Buffalo Wild Wings Beneish M-Score Historical Data
The historical data trend for Buffalo Wild Wings'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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Buffalo Wild Wings Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.41 |
-3.14 |
-2.93 |
-2.49 |
-3.37 |
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Buffalo Wild Wings Quarterly Data
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Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
| Beneish M-Score |
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-3.08 |
-3.37 |
-3.53 |
-3.68 |
-3.63 |
Competitive Comparison
For the Restaurants subindustry, Buffalo Wild Wings'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.
Buffalo Wild Wings Beneish M-Score Distribution
For the Restaurants industry and Consumer Cyclical sector, Buffalo Wild Wings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Buffalo Wild Wings's Beneish M-Score falls into.
Buffalo Wild Wings 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 Buffalo Wild Wings 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 * 1.0069 | + | 0.528 * 1.1389 | + | 0.404 * 1.0107 | + | 0.892 * 1.0216 | + | 0.115 * 0.9039 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0019 | + | 4.679 * -0.164106 | - | 0.327 * 2.3591 |
| = | -3.60 |
* 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 (Sep17) TTM: | Last Year (Sep16) TTM: |
Total Receivables was $44 Mil.
Revenue was 496.7 + 499.98 + 534.763 + 494.191 = $2,026 Mil.
Gross Profit was 102.218 + 90.188 + 107.725 + 96.935 = $397 Mil.
Total Current Assets was $123 Mil.
Total Assets was $930 Mil.
Property, Plant and Equipment(Net PPE) was $542 Mil.
Depreciation, Depletion and Amortization(DDA) was $153 Mil.
Selling, General, & Admin. Expense(SGA) was $138 Mil.
Total Current Liabilities was $177 Mil.
Long-Term Debt & Capital Lease Obligation was $420 Mil.
Net Income was 18.18 + 8.782 + 21.549 + 15.619 = $64 Mil.
Non Operating Income was 0.203 + 5.94 + -1.16 + 1.268 = $6 Mil.
Cash Flow from Operations was 43.164 + 49.909 + 48.852 + 68.652 = $211 Mil.
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Total Receivables was $43 Mil.
Revenue was 494.167 + 490.178 + 508.257 + 490.223 = $1,983 Mil.
Gross Profit was 106.338 + 106.938 + 118.902 + 110.493 = $443 Mil.
Total Current Assets was $101 Mil.
Total Assets was $984 Mil.
Property, Plant and Equipment(Net PPE) was $605 Mil.
Depreciation, Depletion and Amortization(DDA) was $150 Mil.
Selling, General, & Admin. Expense(SGA) was $135 Mil.
Total Current Liabilities was $174 Mil.
Long-Term Debt & Capital Lease Obligation was $93 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) |
| = | (44.489 / 2025.634) | / | (43.25 / 1982.825) |
| = | 0.021963 | / | 0.021812 |
| | = | 1.0069 |
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) |
| = | (442.671 / 1982.825) | / | (397.066 / 2025.634) |
| = | 0.223253 | / | 0.196021 |
| | = | 1.1389 |
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 - (123.302 + 541.706) / 930.486) | / | (1 - (101.359 + 605.188) / 984.465) |
| = | 0.285311 | / | 0.282304 |
| | = | 1.0107 |
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 |
| = | 2025.634 | / | 1982.825 |
| | = | 1.0216 |
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)) |
| = | (150.463 / (150.463 + 605.188)) | / | (153.039 / (153.039 + 541.706)) |
| = | 0.199117 | / | 0.220281 |
| | = | 0.9039 |
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) |
| = | (138.219 / 2025.634) | / | (135.04 / 1982.825) |
| = | 0.068235 | / | 0.068105 |
| | = | 1.0019 |
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) |
| = | ((420.376 + 176.707) / 930.486) | / | ((93.38 + 174.401) / 984.465) |
| = | 0.641689 | / | 0.272007 |
| | = | 2.3591 |
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 |
| = | (64.13 - 6.251 | - | 210.577) | / | 930.486 |
| | = | -0.164106 |
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.
Buffalo Wild Wings has a M-score of -3.60 suggests that the company is unlikely to be a manipulator.
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