Green Thumb Industries Beneish M-Score Historical Data
The historical data trend for Green Thumb Industries'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.
Green Thumb Industries Beneish M-Score Chart
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Green Thumb Industries Annual Data
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Trend |
Feb15 |
Feb16 |
Feb17 |
Feb18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.48 |
-2.39 |
-1.92 |
-2.76 |
-2.45 |
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Green Thumb Industries Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.76 |
-2.24 |
-2.61 |
-2.60 |
-2.45 |
Competitive Comparison of Green Thumb Industries's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Green Thumb Industries'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.
Green Thumb Industries's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Green Thumb Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Green Thumb Industries's Beneish M-Score falls into.
Green Thumb Industries 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 Green Thumb Industries 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 * 1.1549 | + | 0.528 * 0.9445 | + | 0.404 * 0.9405 | + | 0.892 * 1.0783 | + | 0.115 * 0.935 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0218 | + | 4.679 * -0.044543 | - | 0.327 * 0.9646 |
| = | -2.53 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $54 Mil.
Revenue was 294.323 + 286.865 + 280.147 + 275.806 = $1,137 Mil.
Gross Profit was 158.069 + 147.591 + 150.52 + 144.929 = $601 Mil.
Total Current Assets was $404 Mil.
Total Assets was $2,537 Mil.
Property, Plant and Equipment(Net PPE) was $962 Mil.
Depreciation, Depletion and Amortization(DDA) was $168 Mil.
Selling, General, & Admin. Expense(SGA) was $377 Mil.
Total Current Liabilities was $165 Mil.
Long-Term Debt & Capital Lease Obligation was $504 Mil.
Net Income was 12.679 + 8.616 + 20.712 + 31.076 = $73 Mil.
Non Operating Income was -9.505 + -0.29 + 2.464 + -1.763 = $-9 Mil.
Cash Flow from Operations was 43.338 + 47.671 + 20.151 + 84.023 = $195 Mil.
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Total Receivables was $43 Mil.
Revenue was 278.231 + 275.398 + 252.388 + 248.536 = $1,055 Mil.
Gross Profit was 142.688 + 133.806 + 125.28 + 124.721 = $526 Mil.
Total Current Assets was $343 Mil.
Total Assets was $2,490 Mil.
Property, Plant and Equipment(Net PPE) was $925 Mil.
Depreciation, Depletion and Amortization(DDA) was $149 Mil.
Selling, General, & Admin. Expense(SGA) was $342 Mil.
Total Current Liabilities was $126 Mil.
Long-Term Debt & Capital Lease Obligation was $555 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) |
| = | (53.519 / 1137.141) | / | (42.975 / 1054.553) |
| = | 0.047065 | / | 0.040752 |
| | = | 1.1549 |
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) |
| = | (526.495 / 1054.553) | / | (601.109 / 1137.141) |
| = | 0.499259 | / | 0.528614 |
| | = | 0.9445 |
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 - (403.9 + 962.295) / 2537.012) | / | (1 - (342.762 + 925.475) / 2490.057) |
| = | 0.461494 | / | 0.49068 |
| | = | 0.9405 |
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 |
| = | 1137.141 | / | 1054.553 |
| | = | 1.0783 |
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)) |
| = | (149.021 / (149.021 + 925.475)) | / | (167.595 / (167.595 + 962.295)) |
| = | 0.138689 | / | 0.148329 |
| | = | 0.935 |
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) |
| = | (376.684 / 1137.141) | / | (341.863 / 1054.553) |
| = | 0.331255 | / | 0.324178 |
| | = | 1.0218 |
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) |
| = | ((504.342 + 164.969) / 2537.012) | / | ((554.991 + 126.05) / 2490.057) |
| = | 0.263819 | / | 0.273504 |
| | = | 0.9646 |
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 |
| = | (73.083 - -9.094 | - | 195.183) | / | 2537.012 |
| | = | -0.044543 |
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.
Green Thumb Industries has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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