UniFirst (FRA:U1N) Beneish M-Score : -2.83 (As of Apr. 07, 2025)

View and export this data going back to 2016. Start your Free Trial

What is UniFirst Beneish M-Score?

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.

Good Sign:

Beneish M-Score -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:U1N' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.6 Max: -2.28
Current: -2.83

During the past 13 years, the highest Beneish M-Score of UniFirst was -2.28. The lowest was -2.89. And the median was -2.60.

UniFirst Beneish M-Score Historical Data

The historical data trend for UniFirst'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.

* Premium members only.

UniFirst Beneish M-Score Chart

UniFirst Annual Data

Trend

Aug15

Aug16

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Aug23

Aug24

Beneish M-Score

Get a 7-Day Free Trial

-2.89

-2.60

-2.28

-2.44

-2.78

UniFirst Quarterly Data
	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24
Beneish M-Score	Get a 7-Day Free Trial															-2.49	-2.59	-2.73	-2.78	-2.84

Competitive Comparison of UniFirst's Beneish M-Score

For the Specialty Business Services subindustry, UniFirst'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.

UniFirst's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, UniFirst's Beneish M-Score distribution charts can be found below:

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

Save Embed

;

Save Embed

;

UniFirst 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 UniFirst 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 * 0.8965

0.528 * 0.9581

0.404 * 0.9701

0.892 * 1.069

0.115 * 0.9592

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9944

4.679 * -0.058036

0.327 * 0.9671

-2.81

This Year (Nov24) TTM:

Last Year (Nov23) TTM:

Total Receivables was €265 Mil.
Revenue was 569.823 + 580.359 + 558.078 + 547.589 = €2,256 Mil.
Gross Profit was 210.87 + 209.756 + 196.178 + 180.32 = €797 Mil.
Total Current Assets was €863 Mil.
Total Assets was €2,545 Mil.
Property, Plant and Equipment(Net PPE) was €817 Mil.
Depreciation, Depletion and Amortization(DDA) was €132 Mil.
Selling, General, & Admin. Expense(SGA) was €493 Mil.
Total Current Liabilities was €246 Mil.
Long-Term Debt & Capital Lease Obligation was €47 Mil.
Net Income was 40.605 + 40.484 + 35.203 + 18.964 = €135 Mil.
Non Operating Income was -0.273 + 0.337 + -0.483 + -0.533 = €-1 Mil.
Cash Flow from Operations was 54.753 + 92.747 + 79.815 + 56.598 = €284 Mil.

Total Receivables was €277 Mil.
Revenue was 548.417 + 524.423 + 530.535 + 506.873 = €2,110 Mil.
Gross Profit was 193.79 + 177.789 + 181.469 + 161.391 = €714 Mil.
Total Current Assets was €794 Mil.
Total Assets was €2,404 Mil.
Property, Plant and Equipment(Net PPE) was €769 Mil.
Depreciation, Depletion and Amortization(DDA) was €118 Mil.
Selling, General, & Admin. Expense(SGA) was €464 Mil.
Total Current Liabilities was €239 Mil.
Long-Term Debt & Capital Lease Obligation was €47 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)
	=	(265.213 / 2255.849)	/	(276.732 / 2110.248)
	=	0.117567	/	0.131137
	=	0.8965

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)
	=	(714.439 / 2110.248)	/	(797.124 / 2255.849)
	=	0.338557	/	0.353359
	=	0.9581

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 - (863.246 + 817.177) / 2545.05)	/	(1 - (793.659 + 768.695) / 2404.296)
	=	0.339729	/	0.350182
	=	0.9701

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
	=	2255.849	/	2110.248
	=	1.069

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))
	=	(118.141 / (118.141 + 768.695))	/	(131.797 / (131.797 + 817.177))
	=	0.133216	/	0.138884
	=	0.9592

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)
	=	(493.275 / 2255.849)	/	(464.046 / 2110.248)
	=	0.218665	/	0.219901
	=	0.9944

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)
	=	((46.634 + 245.766) / 2545.05)	/	((46.509 + 239.117) / 2404.296)
	=	0.11489	/	0.118798
	=	0.9671

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
	=	(135.256 - -0.952	-	283.913)	/	2545.05
	=	-0.058036

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.

UniFirst has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.

UniFirst Beneish M-Score Related Terms

Thank you for viewing the detailed overview of UniFirst's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

UniFirst Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » UniFirst Corp (FRA:U1N) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

UNF:USA

Address

68 Jonspin Road, Wilmington, MA, USA, 01887

Website

http://www.unifirst.com

UniFirst Corp provides workplace uniforms, protective clothing, and other workplace products and services to businesses in the United States, Canada, and Europe. The U.S. and Canadian Rental and Cleaning segment that accounts for the majority of the company engages in sales rents and sells clothing and non-garment items, and offers a cleaning service that delivers clean uniforms when it picks up dirty or contaminated ones. Manufacturing segment designs and manufactures uniforms and non-garment items. Specialty garments rental and cleaning segment provides specialty garments, non-garments, and cleaning services for nuclear and classroom applications. The First Aid segment provides safety supplies and pill packaging. The Corporate segment consists of various associated costs.

UniFirst Headlines

No Headlines