Restaurant Brands International LP Beneish M-Score Historical Data
The historical data trend for Restaurant Brands International LP'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.
Restaurant Brands International LP Beneish M-Score Chart
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Restaurant Brands International LP Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.04 |
-2.45 |
-2.57 |
-2.29 |
-2.21 |
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Restaurant Brands International LP Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.31 |
-2.21 |
-2.21 |
-2.19 |
-2.33 |
Competitive Comparison of Restaurant Brands International LP's Beneish M-Score
For the Restaurants subindustry, Restaurant Brands International LP'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.
Restaurant Brands International LP's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Restaurant Brands International LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Restaurant Brands International LP's Beneish M-Score falls into.
Restaurant Brands International LP 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 Restaurant Brands International LP 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 * 0.8702 | + | 0.528 * 1.0826 | + | 0.404 * 0.9717 | + | 0.892 * 1.1508 | + | 0.115 * 1.1011 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9203 | + | 4.679 * 0.016832 | - | 0.327 * 1.0114 |
| = | -2.33 |
* 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 $693 Mil.
Revenue was 2291 + 2080 + 1739 + 1820 = $7,930 Mil.
Gross Profit was 798 + 786 + 696 + 673 = $2,953 Mil.
Total Current Assets was $2,255 Mil.
Total Assets was $25,071 Mil.
Property, Plant and Equipment(Net PPE) was $4,099 Mil.
Depreciation, Depletion and Amortization(DDA) was $236 Mil.
Selling, General, & Admin. Expense(SGA) was $682 Mil.
Total Current Liabilities was $2,208 Mil.
Long-Term Debt & Capital Lease Obligation was $15,685 Mil.
Net Income was 356 + 399 + 327 + 726 = $1,808 Mil.
Non Operating Income was -52 + 19 + 18 + -24 = $-39 Mil.
Cash Flow from Operations was 540 + 334 + 148 + 403 = $1,425 Mil.
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Total Receivables was $692 Mil.
Revenue was 1837 + 1775 + 1590 + 1689 = $6,891 Mil.
Gross Profit was 762 + 721 + 646 + 649 = $2,778 Mil.
Total Current Assets was $2,383 Mil.
Total Assets was $23,077 Mil.
Property, Plant and Equipment(Net PPE) was $2,964 Mil.
Depreciation, Depletion and Amortization(DDA) was $189 Mil.
Selling, General, & Admin. Expense(SGA) was $644 Mil.
Total Current Liabilities was $2,071 Mil.
Long-Term Debt & Capital Lease Obligation was $14,213 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) |
| = | (693 / 7930) | / | (692 / 6891) |
| = | 0.08739 | / | 0.100421 |
| | = | 0.8702 |
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) |
| = | (2778 / 6891) | / | (2953 / 7930) |
| = | 0.403135 | / | 0.372383 |
| | = | 1.0826 |
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 - (2255 + 4099) / 25071) | / | (1 - (2383 + 2964) / 23077) |
| = | 0.74656 | / | 0.768297 |
| | = | 0.9717 |
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 |
| = | 7930 | / | 6891 |
| | = | 1.1508 |
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)) |
| = | (189 / (189 + 2964)) | / | (236 / (236 + 4099)) |
| = | 0.059943 | / | 0.054441 |
| | = | 1.1011 |
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) |
| = | (682 / 7930) | / | (644 / 6891) |
| = | 0.086003 | / | 0.093455 |
| | = | 0.9203 |
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) |
| = | ((15685 + 2208) / 25071) | / | ((14213 + 2071) / 23077) |
| = | 0.713693 | / | 0.705638 |
| | = | 1.0114 |
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 |
| = | (1808 - -39 | - | 1425) | / | 25071 |
| | = | 0.016832 |
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.
Restaurant Brands International LP has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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