Franchise Group Beneish M-Score Historical Data
The historical data trend for Franchise Group'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.
Franchise Group Beneish M-Score Chart
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Franchise Group Annual Data
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Apr13 |
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Apr18 |
Apr19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-3.76 |
- |
54.87 |
-1.54 |
-2.19 |
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Franchise Group Quarterly Data
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Jul18 |
Oct18 |
Jan19 |
Apr19 |
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Mar23 |
Jun23 |
| Beneish M-Score |
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-1.33 |
-2.12 |
-2.19 |
-2.33 |
-2.39 |
Competitive Comparison of Franchise Group's Beneish M-Score
For the Specialty Retail subindustry, Franchise Group'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.
Franchise Group's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Franchise Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Franchise Group's Beneish M-Score falls into.
Franchise Group 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 Franchise Group 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 * 1.3299 | + | 0.528 * 1.0732 | + | 0.404 * 0.9474 | + | 0.892 * 1.0773 | + | 0.115 * 0.9919 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.045 | + | 4.679 * -0.05022 | - | 0.327 * 1.1861 |
| = | -2.39 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $256 Mil.
Revenue was 1038.686 + 1104.821 + 1115.889 + 1051.476 = $4,311 Mil.
Gross Profit was 406.063 + 435.712 + 439.391 + 434.992 = $1,716 Mil.
Total Current Assets was $1,337 Mil.
Total Assets was $3,572 Mil.
Property, Plant and Equipment(Net PPE) was $1,130 Mil.
Depreciation, Depletion and Amortization(DDA) was $87 Mil.
Selling, General, & Admin. Expense(SGA) was $1,561 Mil.
Total Current Liabilities was $976 Mil.
Long-Term Debt & Capital Lease Obligation was $2,301 Mil.
Net Income was -50.796 + -108.317 + -0.711 + -121.163 = $-281 Mil.
Non Operating Income was -3.777 + -76.834 + -0.982 + -71.907 = $-154 Mil.
Cash Flow from Operations was 18.398 + 19.687 + 9.749 + 4.058 = $52 Mil.
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Total Receivables was $179 Mil.
Revenue was 1094.998 + 1135.47 + 942.275 + 828.826 = $4,002 Mil.
Gross Profit was 482.745 + 507.361 + 388.094 + 331.477 = $1,710 Mil.
Total Current Assets was $1,476 Mil.
Total Assets was $3,815 Mil.
Property, Plant and Equipment(Net PPE) was $1,093 Mil.
Depreciation, Depletion and Amortization(DDA) was $84 Mil.
Selling, General, & Admin. Expense(SGA) was $1,387 Mil.
Total Current Liabilities was $968 Mil.
Long-Term Debt & Capital Lease Obligation was $1,983 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) |
| = | (256.003 / 4310.872) | / | (178.687 / 4001.569) |
| = | 0.059385 | / | 0.044654 |
| | = | 1.3299 |
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) |
| = | (1709.677 / 4001.569) | / | (1716.158 / 4310.872) |
| = | 0.427252 | / | 0.3981 |
| | = | 1.0732 |
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 - (1336.717 + 1129.533) / 3571.861) | / | (1 - (1475.534 + 1092.997) / 3815.001) |
| = | 0.309534 | / | 0.326729 |
| | = | 0.9474 |
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 |
| = | 4310.872 | / | 4001.569 |
| | = | 1.0773 |
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)) |
| = | (83.844 / (83.844 + 1092.997)) | / | (87.409 / (87.409 + 1129.533)) |
| = | 0.071245 | / | 0.071827 |
| | = | 0.9919 |
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) |
| = | (1561.451 / 4310.872) | / | (1386.986 / 4001.569) |
| = | 0.362212 | / | 0.346611 |
| | = | 1.045 |
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) |
| = | ((2300.898 + 975.956) / 3571.861) | / | ((1982.715 + 968.04) / 3815.001) |
| = | 0.917408 | / | 0.773461 |
| | = | 1.1861 |
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 |
| = | (-280.987 - -153.5 | - | 51.892) | / | 3571.861 |
| | = | -0.05022 |
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.
Franchise Group has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
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