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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.
Good Sign:
Beneish M-Score -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for United Natural Foods's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of United Natural Foods was -1.55. The lowest was -5.70. And the median was -2.56.
The historical data trend for United Natural Foods'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.
United Natural Foods Annual Data | |||||||||||||||||||||
Trend | Jul14 | Jul15 | Jul16 | Jul17 | Jul18 | Jul19 | Jul20 | Jul21 | Jul22 | Jul23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.88 | -2.69 | -2.96 | -2.43 | -2.99 |
United Natural Foods Quarterly Data | ||||||||||||||||||||
Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | Apr23 | Jul23 | Oct23 | Jan24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.83 | -2.94 | -2.99 | -3.00 | -2.63 |
For the Food Distribution subindustry, United Natural Foods'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.
For the Retail - Defensive industry and Consumer Defensive sector, United Natural Foods's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United Natural Foods'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 United Natural Foods 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 * 0.9852 | + | 0.528 * 1.063 | + | 0.404 * 0.9298 | + | 0.892 * 1.013 | + | 0.115 * 1.0321 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.6383 | + | 4.679 * -0.04315 | - | 0.327 * 1.0365 | |||||||
= | -2.63 |
* 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 $990 Mil. Revenue was 7775 + 7552 + 7417 + 7507 = $30,251 Mil. Gross Profit was 1035 + 1030 + 966 + 1000 = $4,031 Mil. Total Current Assets was $3,581 Mil. Total Assets was $7,671 Mil. Property, Plant and Equipment(Net PPE) was $3,196 Mil. Depreciation, Depletion and Amortization(DDA) was $309 Mil. Selling, General, & Admin. Expense(SGA) was $-22 Mil. Total Current Liabilities was $2,336 Mil. Long-Term Debt & Capital Lease Obligation was $3,481 Mil. Net Income was -15 + -39 + -68 + 7 = $-115 Mil. Non Operating Income was -8 + -23 + -37 + 1 = $-67 Mil. Cash Flow from Operations was 183 + -254 + 222 + 132 = $283 Mil. |
Total Receivables was $992 Mil. Revenue was 7816 + 7532 + 7273 + 7242 = $29,863 Mil. Gross Profit was 1069 + 1096 + 1053 + 1012 = $4,230 Mil. Total Current Assets was $3,741 Mil. Total Assets was $7,635 Mil. Property, Plant and Equipment(Net PPE) was $2,937 Mil. Depreciation, Depletion and Amortization(DDA) was $294 Mil. Selling, General, & Admin. Expense(SGA) was $-34 Mil. Total Current Liabilities was $2,396 Mil. Long-Term Debt & Capital Lease Obligation was $3,190 Mil. |
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) |
= | (990 / 30251) | / | (992 / 29863) | |
= | 0.032726 | / | 0.033218 | |
= | 0.9852 |
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) | |
= | (4230 / 29863) | / | (4031 / 30251) | |
= | 0.141647 | / | 0.133252 | |
= | 1.063 |
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 - (3581 + 3196) / 7671) | / | (1 - (3741 + 2937) / 7635) | |
= | 0.116543 | / | 0.125344 | |
= | 0.9298 |
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 | |
= | 30251 | / | 29863 | |
= | 1.013 |
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)) |
= | (294 / (294 + 2937)) | / | (309 / (309 + 3196)) | |
= | 0.090994 | / | 0.08816 | |
= | 1.0321 |
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) |
= | (-22 / 30251) | / | (-34 / 29863) | |
= | -0.000727 | / | -0.001139 | |
= | 0.6383 |
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) |
= | ((3481 + 2336) / 7671) | / | ((3190 + 2396) / 7635) | |
= | 0.758311 | / | 0.731631 | |
= | 1.0365 |
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 | |
= | (-115 - -67 | - | 283) | / | 7671 | |
= | -0.04315 |
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.
United Natural Foods has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of United Natural Foods's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Andre Persaud | officer: President and CEO, Retail | 30 HUNTER LANE, CAMP HILL PA 17011 |
Bates Ann Torre | director | 300 CONTINENTAL DRIVE, NEWARK DE 19713 |
John W Howard | officer: Interim CFO | 313 IRON HORSE WAY, PROVIDENCE RI 02908 |
Douglas J Alexander Jr | director, officer: Chief Executive Officer | 3925 BROOKSIDE PARKWAY, ALPHARETTA GA 30022 |
Lynn S. Blake | director | 250 WEST 34TH STREET, 3RD FLOOR, C/O WISDOMTREE INVESTMENTS, INC., NEW YORK NY 10119 |
James M Loree | director | 1000 STANLEY DRIVE, NEW BRITAIN CT 06053 |
James C Pappas | director | 1177 WEST LOOP SOUTH, SUITE 1320, HOUSTON TX 77027 |
Erin Horvath | officer: COO | 313 IRON HORSE WAY, C/O IRON HORSE WAY, PROVIDENCE RI 02908 |
Danielle Benedict | officer: SVP, Human Resources | 313 IRON HORSE WAY, PROVIDENCE RI 02908 |
Christopher P. Testa | officer: President, Blue Marble Brands | C/O UNITED NATURAL FOODS, INC., 313 IRON HORSE WAY, PROVIDENCE RI 02908 |
Richard Eric Esper | officer: Chief Accounting Officer | 8501 WILLIAMS ROAD, ESTERO FL 33928 |
Mahrukh Hussain | officer: General Counsel and Corp. Sec. | 313 IRON HORSE WAY, PROVIDENCE RI 02908 |
Louis Anthony Martin | officer: CSTO | 313 IRON HORSE WAY, PROVIDENCE RI 02908 |
Matthew T Echols | officer: CCAO | 313 IRON HORSE WAY, PROVIDENCE RI 02908 |
Mohammad Shamim | director | 12800 TUCKAHOE CREEK PARKWAY, RICHMOND VA 23238 |
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