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Whole Foods Market Beneish M-Score

: 0.00 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

During the past 13 years, the highest Beneish M-Score of Whole Foods Market was 0.00. The lowest was 0.00. And the median was 0.00.


Whole Foods Market Beneish M-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Whole Foods Market Annual Data
Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.77 -2.90 -2.92 -2.90 -3.12

Whole Foods Market Quarterly Data
Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.66 -3.12 -2.89 -2.95 -3.32

Competitive Comparison
* 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.


Whole Foods Market Beneish M-Score Distribution

* The bar in red indicates where Whole Foods Market's Beneish M-Score falls into.



Whole Foods Market 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 Whole Foods 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 * 0.7609+0.528 * 1.0167+0.404 * 0.9133+0.892 * 1.0135+0.115 * 0.9354
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0072+4.679 * -0.1322-0.327 * 0.9481
=-3.32

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Jun17) TTM:Last Year (Jun16) TTM:
Accounts Receivable was $246 Mil.
Revenue was 3725 + 3737 + 4918 + 3497 = $15,877 Mil.
Gross Profit was 1268 + 1274 + 1650 + 1194 = $5,386 Mil.
Total Current Assets was $2,191 Mil.
Total Assets was $6,610 Mil.
Property, Plant and Equipment(Net PPE) was $3,482 Mil.
Depreciation, Depletion and Amortization(DDA) was $539 Mil.
Selling, General, & Admin. Expense(SGA) was $4,709 Mil.
Total Current Liabilities was $1,324 Mil.
Long-Term Debt & Capital Lease Obligation was $1,046 Mil.
Net Income was 106 + 99 + 95 + 88 = $388 Mil.
Non Operating Income was 4 + 2 + 0 + 3 = $9 Mil.
Cash Flow from Operations was 277 + 340 + 284 + 352 = $1,253 Mil.
Accounts Receivable was $319 Mil.
Revenue was 3703 + 3696 + 4829 + 3438 = $15,666 Mil.
Gross Profit was 1286 + 1290 + 1641 + 1186 = $5,403 Mil.
Total Current Assets was $1,925 Mil.
Total Assets was $6,275 Mil.
Property, Plant and Equipment(Net PPE) was $3,376 Mil.
Depreciation, Depletion and Amortization(DDA) was $484 Mil.
Selling, General, & Admin. Expense(SGA) was $4,613 Mil.
Total Current Liabilities was $1,324 Mil.
Long-Term Debt & Capital Lease Obligation was $1,049 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)
=(246 / 15877) / (319 / 15666)
=0.01549411 / 0.02036257
=0.7609

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)
=(5403 / 15666) / (5386 / 15877)
=0.34488702 / 0.33923285
=1.0167

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 - (2191 + 3482) / 6610) / (1 - (1925 + 3376) / 6275)
=0.14175492 / 0.15521912
=0.9133

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
=15877 / 15666
=1.0135

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))
=(484 / (484 + 3376)) / (539 / (539 + 3482))
=0.1253886 / 0.13404626
=0.9354

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)
=(4709 / 15877) / (4613 / 15666)
=0.29659256 / 0.29445934
=1.0072

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)
=((1046 + 1324) / 6610) / ((1049 + 1324) / 6275)
=0.35854766 / 0.37816733
=0.9481

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
=(388 - 9 - 1253) / 6610
=-0.1322

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.

Whole Foods Market has a M-score of -3.32 suggests that the company is unlikely to be a manipulator.


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