Portillos Beneish M-Score Historical Data
The historical data trend for Portillos'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.
Portillos Beneish M-Score Chart
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Portillos Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.49 |
-2.16 |
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Portillos Quarterly Data
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Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.49 |
-1.87 |
-2.38 |
-1.99 |
-2.16 |
Competitive Comparison of Portillos's Beneish M-Score
For the Restaurants subindustry, Portillos'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.
Portillos's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Portillos's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Portillos's Beneish M-Score falls into.
Portillos 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 Portillos 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 * 1.4257 | + | 0.528 * 0.9615 | + | 0.404 * 0.9611 | + | 0.892 * 1.1581 | + | 0.115 * 1.0655 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9931 | + | 4.679 * -0.040407 | - | 0.327 * 0.9791 |
| = | -2.16 |
* 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 $14.2 Mil.
Revenue was 187.858 + 166.805 + 169.182 + 156.061 = $679.9 Mil.
Gross Profit was 74.728 + 68.666 + 69.8 + 61.976 = $275.2 Mil.
Total Current Assets was $41.9 Mil.
Total Assets was $1,385.5 Mil.
Property, Plant and Equipment(Net PPE) was $489.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.3 Mil.
Selling, General, & Admin. Expense(SGA) was $112.2 Mil.
Total Current Liabilities was $104.9 Mil.
Long-Term Debt & Capital Lease Obligation was $522.3 Mil.
Net Income was 7.789 + 4.361 + 6.788 + -0.514 = $18.4 Mil.
Non Operating Income was 7.078 + -1.46 + 0.685 + -2.674 = $3.6 Mil.
Cash Flow from Operations was 17.211 + 22.261 + 24.823 + 6.486 = $70.8 Mil.
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Total Receivables was $8.6 Mil.
Revenue was 150.878 + 151.121 + 150.623 + 134.482 = $587.1 Mil.
Gross Profit was 58.015 + 58.614 + 60.943 + 50.903 = $228.5 Mil.
Total Current Assets was $65.3 Mil.
Total Assets was $1,280.1 Mil.
Property, Plant and Equipment(Net PPE) was $393.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.9 Mil.
Selling, General, & Admin. Expense(SGA) was $97.5 Mil.
Total Current Liabilities was $77.3 Mil.
Long-Term Debt & Capital Lease Obligation was $514.6 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) |
| = | (14.183 / 679.906) | / | (8.59 / 587.104) |
| = | 0.02086 | / | 0.014631 |
| | = | 1.4257 |
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) |
| = | (228.475 / 587.104) | / | (275.17 / 679.906) |
| = | 0.389156 | / | 0.404718 |
| | = | 0.9615 |
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 - (41.919 + 489.618) / 1385.541) | / | (1 - (65.326 + 393.844) / 1280.083) |
| = | 0.616369 | / | 0.641297 |
| | = | 0.9611 |
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 |
| = | 679.906 | / | 587.104 |
| | = | 1.1581 |
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)) |
| = | (20.907 / (20.907 + 393.844)) | / | (24.313 / (24.313 + 489.618)) |
| = | 0.050409 | / | 0.047308 |
| | = | 1.0655 |
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) |
| = | (112.193 / 679.906) | / | (97.549 / 587.104) |
| = | 0.165013 | / | 0.166153 |
| | = | 0.9931 |
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) |
| = | ((522.337 + 104.913) / 1385.541) | / | ((514.591 + 77.297) / 1280.083) |
| = | 0.452711 | / | 0.462383 |
| | = | 0.9791 |
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 |
| = | (18.424 - 3.629 | - | 70.781) | / | 1385.541 |
| | = | -0.040407 |
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.
Portillos has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.
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