Grocery Outlet Holding Beneish M-Score Historical Data
The historical data trend for Grocery Outlet Holding'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.
Grocery Outlet Holding Beneish M-Score Chart
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Grocery Outlet Holding Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.29 |
-2.51 |
-2.80 |
-2.29 |
-2.63 |
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Grocery Outlet Holding 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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-2.29 |
-2.63 |
-2.58 |
-2.12 |
-2.63 |
Competitive Comparison of Grocery Outlet Holding's Beneish M-Score
For the Grocery Stores subindustry, Grocery Outlet Holding'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.
Grocery Outlet Holding's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Grocery Outlet Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Grocery Outlet Holding's Beneish M-Score falls into.
Grocery Outlet Holding 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 Grocery Outlet Holding 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 * 1.1363 | + | 0.528 * 0.9757 | + | 0.404 * 0.9588 | + | 0.892 * 1.1094 | + | 0.115 * 0.9673 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0088 | + | 4.679 * -0.073637 | - | 0.327 * 0.9725 |
| = | -2.63 |
* 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 $19 Mil.
Revenue was 989.818 + 1003.913 + 1010.255 + 965.467 = $3,969 Mil.
Gross Profit was 298.875 + 315.691 + 326.57 + 300.543 = $1,242 Mil.
Total Current Assets was $517 Mil.
Total Assets was $2,970 Mil.
Property, Plant and Equipment(Net PPE) was $1,588 Mil.
Depreciation, Depletion and Amortization(DDA) was $88 Mil.
Selling, General, & Admin. Expense(SGA) was $1,116 Mil.
Total Current Liabilities was $384 Mil.
Long-Term Debt & Capital Lease Obligation was $1,325 Mil.
Net Income was 14.106 + 27.14 + 24.471 + 13.72 = $79 Mil.
Non Operating Income was 0 + 0 + 0 + -5.34 = $-5 Mil.
Cash Flow from Operations was 27.229 + 119.098 + 69.488 + 87.632 = $303 Mil.
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Total Receivables was $15 Mil.
Revenue was 930.83 + 918.185 + 897.659 + 831.427 = $3,578 Mil.
Gross Profit was 281.164 + 280.635 + 279.411 + 250.889 = $1,092 Mil.
Total Current Assets was $467 Mil.
Total Assets was $2,772 Mil.
Property, Plant and Equipment(Net PPE) was $1,463 Mil.
Depreciation, Depletion and Amortization(DDA) was $78 Mil.
Selling, General, & Admin. Expense(SGA) was $997 Mil.
Total Current Liabilities was $281 Mil.
Long-Term Debt & Capital Lease Obligation was $1,360 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) |
| = | (19.128 / 3969.453) | / | (15.173 / 3578.101) |
| = | 0.004819 | / | 0.004241 |
| | = | 1.1363 |
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) |
| = | (1092.099 / 3578.101) | / | (1241.679 / 3969.453) |
| = | 0.305217 | / | 0.312809 |
| | = | 0.9757 |
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 - (516.551 + 1588.172) / 2969.586) | / | (1 - (467.357 + 1462.909) / 2772.404) |
| = | 0.29124 | / | 0.303757 |
| | = | 0.9588 |
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 |
| = | 3969.453 | / | 3578.101 |
| | = | 1.1094 |
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)) |
| = | (78.251 / (78.251 + 1462.909)) | / | (87.982 / (87.982 + 1588.172)) |
| = | 0.050774 | / | 0.05249 |
| | = | 0.9673 |
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) |
| = | (1115.897 / 3969.453) | / | (997.109 / 3578.101) |
| = | 0.281121 | / | 0.27867 |
| | = | 1.0088 |
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) |
| = | ((1325.414 + 383.965) / 2969.586) | / | ((1360.409 + 280.514) / 2772.404) |
| = | 0.575629 | / | 0.591877 |
| | = | 0.9725 |
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 |
| = | (79.437 - -5.34 | - | 303.447) | / | 2969.586 |
| | = | -0.073637 |
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.
Grocery Outlet Holding has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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