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 - (1885 + 994) / 4056) | / | (1 - (2004 + 1246) / 4395) |
| = | 0.290187 | / | 0.260523 |
| | = | 1.1139 |
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 |
| = | 14620 | / | 11308 |
| | = | 1.2929 |
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)) |
| = | (162 / (162 + 1246)) | / | (210 / (210 + 994)) |
| = | 0.115057 | / | 0.174419 |
| | = | 0.6597 |
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) |
| = | (1123 / 14620) | / | (1099 / 11308) |
| = | 0.076813 | / | 0.097188 |
| | = | 0.7904 |
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) |
| = | ((1557 + 1561) / 4056) | / | ((1775 + 1657) / 4395) |
| = | 0.768738 | / | 0.780887 |
| | = | 0.9844 |
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 |
| = | (-19 - 6 | - | 65) | / | 4056 |
| | = | -0.022189 |
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.
SUPERVALU has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
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