The Duckhorn Portfolio Beneish M-Score Historical Data
The historical data trend for The Duckhorn Portfolio'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.
The Duckhorn Portfolio Beneish M-Score Chart
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The Duckhorn Portfolio Annual Data
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Trend |
Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
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- |
- |
- |
-2.42 |
-2.29 |
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The Duckhorn Portfolio Quarterly Data
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Jul19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.43 |
-2.52 |
-2.29 |
-2.55 |
-2.40 |
Competitive Comparison of The Duckhorn Portfolio's Beneish M-Score
For the Beverages - Wineries & Distilleries subindustry, The Duckhorn Portfolio'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.
The Duckhorn Portfolio's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, The Duckhorn Portfolio's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Duckhorn Portfolio's Beneish M-Score falls into.
The Duckhorn Portfolio 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 The Duckhorn Portfolio 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 * 1.0301 | + | 0.528 * 0.9227 | + | 0.404 * 0.9078 | + | 0.892 * 1.041 | + | 0.115 * 0.9558 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0341 | + | 4.679 * 0.026575 | - | 0.327 * 1.0557 |
| = | -2.40 |
* 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 $51.8 Mil.
Revenue was 103.045 + 102.509 + 100.095 + 91.242 = $396.9 Mil.
Gross Profit was 58.318 + 53.853 + 55.282 + 50.511 = $218.0 Mil.
Total Current Assets was $469.8 Mil.
Total Assets was $1,424.0 Mil.
Property, Plant and Equipment(Net PPE) was $342.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $31.5 Mil.
Selling, General, & Admin. Expense(SGA) was $114.1 Mil.
Total Current Liabilities was $68.6 Mil.
Long-Term Debt & Capital Lease Obligation was $287.8 Mil.
Net Income was 15.857 + 15.537 + 17.769 + 16.797 = $66.0 Mil.
Non Operating Income was -2.696 + 1.813 + 3.597 + -0.729 = $2.0 Mil.
Cash Flow from Operations was -43.927 + 18.066 + 18.339 + 33.656 = $26.1 Mil.
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Total Receivables was $48.3 Mil.
Revenue was 103.488 + 108.171 + 78.009 + 91.584 = $381.3 Mil.
Gross Profit was 55.186 + 54.71 + 39.331 + 43.962 = $193.2 Mil.
Total Current Assets was $395.8 Mil.
Total Assets was $1,307.5 Mil.
Property, Plant and Equipment(Net PPE) was $293.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.7 Mil.
Selling, General, & Admin. Expense(SGA) was $106.0 Mil.
Total Current Liabilities was $76.4 Mil.
Long-Term Debt & Capital Lease Obligation was $233.6 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) |
| = | (51.822 / 396.891) | / | (48.324 / 381.252) |
| = | 0.13057 | / | 0.126751 |
| | = | 1.0301 |
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) |
| = | (193.189 / 381.252) | / | (217.964 / 396.891) |
| = | 0.506723 | / | 0.549178 |
| | = | 0.9227 |
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 - (469.849 + 342.398) / 1423.95) | / | (1 - (395.765 + 292.994) / 1307.461) |
| = | 0.429582 | / | 0.473209 |
| | = | 0.9078 |
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 |
| = | 396.891 | / | 381.252 |
| | = | 1.041 |
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)) |
| = | (25.67 / (25.67 + 292.994)) | / | (31.515 / (31.515 + 342.398)) |
| = | 0.080555 | / | 0.084284 |
| | = | 0.9558 |
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) |
| = | (114.123 / 396.891) | / | (106.009 / 381.252) |
| = | 0.287542 | / | 0.278055 |
| | = | 1.0341 |
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) |
| = | ((287.822 + 68.591) / 1423.95) | / | ((233.633 + 76.37) / 1307.461) |
| = | 0.250299 | / | 0.237103 |
| | = | 1.0557 |
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 |
| = | (65.96 - 1.985 | - | 26.134) | / | 1423.95 |
| | = | 0.026575 |
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.
The Duckhorn Portfolio has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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