The Chefs' Warehouse Beneish M-Score Historical Data
The historical data trend for The Chefs' Warehouse'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 Chefs' Warehouse Beneish M-Score Chart
|
The Chefs' Warehouse Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.56 |
-3.82 |
-1.77 |
-2.06 |
-2.28 |
|
The Chefs' Warehouse Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.06 |
-1.98 |
-2.10 |
-2.01 |
-2.28 |
Competitive Comparison of The Chefs' Warehouse's Beneish M-Score
For the Food Distribution subindustry, The Chefs' Warehouse'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 Chefs' Warehouse's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, The Chefs' Warehouse's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Chefs' Warehouse's Beneish M-Score falls into.
The Chefs' Warehouse 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 Chefs' Warehouse 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 * 0.9771 | + | 0.528 * 0.998 | + | 0.404 * 1.0858 | + | 0.892 * 1.3139 | + | 0.115 * 0.8723 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0351 | + | 4.679 * -0.015862 | - | 0.327 * 1.0037 |
| = | -2.28 |
* 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 $334 Mil.
Revenue was 950.473 + 881.825 + 881.82 + 719.645 = $3,434 Mil.
Gross Profit was 228.624 + 207.698 + 208.444 + 169.708 = $814 Mil.
Total Current Assets was $731 Mil.
Total Assets was $1,705 Mil.
Property, Plant and Equipment(Net PPE) was $427 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $705 Mil.
Total Current Liabilities was $386 Mil.
Long-Term Debt & Capital Lease Obligation was $849 Mil.
Net Income was 16 + 7.322 + 9.867 + 1.401 = $35 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 41.594 + 9.262 + 13.044 + -2.261 = $62 Mil.
|
Total Receivables was $260 Mil.
Revenue was 791.336 + 661.856 + 648.104 + 512.103 = $2,613 Mil.
Gross Profit was 187.331 + 157.788 + 156.004 + 117.513 = $619 Mil.
Total Current Assets was $721 Mil.
Total Assets was $1,509 Mil.
Property, Plant and Equipment(Net PPE) was $342 Mil.
Depreciation, Depletion and Amortization(DDA) was $38 Mil.
Selling, General, & Admin. Expense(SGA) was $518 Mil.
Total Current Liabilities was $284 Mil.
Long-Term Debt & Capital Lease Obligation was $805 Mil.
|
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) |
| = | (334.015 / 3433.763) | / | (260.167 / 2613.399) |
| = | 0.097274 | / | 0.099551 |
| | = | 0.9771 |
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) |
| = | (618.636 / 2613.399) | / | (814.474 / 3433.763) |
| = | 0.236717 | / | 0.237196 |
| | = | 0.998 |
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 - (730.943 + 427.1) / 1705.306) | / | (1 - (720.86 + 342.357) / 1509.296) |
| = | 0.320918 | / | 0.295554 |
| | = | 1.0858 |
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 |
| = | 3433.763 | / | 2613.399 |
| | = | 1.3139 |
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)) |
| = | (38.245 / (38.245 + 342.357)) | / | (55.606 / (55.606 + 427.1)) |
| = | 0.100486 | / | 0.115196 |
| | = | 0.8723 |
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) |
| = | (704.758 / 3433.763) | / | (518.219 / 2613.399) |
| = | 0.205244 | / | 0.198293 |
| | = | 1.0351 |
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) |
| = | ((848.836 + 385.777) / 1705.306) | / | ((804.91 + 283.745) / 1509.296) |
| = | 0.723983 | / | 0.7213 |
| | = | 1.0037 |
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 |
| = | (34.59 - 0 | - | 61.639) | / | 1705.306 |
| | = | -0.015862 |
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 Chefs' Warehouse has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
CHEF has been successfully added to your