Costco Wholesale Beneish M-Score Historical Data
The historical data trend for Costco Wholesale'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.
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Costco Wholesale Annual Data
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Trend |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.78 |
-2.37 |
-2.60 |
-2.30 |
-2.84 |
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Costco Wholesale Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.49 |
-2.54 |
-2.84 |
-2.88 |
-2.78 |
Competitive Comparison
For the Discount Stores subindustry, Costco Wholesale'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.
Costco Wholesale Beneish M-Score Distribution
For the Retail - Defensive industry and Consumer Defensive sector, Costco Wholesale's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Costco Wholesale's Beneish M-Score falls into.
Costco Wholesale 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 Costco Wholesale 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 * 0.9645 | + | 0.528 * 0.9737 | + | 0.404 * 0.9826 | + | 0.892 * 1.0616 | + | 0.115 * 0.9543 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.034 | + | 4.679 * -0.05915 | - | 0.327 * 1.0434 |
| = | -2.78 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $2,779 Mil.
Revenue was 58442 + 57799 + 78939 + 53648 = $248,828 Mil.
Gross Profit was 7302 + 7342 + 9720 + 6473 = $30,837 Mil.
Total Current Assets was $32,146 Mil.
Total Assets was $66,323 Mil.
Property, Plant and Equipment(Net PPE) was $30,341 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,175 Mil.
Selling, General, & Admin. Expense(SGA) was $22,331 Mil.
Total Current Liabilities was $34,688 Mil.
Long-Term Debt & Capital Lease Obligation was $8,353 Mil.
Net Income was 1743 + 1589 + 2160 + 1302 = $6,794 Mil.
Non Operating Income was 31 + 3 + 26 + 9 = $69 Mil.
Cash Flow from Operations was 731 + 4651 + 3725 + 1541 = $10,648 Mil.
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Total Receivables was $2,714 Mil.
Revenue was 55266 + 54437 + 72091 + 52596 = $234,390 Mil.
Gross Profit was 6843 + 6668 + 8533 + 6241 = $28,285 Mil.
Total Current Assets was $34,330 Mil.
Total Assets was $66,848 Mil.
Property, Plant and Equipment(Net PPE) was $28,583 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,949 Mil.
Selling, General, & Admin. Expense(SGA) was $20,343 Mil.
Total Current Liabilities was $32,516 Mil.
Long-Term Debt & Capital Lease Obligation was $9,063 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) |
| = | (2779 / 248828) | / | (2714 / 234390) |
| = | 0.011168 | / | 0.011579 |
| | = | 0.9645 |
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) |
| = | (28285 / 234390) | / | (30837 / 248828) |
| = | 0.120675 | / | 0.123929 |
| | = | 0.9737 |
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 - (32146 + 30341) / 66323) | / | (1 - (34330 + 28583) / 66848) |
| = | 0.057838 | / | 0.058865 |
| | = | 0.9826 |
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 |
| = | 248828 | / | 234390 |
| | = | 1.0616 |
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)) |
| = | (1949 / (1949 + 28583)) | / | (2175 / (2175 + 30341)) |
| = | 0.063835 | / | 0.06689 |
| | = | 0.9543 |
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) |
| = | (22331 / 248828) | / | (20343 / 234390) |
| = | 0.089745 | / | 0.086791 |
| | = | 1.034 |
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) |
| = | ((8353 + 34688) / 66323) | / | ((9063 + 32516) / 66848) |
| = | 0.64896 | / | 0.621993 |
| | = | 1.0434 |
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 |
| = | (6794 - 69 | - | 10648) | / | 66323 |
| | = | -0.05915 |
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.
Costco Wholesale has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.
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