Dutch Bros Beneish M-Score Historical Data
The historical data trend for Dutch Bros'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.
Dutch Bros Beneish M-Score Chart
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Dutch Bros Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.51 |
-2.93 |
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Dutch Bros Quarterly Data
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Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.80 |
-2.97 |
-3.06 |
-2.93 |
Competitive Comparison of Dutch Bros's Beneish M-Score
For the Restaurants subindustry, Dutch Bros'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.
Dutch Bros's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Dutch Bros's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dutch Bros's Beneish M-Score falls into.
Dutch Bros 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 Dutch Bros 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 * 0.5834 | + | 0.528 * 0.9408 | + | 0.404 * 0.9082 | + | 0.892 * 1.3068 | + | 0.115 * 0.9336 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.855 | + | 4.679 * -0.080053 | - | 0.327 * 0.7516 |
| = | -2.93 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $9.1 Mil.
Revenue was 254.123 + 264.507 + 249.879 + 197.267 = $965.8 Mil.
Gross Profit was 59.125 + 75.184 + 71.243 + 45.744 = $251.3 Mil.
Total Current Assets was $205.3 Mil.
Total Assets was $1,764.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,124.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $69.1 Mil.
Selling, General, & Admin. Expense(SGA) was $205.1 Mil.
Total Current Liabilities was $138.1 Mil.
Long-Term Debt & Capital Lease Obligation was $652.4 Mil.
Net Income was -1.402 + 4.21 + 2.752 + -3.842 = $1.7 Mil.
Non Operating Income was 0.812 + -0.14 + 1.039 + 1.307 = $3.0 Mil.
Cash Flow from Operations was 45.009 + 49.063 + 42.766 + 3.077 = $139.9 Mil.
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Total Receivables was $12.0 Mil.
Revenue was 201.827 + 198.648 + 186.381 + 152.156 = $739.0 Mil.
Gross Profit was 54.36 + 50.556 + 45.011 + 30.989 = $180.9 Mil.
Total Current Assets was $82.3 Mil.
Total Assets was $1,186.4 Mil.
Property, Plant and Equipment(Net PPE) was $782.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $44.7 Mil.
Selling, General, & Admin. Expense(SGA) was $183.5 Mil.
Total Current Liabilities was $212.7 Mil.
Long-Term Debt & Capital Lease Obligation was $494.7 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) |
| = | (9.124 / 965.776) | / | (11.966 / 739.012) |
| = | 0.009447 | / | 0.016192 |
| | = | 0.5834 |
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) |
| = | (180.916 / 739.012) | / | (251.296 / 965.776) |
| = | 0.244808 | / | 0.260201 |
| | = | 0.9408 |
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 - (205.259 + 1124.847) / 1764.01) | / | (1 - (82.322 + 782.713) / 1186.36) |
| = | 0.245976 | / | 0.270849 |
| | = | 0.9082 |
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 |
| = | 965.776 | / | 739.012 |
| | = | 1.3068 |
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)) |
| = | (44.728 / (44.728 + 782.713)) | / | (69.135 / (69.135 + 1124.847)) |
| = | 0.054056 | / | 0.057903 |
| | = | 0.9336 |
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) |
| = | (205.074 / 965.776) | / | (183.528 / 739.012) |
| = | 0.212341 | / | 0.248342 |
| | = | 0.855 |
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) |
| = | ((652.369 + 138.116) / 1764.01) | / | ((494.655 + 212.679) / 1186.36) |
| = | 0.448118 | / | 0.596222 |
| | = | 0.7516 |
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 |
| = | (1.718 - 3.018 | - | 139.915) | / | 1764.01 |
| | = | -0.080053 |
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.
Dutch Bros has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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