Panera Bread Co Beneish M-Score Historical Data
The historical data trend for Panera Bread Co'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.
Panera Bread Co Beneish M-Score Chart
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Panera Bread Co Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.54 |
-3.32 |
-1.23 |
-3.77 |
-1.72 |
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Panera Bread Co Quarterly Data
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Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
| Beneish M-Score |
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-3.49 |
-3.16 |
-2.48 |
-1.72 |
-2.84 |
Competitive Comparison of Panera Bread Co's Beneish M-Score
For the Restaurants subindustry, Panera Bread Co'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.
Panera Bread Co's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Panera Bread Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Panera Bread Co's Beneish M-Score falls into.
Panera Bread Co 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 Panera Bread Co 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 * 0.8314 | + | 0.528 * 0.9559 | + | 0.404 * 0.9508 | + | 0.892 * 1.044 | + | 0.115 * 0.903 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1337 | + | 4.679 * -0.171851 | - | 0.327 * 1.1646 |
| = | -3.53 |
* 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 (Mar17) TTM: | Last Year (Mar16) TTM: |
Total Receivables was $69 Mil.
Revenue was 727.633 + 727.106 + 684.206 + 698.9 = $2,838 Mil.
Gross Profit was 162.669 + 161.496 + 136.821 + 147.311 = $608 Mil.
Total Current Assets was $311 Mil.
Total Assets was $1,299 Mil.
Property, Plant and Equipment(Net PPE) was $806 Mil.
Depreciation, Depletion and Amortization(DDA) was $159 Mil.
Selling, General, & Admin. Expense(SGA) was $184 Mil.
Total Current Liabilities was $395 Mil.
Long-Term Debt & Capital Lease Obligation was $461 Mil.
Net Income was 42.494 + 44.01 + 31.975 + 34.501 = $153 Mil.
Non Operating Income was -2.782 + -1.106 + -0.411 + -0.114 = $-4 Mil.
Cash Flow from Operations was 75.761 + 158.608 + 26.347 + 119.973 = $381 Mil.
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Total Receivables was $80 Mil.
Revenue was 685.153 + 691.765 + 664.654 + 676.657 = $2,718 Mil.
Gross Profit was 144.337 + 152.715 + 128.034 + 131.893 = $557 Mil.
Total Current Assets was $333 Mil.
Total Assets was $1,316 Mil.
Property, Plant and Equipment(Net PPE) was $790 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General, & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $359 Mil.
Long-Term Debt & Capital Lease Obligation was $385 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) |
| = | (69.014 / 2837.845) | / | (79.512 / 2718.229) |
| = | 0.024319 | / | 0.029251 |
| | = | 0.8314 |
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) |
| = | (556.979 / 2718.229) | / | (608.297 / 2837.845) |
| = | 0.204905 | / | 0.214352 |
| | = | 0.9559 |
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 - (311.408 + 806.078) / 1299.361) | / | (1 - (332.869 + 789.659) / 1316.318) |
| = | 0.139973 | / | 0.147221 |
| | = | 0.9508 |
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 |
| = | 2837.845 | / | 2718.229 |
| | = | 1.044 |
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)) |
| = | (137.708 / (137.708 + 789.659)) | / | (158.653 / (158.653 + 806.078)) |
| = | 0.148494 | / | 0.164453 |
| | = | 0.903 |
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) |
| = | (184.198 / 2837.845) | / | (155.625 / 2718.229) |
| = | 0.064908 | / | 0.057252 |
| | = | 1.1337 |
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) |
| = | ((461.451 + 394.586) / 1299.361) | / | ((385.251 + 359.398) / 1316.318) |
| = | 0.658814 | / | 0.565706 |
| | = | 1.1646 |
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 |
| = | (152.98 - -4.413 | - | 380.689) | / | 1299.361 |
| | = | -0.171851 |
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.
Panera Bread Co has a M-score of -3.53 suggests that the company is unlikely to be a manipulator.
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