SpartanNash Co Beneish M-Score Historical Data
The historical data trend for SpartanNash 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.
SpartanNash Co Beneish M-Score Chart
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SpartanNash Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.88 |
-2.65 |
-2.58 |
-2.47 |
-2.70 |
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SpartanNash Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.47 |
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-2.68 |
-2.44 |
-2.70 |
Competitive Comparison of SpartanNash Co's Beneish M-Score
For the Food Distribution subindustry, SpartanNash 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.
SpartanNash Co's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, SpartanNash Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SpartanNash Co's Beneish M-Score falls into.
SpartanNash 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 SpartanNash 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 * 1.0841 | + | 0.528 * 0.964 | + | 0.404 * 0.9436 | + | 0.892 * 0.9815 | + | 0.115 * 1.1666 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0301 | + | 4.679 * -0.050052 | - | 0.327 * 1.0688 |
| = | -2.70 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $449 Mil.
Revenue was 2261.624 + 2250.681 + 2230.756 + 2806.263 = $9,549 Mil.
Gross Profit was 364.502 + 354.649 + 353.003 + 440.344 = $1,512 Mil.
Total Current Assets was $1,092 Mil.
Total Assets was $2,602 Mil.
Property, Plant and Equipment(Net PPE) was $1,107 Mil.
Depreciation, Depletion and Amortization(DDA) was $103 Mil.
Selling, General, & Admin. Expense(SGA) was $1,381 Mil.
Total Current Liabilities was $695 Mil.
Long-Term Debt & Capital Lease Obligation was $1,046 Mil.
Net Income was -35.081 + 10.92 + 11.489 + 12.971 = $0 Mil.
Non Operating Income was -56.659 + -5.453 + -8.17 + -5.047 = $-75 Mil.
Cash Flow from Operations was 82.622 + -8.843 + 95.635 + 36.463 = $206 Mil.
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Total Receivables was $422 Mil.
Revenue was 2245.183 + 2264.248 + 2312.394 + 2907.394 = $9,729 Mil.
Gross Profit was 338.969 + 347.539 + 352.382 + 446.666 = $1,486 Mil.
Total Current Assets was $1,077 Mil.
Total Assets was $2,356 Mil.
Property, Plant and Equipment(Net PPE) was $891 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General, & Admin. Expense(SGA) was $1,366 Mil.
Total Current Liabilities was $660 Mil.
Long-Term Debt & Capital Lease Obligation was $815 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) |
| = | (448.887 / 9549.324) | / | (421.859 / 9729.219) |
| = | 0.047007 | / | 0.04336 |
| | = | 1.0841 |
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) |
| = | (1485.556 / 9729.219) | / | (1512.498 / 9549.324) |
| = | 0.15269 | / | 0.158388 |
| | = | 0.964 |
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 - (1091.811 + 1107.195) / 2602.296) | / | (1 - (1077.489 + 891.217) / 2355.575) |
| = | 0.154975 | / | 0.164235 |
| | = | 0.9436 |
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 |
| = | 9549.324 | / | 9729.219 |
| | = | 0.9815 |
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)) |
| = | (98.639 / (98.639 + 891.217)) | / | (103.412 / (103.412 + 1107.195)) |
| = | 0.09965 | / | 0.085422 |
| | = | 1.1666 |
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) |
| = | (1381.317 / 9549.324) | / | (1366.238 / 9729.219) |
| = | 0.144651 | / | 0.140426 |
| | = | 1.0301 |
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) |
| = | ((1046.02 + 695.239) / 2602.296) | / | ((814.785 + 659.896) / 2355.575) |
| = | 0.669124 | / | 0.626039 |
| | = | 1.0688 |
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 |
| = | (0.299 - -75.329 | - | 205.877) | / | 2602.296 |
| | = | -0.050052 |
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.
SpartanNash Co has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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