Domino's Pizza Enterprises Beneish M-Score Historical Data
The historical data trend for Domino's Pizza Enterprises'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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Domino's Pizza Enterprises Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.34 |
-2.32 |
-2.56 |
-2.27 |
-2.41 |
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Domino's Pizza Enterprises Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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- |
-2.27 |
- |
-2.41 |
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Competitive Comparison
For the Restaurants subindustry, Domino's Pizza Enterprises'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.
Domino's Pizza Enterprises Beneish M-Score Distribution
For the Restaurants industry and Consumer Cyclical sector, Domino's Pizza Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Domino's Pizza Enterprises's Beneish M-Score falls into.
Domino's Pizza Enterprises 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 Domino's Pizza Enterprises 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 * 1.1892 | + | 0.528 * 1.0176 | + | 0.404 * 0.7634 | + | 0.892 * 0.9802 | + | 0.115 * 1.409 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0046 | + | 4.679 * -0.02038 | - | 0.327 * 0.9749 |
| = | -2.45 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $143 Mil.
Revenue was $1,574 Mil.
Gross Profit was $872 Mil.
Total Current Assets was $396 Mil.
Total Assets was $1,933 Mil.
Property, Plant and Equipment(Net PPE) was $663 Mil.
Depreciation, Depletion and Amortization(DDA) was $101 Mil.
Selling, General, & Admin. Expense(SGA) was $436 Mil.
Total Current Liabilities was $399 Mil.
Long-Term Debt & Capital Lease Obligation was $1,073 Mil.
Net Income was $27 Mil.
Gross Profit was $-108 Mil.
Cash Flow from Operations was $175 Mil.
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Total Receivables was $123 Mil.
Revenue was $1,605 Mil.
Gross Profit was $905 Mil.
Total Current Assets was $289 Mil.
Total Assets was $1,709 Mil.
Property, Plant and Equipment(Net PPE) was $408 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General, & Admin. Expense(SGA) was $443 Mil.
Total Current Liabilities was $450 Mil.
Long-Term Debt & Capital Lease Obligation was $885 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) |
| = | (142.852 / 1573.626) | / | (122.547 / 1605.436) |
| = | 0.090779 | / | 0.076333 |
| | = | 1.1892 |
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) |
| = | (905.165 / 1605.436) | / | (871.851 / 1573.626) |
| = | 0.563813 | / | 0.55404 |
| | = | 1.0176 |
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 - (396.007 + 662.865) / 1932.515) | / | (1 - (289.022 + 407.812) / 1708.871) |
| = | 0.452076 | / | 0.592226 |
| | = | 0.7634 |
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 |
| = | 1573.626 | / | 1605.436 |
| | = | 0.9802 |
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)) |
| = | (93.655 / (93.655 + 407.812)) | / | (101.291 / (101.291 + 662.865)) |
| = | 0.186762 | / | 0.132553 |
| | = | 1.409 |
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) |
| = | (435.974 / 1573.626) | / | (442.765 / 1605.436) |
| = | 0.277051 | / | 0.275791 |
| | = | 1.0046 |
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) |
| = | ((1072.838 + 398.729) / 1932.515) | / | ((884.596 + 450.163) / 1708.871) |
| = | 0.761478 | / | 0.781077 |
| | = | 0.9749 |
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 |
| = | (27.228 - -108.416 | - | 175.029) | / | 1932.515 |
| | = | -0.02038 |
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.
Domino's Pizza Enterprises has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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