Walmart Beneish M-Score Historical Data
The historical data trend for Walmart'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.
Walmart Beneish M-Score Chart
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Walmart Annual Data
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Jan25 |
| Beneish M-Score |
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-2.87 |
-2.31 |
-2.83 |
-2.74 |
-2.70 |
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Walmart Quarterly Data
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Apr25 |
| Beneish M-Score |
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-2.64 |
-2.69 |
-2.74 |
-2.70 |
-2.78 |
Competitive Comparison of Walmart's Beneish M-Score
For the Discount Stores subindustry, Walmart'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.
Walmart's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Walmart's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Walmart's Beneish M-Score falls into.
Walmart 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 Walmart 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 * 1.024 | + | 0.528 * 0.9846 | + | 0.404 * 0.8764 | + | 0.892 * 1.0422 | + | 0.115 * 0.9864 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0126 | + | 4.679 * -0.063273 | - | 0.327 * 1.0145 |
| = | -2.78 |
* 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 (Apr25) TTM: | Last Year (Apr24) TTM: |
Total Receivables was $9,686 Mil.
Revenue was 165609 + 180554 + 169588 + 169335 = $685,086 Mil.
Gross Profit was 41306 + 44382 + 42248 + 42525 = $170,461 Mil.
Total Current Assets was $80,253 Mil.
Total Assets was $262,372 Mil.
Property, Plant and Equipment(Net PPE) was $140,884 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,214 Mil.
Selling, General, & Admin. Expense(SGA) was $140,819 Mil.
Total Current Liabilities was $102,920 Mil.
Long-Term Debt & Capital Lease Obligation was $55,195 Mil.
Net Income was 4487 + 5254 + 4577 + 4501 = $18,819 Mil.
Non Operating Income was -597 + -294 + -132 + -1162 = $-2,185 Mil.
Cash Flow from Operations was 5411 + 13525 + 6561 + 12108 = $37,605 Mil.
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Total Receivables was $9,075 Mil.
Revenue was 161508 + 173388 + 160804 + 161632 = $657,332 Mil.
Gross Profit was 40077 + 41563 + 39621 + 39782 = $161,043 Mil.
Total Current Assets was $77,152 Mil.
Total Assets was $254,054 Mil.
Property, Plant and Equipment(Net PPE) was $131,345 Mil.
Depreciation, Depletion and Amortization(DDA) was $12,136 Mil.
Selling, General, & Admin. Expense(SGA) was $133,430 Mil.
Total Current Liabilities was $96,100 Mil.
Long-Term Debt & Capital Lease Obligation was $54,815 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) |
| = | (9686 / 685086) | / | (9075 / 657332) |
| = | 0.014138 | / | 0.013806 |
| | = | 1.024 |
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) |
| = | (161043 / 657332) | / | (170461 / 685086) |
| = | 0.244995 | / | 0.248817 |
| | = | 0.9846 |
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 - (80253 + 140884) / 262372) | / | (1 - (77152 + 131345) / 254054) |
| = | 0.157162 | / | 0.17932 |
| | = | 0.8764 |
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 |
| = | 685086 | / | 657332 |
| | = | 1.0422 |
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)) |
| = | (12136 / (12136 + 131345)) | / | (13214 / (13214 + 140884)) |
| = | 0.084583 | / | 0.085751 |
| | = | 0.9864 |
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) |
| = | (140819 / 685086) | / | (133430 / 657332) |
| = | 0.205549 | / | 0.202987 |
| | = | 1.0126 |
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) |
| = | ((55195 + 102920) / 262372) | / | ((54815 + 96100) / 254054) |
| = | 0.602637 | / | 0.594027 |
| | = | 1.0145 |
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 |
| = | (18819 - -2185 | - | 37605) | / | 262372 |
| | = | -0.063273 |
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.
Walmart has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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