Aramark Beneish M-Score Historical Data
The historical data trend for Aramark'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.
Aramark Beneish M-Score Chart
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Aramark Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.62 |
-2.58 |
-2.63 |
-2.41 |
-2.51 |
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Aramark Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.30 |
-2.37 |
-2.51 |
-2.71 |
-2.72 |
Competitive Comparison of Aramark's Beneish M-Score
For the Specialty Business Services subindustry, Aramark'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.
Aramark's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Aramark's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aramark's Beneish M-Score falls into.
Aramark 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 Aramark 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 * 0.8448 | + | 0.528 * 0.9687 | + | 0.404 * 0.9511 | + | 0.892 * 1.1169 | + | 0.115 * 0.7243 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9409 | + | 4.679 * -0.033856 | - | 0.327 * 0.9657 |
| = | -2.72 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $2,221 Mil.
Revenue was 4199.913 + 4407.765 + 4901.565 + 4749.209 = $18,258 Mil.
Gross Profit was 330.761 + 362.687 + 519.973 + 434.499 = $1,648 Mil.
Total Current Assets was $3,328 Mil.
Total Assets was $12,561 Mil.
Property, Plant and Equipment(Net PPE) was $2,123 Mil.
Depreciation, Depletion and Amortization(DDA) was $555 Mil.
Selling, General, & Admin. Expense(SGA) was $353 Mil.
Total Current Liabilities was $2,658 Mil.
Long-Term Debt & Capital Lease Obligation was $6,120 Mil.
Net Income was 53.449 + 28.536 + 205.432 + 338.484 = $626 Mil.
Non Operating Income was 0 + 0 + 51.831 + 375.972 = $428 Mil.
Cash Flow from Operations was 221.28 + -657.077 + 1036.522 + 22.629 = $623 Mil.
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Total Receivables was $2,354 Mil.
Revenue was 3916.156 + 3913.72 + 4390.457 + 4127.378 = $16,348 Mil.
Gross Profit was 294.751 + 321.918 + 432.998 + 379.55 = $1,429 Mil.
Total Current Assets was $3,597 Mil.
Total Assets was $15,456 Mil.
Property, Plant and Equipment(Net PPE) was $2,662 Mil.
Depreciation, Depletion and Amortization(DDA) was $470 Mil.
Selling, General, & Admin. Expense(SGA) was $336 Mil.
Total Current Liabilities was $2,968 Mil.
Long-Term Debt & Capital Lease Obligation was $8,217 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) |
| = | (2220.634 / 18258.452) | / | (2353.58 / 16347.711) |
| = | 0.121622 | / | 0.14397 |
| | = | 0.8448 |
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) |
| = | (1429.217 / 16347.711) | / | (1647.92 / 18258.452) |
| = | 0.087426 | / | 0.090255 |
| | = | 0.9687 |
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 - (3328.421 + 2122.851) / 12560.9) | / | (1 - (3596.556 + 2661.522) / 15456.081) |
| = | 0.566013 | / | 0.595106 |
| | = | 0.9511 |
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 |
| = | 18258.452 | / | 16347.711 |
| | = | 1.1169 |
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)) |
| = | (470.29 / (470.29 + 2661.522)) | / | (555.258 / (555.258 + 2122.851)) |
| = | 0.150165 | / | 0.207332 |
| | = | 0.7243 |
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) |
| = | (352.836 / 18258.452) | / | (335.758 / 16347.711) |
| = | 0.019325 | / | 0.020539 |
| | = | 0.9409 |
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) |
| = | ((6120.141 + 2658.102) / 12560.9) | / | ((8216.642 + 2968.083) / 15456.081) |
| = | 0.698855 | / | 0.723646 |
| | = | 0.9657 |
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 |
| = | (625.901 - 427.803 | - | 623.354) | / | 12560.9 |
| | = | -0.033856 |
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.
Aramark has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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