Portillos Beneish M-Score Historical Data
The historical data trend for Portillos'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.
Portillos Beneish M-Score Chart
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Portillos Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.45 |
-2.11 |
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Portillos Quarterly Data
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Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.95 |
-2.11 |
-2.30 |
-2.38 |
-2.67 |
Competitive Comparison of Portillos's Beneish M-Score
For the Restaurants subindustry, Portillos'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.
Portillos's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Portillos's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Portillos's Beneish M-Score falls into.
Portillos 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 Portillos 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 * 0.8977 | + | 0.528 * 1.0026 | + | 0.404 * 0.9384 | + | 0.892 * 1.1102 | + | 0.115 * 1.0044 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9404 | + | 4.679 * -0.0375 | - | 0.327 * 1.0113 |
| = | -2.67 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $14.9 Mil.
Revenue was 178.252 + 181.862 + 165.831 + 187.858 = $713.8 Mil.
Gross Profit was 72.171 + 73.738 + 65.568 + 74.728 = $286.2 Mil.
Total Current Assets was $46.9 Mil.
Total Assets was $1,471.4 Mil.
Property, Plant and Equipment(Net PPE) was $557.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.3 Mil.
Selling, General, & Admin. Expense(SGA) was $112.5 Mil.
Total Current Liabilities was $124.3 Mil.
Long-Term Debt & Capital Lease Obligation was $546.6 Mil.
Net Income was 7.22 + 6.47 + 4.562 + 7.789 = $26.0 Mil.
Non Operating Income was -1.364 + -1.765 + -1.218 + -3.599 = $-7.9 Mil.
Cash Flow from Operations was 30.326 + 32.551 + 9.077 + 17.211 = $89.2 Mil.
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Total Receivables was $15.0 Mil.
Revenue was 166.805 + 169.182 + 156.061 + 150.878 = $642.9 Mil.
Gross Profit was 68.666 + 69.8 + 61.976 + 58.015 = $258.5 Mil.
Total Current Assets was $39.1 Mil.
Total Assets was $1,357.8 Mil.
Property, Plant and Equipment(Net PPE) was $466.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.9 Mil.
Selling, General, & Admin. Expense(SGA) was $107.8 Mil.
Total Current Liabilities was $90.0 Mil.
Long-Term Debt & Capital Lease Obligation was $522.2 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) |
| = | (14.913 / 713.803) | / | (14.962 / 642.926) |
| = | 0.020892 | / | 0.023272 |
| | = | 0.8977 |
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) |
| = | (258.457 / 642.926) | / | (286.205 / 713.803) |
| = | 0.402001 | / | 0.400958 |
| | = | 1.0026 |
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 - (46.932 + 557.498) / 1471.419) | / | (1 - (39.125 + 466.093) / 1357.84) |
| = | 0.58922 | / | 0.627925 |
| | = | 0.9384 |
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 |
| = | 713.803 | / | 642.926 |
| | = | 1.1102 |
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)) |
| = | (22.892 / (22.892 + 466.093)) | / | (27.254 / (27.254 + 557.498)) |
| = | 0.046815 | / | 0.046608 |
| | = | 1.0044 |
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) |
| = | (112.519 / 713.803) | / | (107.769 / 642.926) |
| = | 0.157633 | / | 0.167623 |
| | = | 0.9404 |
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) |
| = | ((546.627 + 124.288) / 1471.419) | / | ((522.185 + 90.005) / 1357.84) |
| = | 0.455965 | / | 0.450856 |
| | = | 1.0113 |
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 |
| = | (26.041 - -7.946 | - | 89.165) | / | 1471.419 |
| | = | -0.0375 |
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.
Portillos has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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