Dollar General Beneish M-Score Historical Data
The historical data trend for Dollar General'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.
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Dollar General Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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|
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-2.38 |
-2.61 |
-2.52 |
-2.13 |
-2.76 |
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Dollar General Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.13 |
-2.00 |
-1.92 |
-2.50 |
-2.76 |
Competitive Comparison
For the Discount Stores subindustry, Dollar General'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.
Dollar General Beneish M-Score Distribution
For the Retail - Defensive industry and Consumer Defensive sector, Dollar General's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dollar General's Beneish M-Score falls into.
Dollar General 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 Dollar General 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 * 0.8085 | + | 0.528 * 1.0312 | + | 0.404 * 0.9449 | + | 0.892 * 1.0224 | + | 0.115 * 0.9261 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0681 | + | 4.679 * -0.023722 | - | 0.327 * 0.9614 |
| = | -2.76 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $112 Mil.
Revenue was 9858.514 + 9694.082 + 9796.181 + 9342.832 = $38,692 Mil.
Gross Profit was 2906.336 + 2812.528 + 3044.686 + 2955.474 = $11,719 Mil.
Total Current Assets was $8,011 Mil.
Total Assets was $30,796 Mil.
Property, Plant and Equipment(Net PPE) was $17,186 Mil.
Depreciation, Depletion and Amortization(DDA) was $849 Mil.
Selling, General, & Admin. Expense(SGA) was $9,273 Mil.
Total Current Liabilities was $6,726 Mil.
Long-Term Debt & Capital Lease Obligation was $15,935 Mil.
Net Income was 401.813 + 276.246 + 468.835 + 514.38 = $1,661 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 949.779 + 715.298 + 535.606 + 191.115 = $2,392 Mil.
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Total Receivables was $136 Mil.
Revenue was 10202.907 + 9464.891 + 9425.713 + 8751.352 = $37,845 Mil.
Gross Profit was 3148.317 + 2885.195 + 3048.223 + 2738.363 = $11,820 Mil.
Total Current Assets was $7,581 Mil.
Total Assets was $29,083 Mil.
Property, Plant and Equipment(Net PPE) was $15,906 Mil.
Depreciation, Depletion and Amortization(DDA) was $725 Mil.
Selling, General, & Admin. Expense(SGA) was $8,492 Mil.
Total Current Liabilities was $5,888 Mil.
Long-Term Debt & Capital Lease Obligation was $16,372 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) |
| = | (112.262 / 38691.609) | / | (135.775 / 37844.863) |
| = | 0.002901 | / | 0.003588 |
| | = | 0.8085 |
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) |
| = | (11820.098 / 37844.863) | / | (11719.024 / 38691.609) |
| = | 0.31233 | / | 0.302883 |
| | = | 1.0312 |
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 - (8010.724 + 17185.95) / 30795.591) | / | (1 - (7581.009 + 15906.323) / 29083.367) |
| = | 0.181809 | / | 0.192414 |
| | = | 0.9449 |
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 |
| = | 38691.609 | / | 37844.863 |
| | = | 1.0224 |
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)) |
| = | (724.877 / (724.877 + 15906.323)) | / | (848.793 / (848.793 + 17185.95)) |
| = | 0.043585 | / | 0.047064 |
| | = | 0.9261 |
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) |
| = | (9272.724 / 38691.609) | / | (8491.796 / 37844.863) |
| = | 0.239657 | / | 0.224384 |
| | = | 1.0681 |
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) |
| = | ((15935.038 + 6725.701) / 30795.591) | / | ((16372.16 + 5887.768) / 29083.367) |
| = | 0.735844 | / | 0.765383 |
| | = | 0.9614 |
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 |
| = | (1661.274 - 0 | - | 2391.798) | / | 30795.591 |
| | = | -0.023722 |
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.
Dollar General has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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