US Foods Holding Beneish M-Score Historical Data
The historical data trend for US Foods 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.
US Foods Holding Beneish M-Score Chart
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US Foods Holding Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.92 |
-2.23 |
-2.55 |
-2.66 |
-2.62 |
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US Foods Holding 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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-2.66 |
-2.60 |
-2.61 |
-2.60 |
-2.62 |
Competitive Comparison of US Foods Holding's Beneish M-Score
For the Food Distribution subindustry, US Foods 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.
US Foods Holding's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, US Foods Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where US Foods Holding's Beneish M-Score falls into.
US Foods 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 US Foods 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 * 1.1223 | + | 0.528 * 0.9995 | + | 0.404 * 1.0083 | + | 0.892 * 1.1569 | + | 0.115 * 1.0608 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9933 | + | 4.679 * -0.034785 | - | 0.327 * 1.0336 |
| = | -2.39 |
* 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 MXN44,298 Mil.
Revenue was 197941.449 + 191547.239 + 177869.88 + 148519.886 = MXN715,878 Mil.
Gross Profit was 34745.596 + 32823.73 + 31254.096 + 24811.401 = MXN123,635 Mil.
Total Current Assets was MXN82,881 Mil.
Total Assets was MXN280,217 Mil.
Property, Plant and Equipment(Net PPE) was MXN50,012 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN8,281 Mil.
Selling, General, & Admin. Expense(SGA) was MXN102,221 Mil.
Total Current Liabilities was MXN68,740 Mil.
Long-Term Debt & Capital Lease Obligation was MXN105,676 Mil.
Net Income was 1376.476 + 2914.164 + 3627.38 + 1360.893 = MXN9,279 Mil.
Non Operating Income was -2857.231 + -236.284 + -36.64 + -199.155 = MXN-3,329 Mil.
Cash Flow from Operations was 5902.163 + 5316.381 + 8830.29 + 2306.879 = MXN22,356 Mil.
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Total Receivables was MXN34,118 Mil.
Revenue was 151681.88 + 158616.476 + 154517.971 + 153969.55 = MXN618,786 Mil.
Gross Profit was 26989.054 + 26859.939 + 27275.945 + 25685.625 = MXN106,811 Mil.
Total Current Assets was MXN68,423 Mil.
Total Assets was MXN223,839 Mil.
Property, Plant and Equipment(Net PPE) was MXN38,701 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN6,867 Mil.
Selling, General, & Admin. Expense(SGA) was MXN88,957 Mil.
Total Current Liabilities was MXN52,824 Mil.
Long-Term Debt & Capital Lease Obligation was MXN81,969 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) |
| = | (44297.507 / 715878.454) | / | (34118.238 / 618785.877) |
| = | 0.061879 | / | 0.055137 |
| | = | 1.1223 |
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) |
| = | (106810.563 / 618785.877) | / | (123634.823 / 715878.454) |
| = | 0.172613 | / | 0.172704 |
| | = | 0.9995 |
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 - (82880.552 + 50011.969) / 280217.185) | / | (1 - (68423.194 + 38701.285) / 223839.408) |
| = | 0.525752 | / | 0.521423 |
| | = | 1.0083 |
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 |
| = | 715878.454 | / | 618785.877 |
| | = | 1.1569 |
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)) |
| = | (6867.05 / (6867.05 + 38701.285)) | / | (8280.855 / (8280.855 + 50011.969)) |
| = | 0.150698 | / | 0.142056 |
| | = | 1.0608 |
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) |
| = | (102221.074 / 715878.454) | / | (88956.726 / 618785.877) |
| = | 0.142791 | / | 0.14376 |
| | = | 0.9933 |
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) |
| = | ((105675.832 + 68740.387) / 280217.185) | / | ((81968.644 + 52823.86) / 223839.408) |
| = | 0.622432 | / | 0.602184 |
| | = | 1.0336 |
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 |
| = | (9278.913 - -3329.31 | - | 22355.713) | / | 280217.185 |
| | = | -0.034785 |
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.
US Foods Holding has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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