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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for J&J Snack Foods's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of J&J Snack Foods was -1.80. The lowest was -3.09. And the median was -2.62.
The historical data trend for J&J Snack Foods'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.
For the Packaged Foods subindustry, J&J Snack Foods'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.
For the Consumer Packaged Goods industry and Consumer Defensive sector, J&J Snack Foods's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where J&J Snack Foods's Beneish M-Score falls into.
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 J&J Snack Foods 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 * 0.8059 | + | 0.528 * 0.8857 | + | 0.404 * 0.9192 | + | 0.892 * 1.1007 | + | 0.115 * 1.1062 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0175 | + | 4.679 * -0.093957 | - | 0.327 * 0.9501 | |||||||
= | -3.08 |
* 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 $166 Mil. Revenue was 348.308 + 443.863 + 425.769 + 337.854 = $1,556 Mil. Gross Profit was 94.585 + 145.744 + 142.882 + 90.384 = $474 Mil. Total Current Assets was $397 Mil. Total Assets was $1,293 Mil. Property, Plant and Equipment(Net PPE) was $525 Mil. Depreciation, Depletion and Amortization(DDA) was $65 Mil. Selling, General, & Admin. Expense(SGA) was $363 Mil. Total Current Liabilities was $165 Mil. Long-Term Debt & Capital Lease Obligation was $129 Mil. Net Income was 7.282 + 30.421 + 34.981 + 6.871 = $80 Mil. Non Operating Income was 0.798 + -0.654 + 0.633 + 0.401 = $1 Mil. Cash Flow from Operations was 48.953 + 66.335 + 70.273 + 14.261 = $200 Mil. |
Total Receivables was $187 Mil. Revenue was 351.343 + 400.426 + 380.227 + 281.513 = $1,414 Mil. Gross Profit was 90.855 + 115.843 + 109.076 + 65.348 = $381 Mil. Total Current Assets was $441 Mil. Total Assets was $1,228 Mil. Property, Plant and Equipment(Net PPE) was $403 Mil. Depreciation, Depletion and Amortization(DDA) was $56 Mil. Selling, General, & Admin. Expense(SGA) was $324 Mil. Total Current Liabilities was $160 Mil. Long-Term Debt & Capital Lease Obligation was $134 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) |
= | (166.156 / 1555.794) | / | (187.321 / 1413.509) | |
= | 0.106798 | / | 0.132522 | |
= | 0.8059 |
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) | |
= | (381.122 / 1413.509) | / | (473.595 / 1555.794) | |
= | 0.269628 | / | 0.304407 | |
= | 0.8857 |
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 - (397.279 + 524.788) / 1292.557) | / | (1 - (441.31 + 403.433) / 1227.548) | |
= | 0.286633 | / | 0.311845 | |
= | 0.9192 |
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 | |
= | 1555.794 | / | 1413.509 | |
= | 1.1007 |
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)) |
= | (55.793 / (55.793 + 403.433)) | / | (64.752 / (64.752 + 524.788)) | |
= | 0.121494 | / | 0.109835 | |
= | 1.1062 |
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) |
= | (362.934 / 1555.794) | / | (324.071 / 1413.509) | |
= | 0.233279 | / | 0.229267 | |
= | 1.0175 |
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) |
= | ((129.175 + 165.315) / 1292.557) | / | ((134.186 + 160.178) / 1227.548) | |
= | 0.227835 | / | 0.239798 | |
= | 0.9501 |
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 | |
= | (79.555 - 1.178 | - | 199.822) | / | 1292.557 | |
= | -0.093957 |
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.
J&J Snack Foods has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of J&J Snack Foods's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Dan Fachner | officer: President, ICEE | 1205 DUPONT CIRCLE, ONTARIO CA 91761-7817 |
Marjorie Shreiber Roshkoff | director | 6000 CENTRAL HIGHWAY, PENNSAUKEN NJ 08109 |
Mary Lou Kehoe | officer: VP, Human Resources | 9 GITHENS LANE, LUMBERTON NJ 08048 |
Stephen Every | officer: COO, The ICEE Co | C/O J & J SNACK FOODS CORP., 6000 CENTRAL HIGHWAY, PENNSAUKEN PA 08109 |
Robert Cranmer | officer: Senior VP, Operations | 3 EAST DICKENS COURT, JACKSON NJ 08527 |
Mary Meder | director | 201 S. 18TH ST #2416, PHILADELPHIA PA 19103 |
Gerald B Shreiber | director, 10 percent owner, officer: President and CEO | 6000 CENTRAL HIGHWAY, PENNSAUKEN NJ 08109 |
Roy Christopher Jackson | director | 1040 BRICKYARD LANE, GREENSBORO GA 30642 |
Michael A Pollner | officer: SVP, General Counsel & Secy. | C/O KNOLL, INC., 1235 WATER STREET, EAST GREENVILLE PA 18041 |
Robert Joseph Pape | officer: Senior Vice President | 6000 CENTRAL HIGHWAY, PENNSAUKEN NJ 08109 |
2021 Irrevocable Trust For Gerald B. Shreiber | 10 percent owner | 6000 CENTRAL HIGHWAY, PENNSAUKEN PA 08109 |
Lynwood Mallard | officer: Senior Vice President and CMO | C/O J & J SNACK FOODS CORP., 6000 CENTRAL HIGHWAY, PENNSAUKEN NJ 08109 |
Dennis G Moore | director, officer: Sr. Vice President | 6000 CNTRAL HIGHWAY, PENNSAUKEN NJ 08109 |
Robert M Radano | director, officer: Senior Vice President | 6000 CNTRAL HIGHWAY, PENNSAUKEN NJ 08109 |
Ken Allen Plunk | officer: Senior Vice President and CFO | 6000 CENTRAL HIGHWAY, PENNSAUKEN NJ 08109 |
From GuruFocus
By PRNewswire 04-18-2023
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