Walgreens Boots Alliance Beneish M-Score Historical Data
The historical data trend for Walgreens Boots Alliance'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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Walgreens Boots Alliance Annual Data
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Trend |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
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-2.57 |
-3.11 |
-2.26 |
-2.69 |
-2.72 |
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Walgreens Boots Alliance 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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-2.78 |
-2.60 |
-2.72 |
-2.22 |
-2.12 |
Competitive Comparison
For the Pharmaceutical Retailers subindustry, Walgreens Boots Alliance'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.
Walgreens Boots Alliance Beneish M-Score Distribution
For the Healthcare Providers & Services industry and Healthcare sector, Walgreens Boots Alliance's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Walgreens Boots Alliance's Beneish M-Score falls into.
Walgreens Boots Alliance 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 Walgreens Boots Alliance 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 * 0.9974 | + | 0.528 * 1.0894 | + | 0.404 * 0.8777 | + | 0.892 * 1.0848 | + | 0.115 * 0.7907 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7733 | + | 4.679 * 0.06547 | - | 0.327 * 1.0929 |
| = | -2.12 |
* 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 $6,200 Mil.
Revenue was 37052 + 36707 + 35422 + 35415 = $144,596 Mil.
Gross Profit was 7041 + 6771 + 6476 + 6588 = $26,876 Mil.
Total Current Assets was $16,561 Mil.
Total Assets was $84,207 Mil.
Property, Plant and Equipment(Net PPE) was $31,463 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,432 Mil.
Selling, General, & Admin. Expense(SGA) was $28,885 Mil.
Total Current Liabilities was $24,915 Mil.
Long-Term Debt & Capital Lease Obligation was $29,347 Mil.
Net Income was -5908 + -67 + -180 + 118 = $-6,037 Mil.
Non Operating Income was -12095 + -178 + 296 + 326 = $-11,651 Mil.
Cash Flow from Operations was -637 + -281 + 1039 + -20 = $101 Mil.
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Total Receivables was $5,730 Mil.
Revenue was 34862 + 33382 + 32449 + 32597 = $133,290 Mil.
Gross Profit was 7055 + 6953 + 6410 + 6572 = $26,990 Mil.
Total Current Assets was $17,689 Mil.
Total Assets was $100,479 Mil.
Property, Plant and Equipment(Net PPE) was $33,600 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,021 Mil.
Selling, General, & Admin. Expense(SGA) was $34,431 Mil.
Total Current Liabilities was $28,228 Mil.
Long-Term Debt & Capital Lease Obligation was $31,015 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) |
| = | (6200 / 144596) | / | (5730 / 133290) |
| = | 0.042878 | / | 0.042989 |
| | = | 0.9974 |
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) |
| = | (26990 / 133290) | / | (26876 / 144596) |
| = | 0.202491 | / | 0.18587 |
| | = | 1.0894 |
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 - (16561 + 31463) / 84207) | / | (1 - (17689 + 33600) / 100479) |
| = | 0.429691 | / | 0.489555 |
| | = | 0.8777 |
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 |
| = | 144596 | / | 133290 |
| | = | 1.0848 |
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)) |
| = | (2021 / (2021 + 33600)) | / | (2432 / (2432 + 31463)) |
| = | 0.056736 | / | 0.071751 |
| | = | 0.7907 |
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) |
| = | (28885 / 144596) | / | (34431 / 133290) |
| = | 0.199763 | / | 0.258316 |
| | = | 0.7733 |
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) |
| = | ((29347 + 24915) / 84207) | / | ((31015 + 28228) / 100479) |
| = | 0.644388 | / | 0.589606 |
| | = | 1.0929 |
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 |
| = | (-6037 - -11651 | - | 101) | / | 84207 |
| | = | 0.06547 |
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.
Walgreens Boots Alliance has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.
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