Dollar General Beneish M-Score Historical Data
The historical data trend for Dollar General'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.
Dollar General Beneish M-Score Chart
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Dollar General Annual Data
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Jan20 |
Jan21 |
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Jan23 |
Jan24 |
| Beneish M-Score |
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-2.38 |
-2.61 |
-2.52 |
-2.13 |
-2.76 |
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Dollar General Quarterly Data
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Jan20 |
Apr20 |
Jul20 |
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Apr21 |
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Jan22 |
Apr22 |
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Apr24 |
Jul24 |
Oct24 |
| Beneish M-Score |
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-2.50 |
-2.76 |
-2.97 |
-3.30 |
-3.12 |
Competitive Comparison of Dollar General's Beneish M-Score
For the Discount Stores subindustry, Dollar General'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.
Dollar General's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Dollar General's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dollar General's Beneish M-Score falls into.
Dollar General 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 Dollar General 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 * 0.5691 | + | 0.528 * 1.0347 | + | 0.404 * 0.9728 | + | 0.892 * 1.029 | + | 0.115 * 0.9217 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0497 | + | 4.679 * -0.057504 | - | 0.327 * 0.971 |
| = | -3.12 |
* 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 (Oct24) TTM: | Last Year (Oct23) TTM: |
Total Receivables was $116 Mil.
Revenue was 10183.428 + 10210.361 + 9914.021 + 9858.514 = $40,166 Mil.
Gross Profit was 2936.3 + 3059.479 + 2992.149 + 2906.336 = $11,894 Mil.
Total Current Assets was $8,177 Mil.
Total Assets was $31,460 Mil.
Property, Plant and Equipment(Net PPE) was $17,687 Mil.
Depreciation, Depletion and Amortization(DDA) was $941 Mil.
Selling, General, & Admin. Expense(SGA) was $9,895 Mil.
Total Current Liabilities was $7,111 Mil.
Long-Term Debt & Capital Lease Obligation was $15,602 Mil.
Net Income was 196.529 + 374.19 + 363.317 + 401.813 = $1,336 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 542.434 + 988.923 + 663.806 + 949.779 = $3,145 Mil.
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Total Receivables was $198 Mil.
Revenue was 9694.082 + 9796.181 + 9342.832 + 10202.907 = $39,036 Mil.
Gross Profit was 2812.528 + 3044.686 + 2955.474 + 3148.317 = $11,961 Mil.
Total Current Assets was $8,271 Mil.
Total Assets was $30,625 Mil.
Property, Plant and Equipment(Net PPE) was $16,753 Mil.
Depreciation, Depletion and Amortization(DDA) was $818 Mil.
Selling, General, & Admin. Expense(SGA) was $9,161 Mil.
Total Current Liabilities was $6,787 Mil.
Long-Term Debt & Capital Lease Obligation was $15,981 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) |
| = | (115.698 / 40166.324) | / | (197.555 / 39036.002) |
| = | 0.00288 | / | 0.005061 |
| | = | 0.5691 |
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) |
| = | (11961.005 / 39036.002) | / | (11894.264 / 40166.324) |
| = | 0.30641 | / | 0.296125 |
| | = | 1.0347 |
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 - (8176.516 + 17686.567) / 31460.415) | / | (1 - (8271.078 + 16752.708) / 30624.626) |
| = | 0.177917 | / | 0.182887 |
| | = | 0.9728 |
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 |
| = | 40166.324 | / | 39036.002 |
| | = | 1.029 |
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)) |
| = | (818.18 / (818.18 + 16752.708)) | / | (941.069 / (941.069 + 17686.567)) |
| = | 0.046565 | / | 0.05052 |
| | = | 0.9217 |
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) |
| = | (9894.742 / 40166.324) | / | (9161.185 / 39036.002) |
| = | 0.246344 | / | 0.234686 |
| | = | 1.0497 |
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) |
| = | ((15601.76 + 7110.697) / 31460.415) | / | ((15981.418 + 6787.09) / 30624.626) |
| = | 0.721938 | / | 0.743471 |
| | = | 0.971 |
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 |
| = | (1335.849 - 0 | - | 3144.942) | / | 31460.415 |
| | = | -0.057504 |
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.
Dollar General has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.
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