1.95(12.12%) Volume: 9,579,439 10:08PM EST| Market Cap : 2.11 B | Enterprise Value : 3.76 B | P/E (TTM) : 14.39 | P/B : 3.66 |
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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 10 years, the highest Beneish M-Score of Sprouts Farmers Market was -2.34. The lowest was -4.23. And the median was -2.51.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| Sprouts Farmers Market Quarterly Data | ||||||||||||||||||||
| Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | |
| Beneish M-Score |
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-2.40 | -2.98 | -3.45 | -3.55 | -3.62 |
* The bar in red indicates where Sprouts Farmers Market's Beneish M-Score falls into.
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 Sprouts Farmers Market 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 * 0.358 | + | 0.528 * 0.998 | + | 0.404 * 0.6045 | + | 0.892 * 1.0821 | + | 0.115 * 1.2182 | |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
| - | 0.172 * 1.0197 | + | 4.679 * -0.0728 | - | 0.327 * 1.4258 | |||||||
| = | -3.62 |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| This Year (Dec19) TTM: | Last Year (Dec18) TTM: |
| Accounts Receivable was $16 Mil. Revenue was 1364.991 + 1440.222 + 1415.736 + 1413.887 = $5,635 Mil. Gross Profit was 468.963 + 476.725 + 464.782 + 484.349 = $1,895 Mil. Total Current Assets was $388 Mil. Total Assets was $2,723 Mil. Property, Plant and Equipment(Net PPE) was $1,770 Mil. Depreciation, Depletion and Amortization(DDA) was $205 Mil. Selling, General, & Admin. Expense(SGA) was $1,550 Mil. Total Current Liabilities was $417 Mil. Long-Term Debt & Capital Lease Obligation was $1,628 Mil. Net Income was 31.634 + 26.26 + 35.343 + 56.392 = $150 Mil. Non Operating Income was -3.864 + -2.119 + -0.769 + -0.508 = $-7 Mil. Cash Flow from Operations was 31.898 + 74.127 + 136.58 + 112.605 = $355 Mil. |
Accounts Receivable was $41 Mil. Revenue was 1269.338 + 1329.109 + 1321.693 + 1287.196 = $5,207 Mil. Gross Profit was 420.969 + 443.416 + 438.481 + 444.609 = $1,747 Mil. Total Current Assets was $334 Mil. Total Assets was $1,676 Mil. Property, Plant and Equipment(Net PPE) was $766 Mil. (DDA) was $111 Mil. Selling, General, & Admin. Expense(SGA) was $1,404 Mil. Total Current Liabilities was $310 Mil. Long-Term Debt & Capital Lease Obligation was $573 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Accounts Receivable 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) |
| = | (15.713 / 5634.836) | / | (40.564 / 5207.336) | |
| = | 0.00278855 | / | 0.00778978 | |
| = | 0.358 |
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) | |
| = | (1747.475 / 5207.336) | / | (1894.819 / 5634.836) | |
| = | 0.33557946 | / | 0.3362687 | |
| = | 0.998 |
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 - (387.839 + 1769.944) / 2722.983) | / | (1 - (333.841 + 766.429) / 1675.614) | |
| = | 0.20756648 | / | 0.34336309 | |
| = | 0.6045 |
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 | |
| = | 5634.836 | / | 5207.336 | |
| = | 1.0821 |
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)) |
| = | (110.749 / (110.749 + 766.429)) | / | (204.646 / (204.646 + 1769.944)) | |
| = | 0.12625602 | / | 0.10363974 | |
| = | 1.2182 |
6. SGAI = Sales, General and Administrative expenses Index
The ratio of c 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) |
| = | (1549.708 / 5634.836) | / | (1404.443 / 5207.336) | |
| = | 0.27502273 | / | 0.2697047 | |
| = | 1.0197 |
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$sgai= in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((1628.346 + 416.812) / 2722.983) | / | ((572.642 + 310) / 1675.614) | |
| = | 0.75107263 | / | 0.52675736 | |
| = | 1.4258 |
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 | |
| = | (149.629 - -7.26 | - | 355.21) | / | 2722.983 | |
| = | -0.0728 |
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Sprouts Farmers Market has a M-score of -3.62 suggests that the company will not be a manipulator.
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