ASAPQ (Waitr Holdings) Beneish M-Score: 0.00 (As of Jun. 24, 2026)

What is Waitr Holdings Beneish M-Score?

Waitr Holdings ASAPQ -90.00% 16 Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus rates ASAPQ with a GF Score™ of 16/100.

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Waitr Holdings's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Waitr Holdings was 0.00. The lowest was 0.00. And the median was 0.00.

Waitr Holdings Beneish M-Score Related Terms

Waitr Holdings Beneish M-Score Historical Data

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The historical data trend for Waitr 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.

Waitr Holdings Beneish M-Score Chart

Waitr Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.01

23.92

-2.84

-2.57

-3.98

Waitr Holdings Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-3.77	-3.98	-4.79	-5.84	-6.07

ASAPQ vs JFBR, MI, PIK: Beneish M-Score Comparison

For the Internet Retail subindustry, Waitr 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.

Waitr Holdings Beneish M-Score vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Waitr Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Waitr Holdings's Beneish M-Score falls into.

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Waitr Holdings Inc ASAPQ

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Waitr 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 Waitr Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.8201

0.528 * 1

0.404 * 0.6693

0.892 * 0.4814

0.115 * 0.9898

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3617

4.679 * -0.585175

0.327 * 3.9017

-6.07

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was $2.72 Mil.
Revenue was 11.48 + 13.951 + 16.704 + 20.449 = $62.58 Mil.
Gross Profit was 11.48 + 13.951 + 16.704 + 20.449 = $62.58 Mil.
Total Current Assets was $10.81 Mil.
Total Assets was $21.59 Mil.
Property, Plant and Equipment(Net PPE) was $1.95 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.90 Mil.
Selling, General, & Admin. Expense(SGA) was $46.04 Mil.
Total Current Liabilities was $79.52 Mil.
Long-Term Debt & Capital Lease Obligation was $1.12 Mil.
Net Income was -5.206 + -12.952 + -7.468 + -44.44 = $-70.07 Mil.
Non Operating Income was -0.636 + -9.415 + -0.115 + -34.232 = $-44.40 Mil.
Cash Flow from Operations was -0.295 + -0.903 + -4.824 + -7.015 = $-13.04 Mil.

Total Receivables was $3.10 Mil.
Revenue was 25.141 + 31.171 + 35.04 + 38.649 = $130.00 Mil.
Gross Profit was 25.141 + 31.171 + 35.04 + 38.649 = $130.00 Mil.
Total Current Assets was $29.89 Mil.
Total Assets was $90.65 Mil.
Property, Plant and Equipment(Net PPE) was $5.42 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.14 Mil.
Selling, General, & Admin. Expense(SGA) was $70.23 Mil.
Total Current Liabilities was $28.58 Mil.
Long-Term Debt & Capital Lease Obligation was $58.22 Mil.

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)
	=	(2.718 / 62.584)	/	(3.102 / 130.001)
	=	0.04343	/	0.023861
	=	1.8201

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)
	=	(130.001 / 130.001)	/	(62.584 / 62.584)
	=	1	/	1
	=	1

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 - (10.814 + 1.952) / 21.585)	/	(1 - (29.89 + 5.424) / 90.651)
	=	0.408571	/	0.61044
	=	0.6693

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
	=	62.584	/	130.001
	=	0.4814

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))
	=	(13.141 / (13.141 + 5.424))	/	(4.9 / (4.9 + 1.952))
	=	0.707837	/	0.71512
	=	0.9898

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)
	=	(46.041 / 62.584)	/	(70.234 / 130.001)
	=	0.735667	/	0.540257
	=	1.3617

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)
	=	((1.117 + 79.52) / 21.585)	/	((58.217 + 28.579) / 90.651)
	=	3.735789	/	0.957474
	=	3.9017

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
	=	(-70.066 - -44.398	-	-13.037)	/	21.585
	=	-0.585175

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.

Waitr Holdings has a M-score of -6.07 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Waitr Holdings (ASAPQ) has a Beneish M-Score of 0.00 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Waitr Holdings and its competitors.

Is Waitr Holdings' Beneish M-Score too high?

Waitr Holdings' current Beneish M-Score is 0.00. Overall, Waitr Holdings has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.

How does Waitr Holdings' Beneish M-Score compare to JFBR and MI?

Waitr Holdings' Beneish M-Score of 0.00 can be compared against companies in the Retail - Cyclical industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Retail - Cyclical company?

A good Beneish M-Score depends on the Retail - Cyclical industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Waitr Holdings and its competitors. Waitr Holdings's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Waitr Holdings stock overvalued right now?

Waitr Holdings (ASAPQ) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Waitr Holdings' overall GF Score™ is 16/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Waitr Holdings (ASAPQ), the current Beneish M-Score is 0.00 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Waitr Holdings Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies JFBR MI PIK OCG JWEL AMZN BABA PDD HKSE:03690 MELI JD CPNG SE EBAY TSE:4689 BOM:543320 CHWY TSE:4755 VIPS ETSY

Address 214 Jefferson Street, Suite 200, Lafayette, LA, USA, 70501

Website https://www.waitrapp.com

Waitr Holdings Inc operates an online ordering technology platform that provides delivery, carryout, and dine-in options, connecting restaurants, merchants, drivers, and diners in certain cities in the United States. It partners with independent local restaurants and regional and national chains in small and mid-size markets. Its platform uses the deliver anything ASAP model making it easy for consumers to order food, alcohol, convenience, grocery, flowers, auto parts, and more, and includes proprietary in-stadium mobile ordering technology. It has two reportable segments Delivery Services Segment and Third-Party Payment Processing Referral Services Segment, and the majority of the revenue comes from the Delivery Services Segment.

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