Texas Roadhouse Beneish M-Score Historical Data
The historical data trend for Texas Roadhouse'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.
Texas Roadhouse Beneish M-Score Chart
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Texas Roadhouse Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.19 |
-2.64 |
-2.53 |
-2.87 |
-2.71 |
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Texas Roadhouse Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.87 |
-2.87 |
-2.49 |
-2.52 |
-2.71 |
Competitive Comparison of Texas Roadhouse's Beneish M-Score
For the Restaurants subindustry, Texas Roadhouse'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.
Texas Roadhouse's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Texas Roadhouse's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Texas Roadhouse's Beneish M-Score falls into.
Texas Roadhouse 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 Texas Roadhouse 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 * 1.0123 | + | 0.528 * 1.0258 | + | 0.404 * 1.0697 | + | 0.892 * 1.1536 | + | 0.115 * 1.0197 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9957 | + | 4.679 * -0.091471 | - | 0.327 * 0.9756 |
| = | -2.71 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $175 Mil.
Revenue was 1164.361 + 1121.752 + 1171.203 + 1174.356 = $4,632 Mil.
Gross Profit was 183.687 + 169.352 + 189.574 + 192.469 = $735 Mil.
Total Current Assets was $356 Mil.
Total Assets was $2,793 Mil.
Property, Plant and Equipment(Net PPE) was $2,159 Mil.
Depreciation, Depletion and Amortization(DDA) was $153 Mil.
Selling, General, & Admin. Expense(SGA) was $198 Mil.
Total Current Liabilities was $745 Mil.
Long-Term Debt & Capital Lease Obligation was $743 Mil.
Net Income was 72.43 + 63.788 + 82.271 + 86.387 = $305 Mil.
Non Operating Income was 0.026 + 0.141 + -5.462 + 0.7 = $-5 Mil.
Cash Flow from Operations was 174.245 + 102.506 + 99.252 + 188.981 = $565 Mil.
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Total Receivables was $150 Mil.
Revenue was 1009.529 + 993.298 + 1024.606 + 987.486 = $4,015 Mil.
Gross Profit was 152.339 + 158.308 + 175.285 + 167.697 = $654 Mil.
Total Current Assets was $397 Mil.
Total Assets was $2,526 Mil.
Property, Plant and Equipment(Net PPE) was $1,894 Mil.
Depreciation, Depletion and Amortization(DDA) was $137 Mil.
Selling, General, & Admin. Expense(SGA) was $173 Mil.
Total Current Liabilities was $652 Mil.
Long-Term Debt & Capital Lease Obligation was $728 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) |
| = | (175.474 / 4631.672) | / | (150.264 / 4014.919) |
| = | 0.037886 | / | 0.037426 |
| | = | 1.0123 |
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) |
| = | (653.629 / 4014.919) | / | (735.082 / 4631.672) |
| = | 0.1628 | / | 0.158708 |
| | = | 1.0258 |
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 - (356.474 + 2159.356) / 2793.376) | / | (1 - (396.841 + 1894.225) / 2525.665) |
| = | 0.099359 | / | 0.092886 |
| | = | 1.0697 |
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 |
| = | 4631.672 | / | 4014.919 |
| | = | 1.1536 |
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)) |
| = | (137.237 / (137.237 + 1894.225)) | / | (153.202 / (153.202 + 2159.356)) |
| = | 0.067556 | / | 0.066248 |
| | = | 1.0197 |
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) |
| = | (198.382 / 4631.672) | / | (172.712 / 4014.919) |
| = | 0.042832 | / | 0.043018 |
| | = | 0.9957 |
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) |
| = | ((743.476 + 745.434) / 2793.376) | / | ((727.874 + 652.01) / 2525.665) |
| = | 0.533015 | / | 0.546345 |
| | = | 0.9756 |
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 |
| = | (304.876 - -4.595 | - | 564.984) | / | 2793.376 |
| | = | -0.091471 |
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.
Texas Roadhouse has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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