Dine Brands Global Beneish M-Score Historical Data
The historical data trend for Dine Brands Global'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.
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Dine Brands Global Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.72 |
-2.70 |
-2.48 |
-2.54 |
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Dine Brands Global 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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-2.48 |
-2.58 |
-2.56 |
-2.58 |
-2.54 |
Competitive Comparison
For the Restaurants subindustry, Dine Brands Global'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.
Dine Brands Global Beneish M-Score Distribution
For the Restaurants industry and Consumer Cyclical sector, Dine Brands Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dine Brands Global's Beneish M-Score falls into.
Dine Brands Global 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 Dine Brands Global 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 * 1.1668 | + | 0.528 * 0.8693 | + | 0.404 * 1.0567 | + | 0.892 * 0.9139 | + | 0.115 * 1.066 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1362 | + | 4.679 * -0.016084 | - | 0.327 * 0.9908 |
| = | -2.54 |
* 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 $127.9 Mil.
Revenue was 206.302 + 202.584 + 208.415 + 213.767 = $831.1 Mil.
Gross Profit was 98.428 + 97.298 + 97.342 + 103.616 = $396.7 Mil.
Total Current Assets was $357.8 Mil.
Total Assets was $1,740.3 Mil.
Property, Plant and Equipment(Net PPE) was $437.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.6 Mil.
Selling, General, & Admin. Expense(SGA) was $198.1 Mil.
Total Current Liabilities was $460.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1,415.0 Mil.
Net Income was 33.039 + 18.479 + 18.248 + 27.41 = $97.2 Mil.
Non Operating Income was -0.541 + -1.991 + -4.565 + 1.123 = $-6.0 Mil.
Cash Flow from Operations was 51.834 + 36.622 + 26.608 + 16.076 = $131.1 Mil.
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Total Receivables was $120.0 Mil.
Revenue was 207.965 + 233.22 + 237.794 + 230.423 = $909.4 Mil.
Gross Profit was 94.579 + 94.331 + 95.695 + 92.753 = $377.4 Mil.
Total Current Assets was $479.8 Mil.
Total Assets was $1,881.5 Mil.
Property, Plant and Equipment(Net PPE) was $434.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $38.0 Mil.
Selling, General, & Admin. Expense(SGA) was $190.7 Mil.
Total Current Liabilities was $470.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,575.8 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) |
| = | (127.937 / 831.068) | / | (119.981 / 909.402) |
| = | 0.153943 | / | 0.131934 |
| | = | 1.1668 |
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) |
| = | (377.358 / 909.402) | / | (396.684 / 831.068) |
| = | 0.414952 | / | 0.477318 |
| | = | 0.8693 |
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 - (357.778 + 437.114) / 1740.287) | / | (1 - (479.764 + 434.423) / 1881.491) |
| = | 0.543241 | / | 0.514116 |
| | = | 1.0567 |
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 |
| = | 831.068 | / | 909.402 |
| | = | 0.9139 |
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)) |
| = | (37.952 / (37.952 + 434.423)) | / | (35.63 / (35.63 + 437.114)) |
| = | 0.080343 | / | 0.075368 |
| | = | 1.066 |
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) |
| = | (198.057 / 831.068) | / | (190.746 / 909.402) |
| = | 0.238316 | / | 0.209749 |
| | = | 1.1362 |
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) |
| = | ((1414.97 + 460.452) / 1740.287) | / | ((1575.755 + 470.722) / 1881.491) |
| = | 1.077651 | / | 1.087689 |
| | = | 0.9908 |
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 |
| = | (97.176 - -5.974 | - | 131.14) | / | 1740.287 |
| | = | -0.016084 |
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.
Dine Brands Global has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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