Wetherspoon (J D) Beneish M-Score Historical Data
The historical data trend for Wetherspoon (J D)'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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Wetherspoon (J D) Annual Data
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Trend |
Jul14 |
Jul15 |
Jul16 |
Jul17 |
Jul18 |
Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
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-3.22 |
-2.50 |
-1.98 |
-0.15 |
-4.17 |
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Wetherspoon (J D) Semi-Annual Data
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Jul14 |
Jan15 |
Jul15 |
Jan16 |
Jul16 |
Jan17 |
Jul17 |
Jan18 |
Jul18 |
Jan19 |
Jul19 |
Jan20 |
Jul20 |
Jan21 |
Jul21 |
Jan22 |
Jul22 |
Jan23 |
Jul23 |
Jan24 |
| Beneish M-Score |
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- |
-0.15 |
- |
-4.17 |
- |
Competitive Comparison
For the Restaurants subindustry, Wetherspoon (J D)'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.
Wetherspoon (J D) Beneish M-Score Distribution
For the Restaurants industry and Consumer Cyclical sector, Wetherspoon (J D)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wetherspoon (J D)'s Beneish M-Score falls into.
Wetherspoon (J D) 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 Wetherspoon (J D) 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 * 0.2226 | + | 0.528 * 0.6972 | + | 0.404 * 0.4846 | + | 0.892 * 1.1887 | + | 0.115 * 1.0169 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0615 | + | 4.679 * -0.153569 | - | 0.327 * 0.9262 |
| = | -4.10 |
* 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 (Jul23) TTM: | Last Year (Jul22) TTM: |
Total Receivables was $7 Mil.
Revenue was $2,481 Mil.
Gross Profit was $205 Mil.
Total Current Assets was $205 Mil.
Total Assets was $2,541 Mil.
Property, Plant and Equipment(Net PPE) was $2,275 Mil.
Depreciation, Depletion and Amortization(DDA) was $141 Mil.
Selling, General, & Admin. Expense(SGA) was $68 Mil.
Total Current Liabilities was $499 Mil.
Long-Term Debt & Capital Lease Obligation was $1,443 Mil.
Net Income was $77 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $467 Mil.
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Total Receivables was $26 Mil.
Revenue was $2,087 Mil.
Gross Profit was $120 Mil.
Total Current Assets was $121 Mil.
Total Assets was $2,457 Mil.
Property, Plant and Equipment(Net PPE) was $2,214 Mil.
Depreciation, Depletion and Amortization(DDA) was $140 Mil.
Selling, General, & Admin. Expense(SGA) was $54 Mil.
Total Current Liabilities was $406 Mil.
Long-Term Debt & Capital Lease Obligation was $1,621 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) |
| = | (6.789 / 2480.727) | / | (25.662 / 2086.903) |
| = | 0.002737 | / | 0.012297 |
| | = | 0.2226 |
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) |
| = | (120.234 / 2086.903) | / | (204.992 / 2480.727) |
| = | 0.057614 | / | 0.082634 |
| | = | 0.6972 |
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 - (205.039 + 2274.702) / 2541.113) | / | (1 - (121.043 + 2213.763) / 2457.279) |
| = | 0.024152 | / | 0.049841 |
| | = | 0.4846 |
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 |
| = | 2480.727 | / | 2086.903 |
| | = | 1.1887 |
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)) |
| = | (140.102 / (140.102 + 2213.763)) | / | (141.419 / (141.419 + 2274.702)) |
| = | 0.05952 | / | 0.058531 |
| | = | 1.0169 |
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) |
| = | (68.343 / 2480.727) | / | (54.162 / 2086.903) |
| = | 0.02755 | / | 0.025953 |
| | = | 1.0615 |
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) |
| = | ((1442.573 + 499.043) / 2541.113) | / | ((1621.088 + 406.175) / 2457.279) |
| = | 0.764081 | / | 0.825003 |
| | = | 0.9262 |
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 |
| = | (76.787 - 0 | - | 467.024) | / | 2541.113 |
| | = | -0.153569 |
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.
Wetherspoon (J D) has a M-score of -4.10 suggests that the company is unlikely to be a manipulator.
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