Krispy Kreme Beneish M-Score Historical Data
The historical data trend for Krispy Kreme'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.
Krispy Kreme Beneish M-Score Chart
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Krispy Kreme Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-2.77 |
-2.60 |
-2.56 |
-2.59 |
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Krispy Kreme Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.54 |
-2.53 |
-2.45 |
-2.59 |
-2.59 |
Competitive Comparison of Krispy Kreme's Beneish M-Score
For the Grocery Stores subindustry, Krispy Kreme'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.
Krispy Kreme's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Krispy Kreme's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Krispy Kreme's Beneish M-Score falls into.
Krispy Kreme 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 Krispy Kreme 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 * 1.2194 | + | 0.528 * 0.9907 | + | 0.404 * 1.0042 | + | 0.892 * 0.9345 | + | 0.115 * 0.9454 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0136 | + | 4.679 * -0.048768 | - | 0.327 * 1.0289 |
| = | -2.59 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $86 Mil.
Revenue was 375.184 + 404.023 + 379.867 + 438.809 = $1,598 Mil.
Gross Profit was 284.448 + 305.547 + 284.027 + 330.963 = $1,205 Mil.
Total Current Assets was $158 Mil.
Total Assets was $3,089 Mil.
Property, Plant and Equipment(Net PPE) was $955 Mil.
Depreciation, Depletion and Amortization(DDA) was $134 Mil.
Selling, General, & Admin. Expense(SGA) was $308 Mil.
Total Current Liabilities was $449 Mil.
Long-Term Debt & Capital Lease Obligation was $1,345 Mil.
Net Income was -33.284 + -22.443 + 39.563 + -5.491 = $-22 Mil.
Non Operating Income was -0.536 + 1.837 + 86.916 + -1.916 = $86 Mil.
Cash Flow from Operations was -20.834 + 27.045 + 3.262 + 33.23 = $43 Mil.
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Total Receivables was $76 Mil.
Revenue was 442.698 + 450.905 + 407.367 + 408.882 = $1,710 Mil.
Gross Profit was 335.683 + 337.954 + 306.014 + 297.776 = $1,277 Mil.
Total Current Assets was $174 Mil.
Total Assets was $3,234 Mil.
Property, Plant and Equipment(Net PPE) was $1,000 Mil.
Depreciation, Depletion and Amortization(DDA) was $132 Mil.
Selling, General, & Admin. Expense(SGA) was $325 Mil.
Total Current Liabilities was $490 Mil.
Long-Term Debt & Capital Lease Obligation was $1,336 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) |
| = | (86.242 / 1597.883) | / | (75.684 / 1709.852) |
| = | 0.053973 | / | 0.044263 |
| | = | 1.2194 |
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) |
| = | (1277.427 / 1709.852) | / | (1204.985 / 1597.883) |
| = | 0.747098 | / | 0.754113 |
| | = | 0.9907 |
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 - (157.986 + 955.079) / 3089.323) | / | (1 - (174.014 + 999.91) / 3234.318) |
| = | 0.639706 | / | 0.637041 |
| | = | 1.0042 |
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 |
| = | 1597.883 | / | 1709.852 |
| | = | 0.9345 |
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)) |
| = | (131.541 / (131.541 + 999.91)) | / | (133.912 / (133.912 + 955.079)) |
| = | 0.116259 | / | 0.122969 |
| | = | 0.9454 |
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) |
| = | (307.953 / 1597.883) | / | (325.103 / 1709.852) |
| = | 0.192726 | / | 0.190135 |
| | = | 1.0136 |
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) |
| = | ((1345.186 + 449.456) / 3089.323) | / | ((1336.043 + 490.058) / 3234.318) |
| = | 0.580918 | / | 0.564602 |
| | = | 1.0289 |
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 |
| = | (-21.655 - 86.301 | - | 42.703) | / | 3089.323 |
| | = | -0.048768 |
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.
Krispy Kreme has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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