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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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.23 |
-2.48 |
-2.46 |
-2.39 |
-2.50 |
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 * 0.9499 | + | 0.528 * 1.0569 | + | 0.404 * 1.0098 | + | 0.892 * 1.0173 | + | 0.115 * 1.0538 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7721 | + | 4.679 * -0.021527 | - | 0.327 * 0.8936 |
| = | -2.50 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $117 Mil.
Revenue was 1481.062 + 1584.995 + 1433.869 + 1380.604 = $5,881 Mil.
Gross Profit was 348.801 + 369.72 + 338.101 + 325.94 = $1,383 Mil.
Total Current Assets was $911 Mil.
Total Assets was $2,459 Mil.
Property, Plant and Equipment(Net PPE) was $1,500 Mil.
Depreciation, Depletion and Amortization(DDA) was $116 Mil.
Selling, General, & Admin. Expense(SGA) was $830 Mil.
Total Current Liabilities was $283 Mil.
Long-Term Debt & Capital Lease Obligation was $565 Mil.
Net Income was 43.394 + 52.641 + 48.26 + 40.54 = $185 Mil.
Non Operating Income was 4.259 + 4.255 + 2.231 + 2.332 = $13 Mil.
Cash Flow from Operations was 15.541 + 89.434 + 82.564 + 37.151 = $225 Mil.
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Total Receivables was $121 Mil.
Revenue was 1493.314 + 1452.02 + 1458.167 + 1377.119 = $5,781 Mil.
Gross Profit was 371.155 + 364.782 + 351.879 + 348.563 = $1,436 Mil.
Total Current Assets was $859 Mil.
Total Assets was $2,345 Mil.
Property, Plant and Equipment(Net PPE) was $1,441 Mil.
Depreciation, Depletion and Amortization(DDA) was $118 Mil.
Selling, General, & Admin. Expense(SGA) was $1,056 Mil.
Total Current Liabilities was $322 Mil.
Long-Term Debt & Capital Lease Obligation was $583 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) |
| = | (116.748 / 5880.53) | / | (120.822 / 5780.62) |
| = | 0.019853 | / | 0.020901 |
| | = | 0.9499 |
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) |
| = | (1436.379 / 5780.62) | / | (1382.562 / 5880.53) |
| = | 0.248482 | / | 0.235108 |
| | = | 1.0569 |
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 - (910.991 + 1499.718) / 2458.857) | / | (1 - (858.572 + 1441.253) / 2345.303) |
| = | 0.019581 | / | 0.019391 |
| | = | 1.0098 |
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 |
| = | 5880.53 | / | 5780.62 |
| | = | 1.0173 |
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)) |
| = | (117.611 / (117.611 + 1441.253)) | / | (115.647 / (115.647 + 1499.718)) |
| = | 0.075447 | / | 0.071592 |
| | = | 1.0538 |
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) |
| = | (829.628 / 5880.53) | / | (1056.288 / 5780.62) |
| = | 0.14108 | / | 0.182729 |
| | = | 0.7721 |
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) |
| = | ((564.792 + 282.992) / 2458.857) | / | ((583.031 + 321.879) / 2345.303) |
| = | 0.344788 | / | 0.385839 |
| | = | 0.8936 |
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 |
| = | (184.835 - 13.077 | - | 224.69) | / | 2458.857 |
| | = | -0.021527 |
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 -2.50 suggests that the company is unlikely to be a manipulator.
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