Walmart Beneish M-Score Historical Data
The historical data trend for Walmart'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.
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Walmart Annual Data
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Trend |
Jan15 |
Jan16 |
Jan17 |
Jan18 |
Jan19 |
Jan20 |
Jan21 |
Jan22 |
Jan23 |
Jan24 |
| Beneish M-Score |
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-2.73 |
-2.87 |
-2.31 |
-2.83 |
-2.74 |
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Walmart Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.83 |
-2.95 |
-2.90 |
-2.73 |
-2.74 |
Competitive Comparison
For the Discount Stores subindustry, Walmart'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.
Walmart Beneish M-Score Distribution
For the Retail - Defensive industry and Consumer Defensive sector, Walmart's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Walmart's Beneish M-Score falls into.
Walmart 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 Walmart 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 * 1.0458 | + | 0.528 * 0.9904 | + | 0.404 * 0.9012 | + | 0.892 * 1.0603 | + | 0.115 * 1.0086 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9716 | + | 4.679 * -0.068099 | - | 0.327 * 0.9814 |
| = | -2.74 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $8,796 Mil.
Revenue was 173388 + 160804 + 161632 + 152301 = $648,125 Mil.
Gross Profit was 41563 + 39621 + 39782 + 37017 = $157,983 Mil.
Total Current Assets was $76,877 Mil.
Total Assets was $252,399 Mil.
Property, Plant and Equipment(Net PPE) was $130,338 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,853 Mil.
Selling, General, & Admin. Expense(SGA) was $130,971 Mil.
Total Current Liabilities was $92,415 Mil.
Long-Term Debt & Capital Lease Obligation was $54,784 Mil.
Net Income was 5494 + 453 + 7891 + 1673 = $15,511 Mil.
Non Operating Income was 813 + -4750 + 3905 + -2995 = $-3,027 Mil.
Cash Flow from Operations was 16712 + 813 + 13568 + 4633 = $35,726 Mil.
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Total Receivables was $7,933 Mil.
Revenue was 164048 + 152813 + 152859 + 141569 = $611,289 Mil.
Gross Profit was 38625 + 37200 + 37021 + 34722 = $147,568 Mil.
Total Current Assets was $75,655 Mil.
Total Assets was $243,197 Mil.
Property, Plant and Equipment(Net PPE) was $119,234 Mil.
Depreciation, Depletion and Amortization(DDA) was $10,945 Mil.
Selling, General, & Admin. Expense(SGA) was $127,140 Mil.
Total Current Liabilities was $92,198 Mil.
Long-Term Debt & Capital Lease Obligation was $52,320 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) |
| = | (8796 / 648125) | / | (7933 / 611289) |
| = | 0.013571 | / | 0.012977 |
| | = | 1.0458 |
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) |
| = | (147568 / 611289) | / | (157983 / 648125) |
| = | 0.241405 | / | 0.243754 |
| | = | 0.9904 |
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 - (76877 + 130338) / 252399) | / | (1 - (75655 + 119234) / 243197) |
| = | 0.179018 | / | 0.198637 |
| | = | 0.9012 |
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 |
| = | 648125 | / | 611289 |
| | = | 1.0603 |
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)) |
| = | (10945 / (10945 + 119234)) | / | (11853 / (11853 + 130338)) |
| = | 0.084077 | / | 0.08336 |
| | = | 1.0086 |
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) |
| = | (130971 / 648125) | / | (127140 / 611289) |
| = | 0.202077 | / | 0.207987 |
| | = | 0.9716 |
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) |
| = | ((54784 + 92415) / 252399) | / | ((52320 + 92198) / 243197) |
| = | 0.5832 | / | 0.594243 |
| | = | 0.9814 |
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 |
| = | (15511 - -3027 | - | 35726) | / | 252399 |
| | = | -0.068099 |
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.
Walmart has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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