AutoZone Beneish M-Score Historical Data
The historical data trend for AutoZone'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.
AutoZone Beneish M-Score Chart
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AutoZone Annual Data
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Trend |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
Aug24 |
| Beneish M-Score |
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-2.66 |
-2.88 |
-2.46 |
-2.57 |
-2.56 |
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AutoZone Quarterly Data
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Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
May24 |
Aug24 |
| Beneish M-Score |
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-2.57 |
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-2.56 |
Competitive Comparison of AutoZone's Beneish M-Score
For the Specialty Retail subindustry, AutoZone'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.
AutoZone's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, AutoZone's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AutoZone's Beneish M-Score falls into.
AutoZone 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 AutoZone 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 * 0.9898 | + | 0.528 * 0.9786 | + | 0.404 * 0.956 | + | 0.892 * 1.1998 | + | 0.115 * 0.9747 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.019893 | - | 0.327 * 1.0087 |
| = | -2.44 |
* 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 (Aug24) TTM: | Last Year (Aug23) TTM: |
Total Receivables was R$3,029 Mil.
Revenue was R$102,652 Mil.
Gross Profit was R$54,501 Mil.
Total Current Assets was R$40,565 Mil.
Total Assets was R$95,359 Mil.
Property, Plant and Equipment(Net PPE) was R$51,305 Mil.
Depreciation, Depletion and Amortization(DDA) was R$3,052 Mil.
Selling, General, & Admin. Expense(SGA) was R$0 Mil.
Total Current Liabilities was R$48,379 Mil.
Long-Term Debt & Capital Lease Obligation was R$66,535 Mil.
Net Income was R$14,781 Mil.
Gross Profit was R$0 Mil.
Cash Flow from Operations was R$16,678 Mil.
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Total Receivables was R$2,551 Mil.
Revenue was R$85,561 Mil.
Gross Profit was R$44,456 Mil.
Total Current Assets was R$33,227 Mil.
Total Assets was R$78,350 Mil.
Property, Plant and Equipment(Net PPE) was R$42,124 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,439 Mil.
Selling, General, & Admin. Expense(SGA) was R$0 Mil.
Total Current Liabilities was R$41,718 Mil.
Long-Term Debt & Capital Lease Obligation was R$51,882 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) |
| = | (3028.869 / 102652.421) | / | (2550.511 / 85561.273) |
| = | 0.029506 | / | 0.029809 |
| | = | 0.9898 |
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) |
| = | (44455.952 / 85561.273) | / | (54501.328 / 102652.421) |
| = | 0.51958 | / | 0.530931 |
| | = | 0.9786 |
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 - (40564.934 + 51305.031) / 95358.986) | / | (1 - (33227.323 + 42124.074) / 78349.985) |
| = | 0.036588 | / | 0.038272 |
| | = | 0.956 |
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 |
| = | 102652.421 | / | 85561.273 |
| | = | 1.1998 |
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)) |
| = | (2438.724 / (2438.724 + 42124.074)) | / | (3052.075 / (3052.075 + 51305.031)) |
| = | 0.054726 | / | 0.056149 |
| | = | 0.9747 |
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) |
| = | (0 / 102652.421) | / | (0 / 85561.273) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((66534.654 + 48378.863) / 95358.986) | / | ((51882.118 + 41718.309) / 78349.985) |
| = | 1.205062 | / | 1.194645 |
| | = | 1.0087 |
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 |
| = | (14780.996 - 0 | - | 16677.951) | / | 95358.986 |
| | = | -0.019893 |
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.
AutoZone has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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