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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.
The historical rank and industry rank for Roundys's Beneish M-Score or its related term are showing as below:
During the past 6 years, the highest Beneish M-Score of Roundys was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Roundys'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.
Roundys Annual Data | |||||||||||||||
Trend | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | - | - | -3.01 | -2.51 | -2.65 |
Roundys Quarterly Data | ||||||||||||||||||||
Dec10 | Mar11 | Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.93 | -2.65 | -3.09 | -3.20 | -2.81 |
For the Grocery Stores subindustry, Roundys'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.
For the Retail - Defensive industry and Consumer Defensive sector, Roundys's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Roundys's Beneish M-Score falls into.
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 Roundys 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 * 0.8892 | + | 0.528 * 1.0118 | + | 0.404 * 1.0334 | + | 0.892 * 1.1088 | + | 0.115 * 1.0166 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0082 | + | 4.679 * -0.074802 | - | 0.327 * 0.9887 | |||||||
= | -2.81 |
* 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 (Sep15) TTM: | Last Year (Sep14) TTM: |
Total Receivables was $41 Mil. Revenue was 971.824 + 998.257 + 981.932 + 1075.752 = $4,028 Mil. Gross Profit was 257.178 + 263.691 + 261.606 + 275.551 = $1,058 Mil. Total Current Assets was $398 Mil. Total Assets was $1,096 Mil. Property, Plant and Equipment(Net PPE) was $326 Mil. Depreciation, Depletion and Amortization(DDA) was $67 Mil. Selling, General, & Admin. Expense(SGA) was $1,022 Mil. Total Current Liabilities was $338 Mil. Long-Term Debt & Capital Lease Obligation was $645 Mil. Net Income was -8.834 + -1.515 + -2.331 + 6.136 = $-7 Mil. Non Operating Income was -0.554 + -0.554 + -0.554 + 11.771 = $10 Mil. Cash Flow from Operations was 13.101 + 26.126 + -5.392 + 31.471 = $65 Mil. |
Total Receivables was $41 Mil. Revenue was 973.808 + 942.906 + 862.69 + 853.048 = $3,632 Mil. Gross Profit was 258.226 + 248.955 + 230.502 + 227.774 = $965 Mil. Total Current Assets was $410 Mil. Total Assets was $1,090 Mil. Property, Plant and Equipment(Net PPE) was $322 Mil. Depreciation, Depletion and Amortization(DDA) was $68 Mil. Selling, General, & Admin. Expense(SGA) was $914 Mil. Total Current Liabilities was $338 Mil. Long-Term Debt & Capital Lease Obligation was $650 Mil. |
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) |
= | (40.867 / 4027.765) | / | (41.445 / 3632.452) | |
= | 0.010146 | / | 0.01141 | |
= | 0.8892 |
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) | |
= | (965.457 / 3632.452) | / | (1058.026 / 4027.765) | |
= | 0.265787 | / | 0.262683 | |
= | 1.0118 |
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 - (397.892 + 325.894) / 1095.674) | / | (1 - (410.162 + 321.592) / 1089.659) | |
= | 0.339415 | / | 0.328456 | |
= | 1.0334 |
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 | |
= | 4027.765 | / | 3632.452 | |
= | 1.1088 |
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)) |
= | (67.725 / (67.725 + 321.592)) | / | (67.282 / (67.282 + 325.894)) | |
= | 0.173958 | / | 0.171124 | |
= | 1.0166 |
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) |
= | (1022.138 / 4027.765) | / | (914.332 / 3632.452) | |
= | 0.253773 | / | 0.251712 | |
= | 1.0082 |
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) |
= | ((644.871 + 338.225) / 1095.674) | / | ((650.436 + 338.394) / 1089.659) | |
= | 0.897252 | / | 0.907467 | |
= | 0.9887 |
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 | |
= | (-6.544 - 10.109 | - | 65.306) | / | 1095.674 | |
= | -0.074802 |
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.
Roundys has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Roundys's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Patrick J. Condon | director | 505 SOUTH GILLETTE AVE., GILLETTE WY 82716 |
Gregory P Josefowicz | director | 850 76TH STREET SW, GRAND RAPIDS MI 49518 |
Robert A Mariano | director, officer: President, CEO and Chairman | 875 E WISCONSIN AVENUE, SUITE 100, MILWAUKEE WI 53202 |
Darren W Karst | officer: EVP, CFO & Assistant Secretary | P.O. BOX 473 (MS-2030), MILWAUKEE WI 53201-0473 |
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