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Panera Bread Co Beneish M-Score

: 0.00 (As of Today)
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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.

During the past 13 years, the highest Beneish M-Score of Panera Bread Co was 0.00. The lowest was 0.00. And the median was 0.00.


Panera Bread Co Beneish M-Score Historical Data

* 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.

* Premium members only.

Panera Bread Co Annual Data
Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.54 -3.32 -1.23 -3.77 -1.72

Panera Bread Co Quarterly Data
Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.49 -3.16 -2.48 -1.72 -2.84

Competitive Comparison
* 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.


Panera Bread Co Beneish M-Score Distribution

* 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 * 1.5821+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 * -0.1719-0.327 * 1.1646
=-2.84

* 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:
Accounts Receivable 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.
Accounts Receivable was $42 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.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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) / (41.783 / 2718.229)
=0.02431916 / 0.01537141
=1.5821

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)
=0.20490511 / 0.21435174
=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)
=0.13997265 / 0.14722126
=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))
=0.14849353 / 0.1644531
=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)
=0.0649077 / 0.05725235
=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)
=0.65881383 / 0.56570601
=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
=-0.1719

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 -2.84 suggests that the company is unlikely to be a manipulator.


Panera Bread Co Beneish M-Score Headlines

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