Krispy Kreme Beneish M-Score Historical Data
The historical data trend for Krispy Kreme'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.
Krispy Kreme Beneish M-Score Chart
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Krispy Kreme Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.78 |
-2.60 |
-2.56 |
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Krispy Kreme Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.50 |
-2.59 |
-2.68 |
-2.56 |
Competitive Comparison of Krispy Kreme's Beneish M-Score
For the Grocery Stores subindustry, Krispy Kreme'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.
Krispy Kreme's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Krispy Kreme's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Krispy Kreme's Beneish M-Score falls into.
Krispy Kreme 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 Krispy Kreme 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 * 0.9798 | + | 0.528 * 0.9964 | + | 0.404 * 0.9675 | + | 0.892 * 1.1021 | + | 0.115 * 0.9819 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0677 | + | 4.679 * -0.023058 | - | 0.327 * 1.0581 |
| = | -2.56 |
* 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 $75 Mil.
Revenue was 450.905 + 407.367 + 408.882 + 418.95 = $1,686 Mil.
Gross Profit was 337.954 + 306.014 + 297.776 + 301.117 = $1,243 Mil.
Total Current Assets was $174 Mil.
Total Assets was $3,241 Mil.
Property, Plant and Equipment(Net PPE) was $995 Mil.
Depreciation, Depletion and Amortization(DDA) was $126 Mil.
Selling, General, & Admin. Expense(SGA) was $313 Mil.
Total Current Liabilities was $526 Mil.
Long-Term Debt & Capital Lease Obligation was $1,291 Mil.
Net Income was 2.61 + -40.457 + 0.223 + -0.301 = $-38 Mil.
Non Operating Income was -6.818 + 0.131 + -1.061 + -0.999 = $-9 Mil.
Cash Flow from Operations was 1.512 + -2.221 + 35.888 + 10.365 = $46 Mil.
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Total Receivables was $69 Mil.
Revenue was 404.599 + 377.522 + 375.245 + 372.532 = $1,530 Mil.
Gross Profit was 297.911 + 274.652 + 274.687 + 276.421 = $1,124 Mil.
Total Current Assets was $178 Mil.
Total Assets was $3,149 Mil.
Property, Plant and Equipment(Net PPE) was $890 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $266 Mil.
Total Current Liabilities was $516 Mil.
Long-Term Debt & Capital Lease Obligation was $1,152 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) |
| = | (74.888 / 1686.104) | / | (69.352 / 1529.898) |
| = | 0.044415 | / | 0.045331 |
| | = | 0.9798 |
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) |
| = | (1123.671 / 1529.898) | / | (1242.861 / 1686.104) |
| = | 0.734474 | / | 0.73712 |
| | = | 0.9964 |
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 - (173.581 + 995.184) / 3240.592) | / | (1 - (178.274 + 889.739) / 3148.537) |
| = | 0.639336 | / | 0.660791 |
| | = | 0.9675 |
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 |
| = | 1686.104 | / | 1529.898 |
| | = | 1.1021 |
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)) |
| = | (110.261 / (110.261 + 889.739)) | / | (125.894 / (125.894 + 995.184)) |
| = | 0.110261 | / | 0.112297 |
| | = | 0.9819 |
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) |
| = | (312.735 / 1686.104) | / | (265.764 / 1529.898) |
| = | 0.185478 | / | 0.173714 |
| | = | 1.0677 |
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) |
| = | ((1291.198 + 525.593) / 3240.592) | / | ((1151.811 + 516.469) / 3148.537) |
| = | 0.560636 | / | 0.529859 |
| | = | 1.0581 |
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 |
| = | (-37.925 - -8.747 | - | 45.544) | / | 3240.592 |
| | = | -0.023058 |
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.
Krispy Kreme has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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