Ingles Markets Beneish M-Score Historical Data
The historical data trend for Ingles Markets'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.
Ingles Markets Beneish M-Score Chart
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Ingles Markets Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.78 |
-2.74 |
-2.43 |
-2.44 |
-2.39 |
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Ingles Markets Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.46 |
-2.39 |
-2.50 |
-2.37 |
-2.57 |
Competitive Comparison of Ingles Markets's Beneish M-Score
For the Grocery Stores subindustry, Ingles Markets'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.
Ingles Markets's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Ingles Markets's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ingles Markets's Beneish M-Score falls into.
Ingles Markets 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 Ingles Markets 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 * 0.9765 | + | 0.528 * 1.0337 | + | 0.404 * 1.0214 | + | 0.892 * 1.0117 | + | 0.115 * 1.0386 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2643 | + | 4.679 * -0.056099 | - | 0.327 * 0.9337 |
| = | -2.57 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $100 Mil.
Revenue was 1393.539 + 1367.48 + 1481.062 + 1584.995 = $5,827 Mil.
Gross Profit was 329.758 + 321.885 + 348.801 + 369.72 = $1,370 Mil.
Total Current Assets was $963 Mil.
Total Assets was $2,546 Mil.
Property, Plant and Equipment(Net PPE) was $1,532 Mil.
Depreciation, Depletion and Amortization(DDA) was $117 Mil.
Selling, General, & Admin. Expense(SGA) was $290 Mil.
Total Current Liabilities was $322 Mil.
Long-Term Debt & Capital Lease Obligation was $551 Mil.
Net Income was 31.722 + 31.899 + 43.394 + 52.641 = $160 Mil.
Non Operating Income was 4.197 + 11.068 + 4.259 + 4.255 = $24 Mil.
Cash Flow from Operations was 103.282 + 70.433 + 15.541 + 89.434 = $279 Mil.
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Total Receivables was $101 Mil.
Revenue was 1433.869 + 1380.604 + 1493.314 + 1452.02 = $5,760 Mil.
Gross Profit was 338.101 + 325.94 + 371.155 + 364.782 = $1,400 Mil.
Total Current Assets was $897 Mil.
Total Assets was $2,407 Mil.
Property, Plant and Equipment(Net PPE) was $1,463 Mil.
Depreciation, Depletion and Amortization(DDA) was $116 Mil.
Selling, General, & Admin. Expense(SGA) was $1,084 Mil.
Total Current Liabilities was $313 Mil.
Long-Term Debt & Capital Lease Obligation was $572 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) |
| = | (99.61 / 5827.076) | / | (100.824 / 5759.807) |
| = | 0.017094 | / | 0.017505 |
| | = | 0.9765 |
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) |
| = | (1399.978 / 5759.807) | / | (1370.164 / 5827.076) |
| = | 0.24306 | / | 0.235137 |
| | = | 1.0337 |
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 - (962.712 + 1531.701) / 2545.722) | / | (1 - (896.701 + 1462.954) / 2407.153) |
| = | 0.020155 | / | 0.019732 |
| | = | 1.0214 |
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 |
| = | 5827.076 | / | 5759.807 |
| | = | 1.0117 |
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)) |
| = | (116.095 / (116.095 + 1462.954)) | / | (116.693 / (116.693 + 1531.701)) |
| = | 0.073522 | / | 0.070792 |
| | = | 1.0386 |
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) |
| = | (289.827 / 5827.076) | / | (1084.007 / 5759.807) |
| = | 0.049738 | / | 0.188202 |
| | = | 0.2643 |
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) |
| = | ((551.458 + 322.379) / 2545.722) | / | ((571.721 + 313.191) / 2407.153) |
| = | 0.343257 | / | 0.367618 |
| | = | 0.9337 |
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 |
| = | (159.656 - 23.779 | - | 278.69) | / | 2545.722 |
| | = | -0.056099 |
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.
Ingles Markets has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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