Starbucks Beneish M-Score Historical Data
The historical data trend for Starbucks'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.
Starbucks Beneish M-Score Chart
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Starbucks Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-3.25 |
-2.11 |
-3.15 |
-2.63 |
-2.87 |
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Starbucks Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.76 |
-2.87 |
-2.87 |
-3.02 |
Competitive Comparison of Starbucks's Beneish M-Score
For the Restaurants subindustry, Starbucks'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.
Starbucks's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Starbucks's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Starbucks's Beneish M-Score falls into.
Starbucks 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 Starbucks 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 * 0.8701 | + | 0.528 * 0.9272 | + | 0.404 * 0.9492 | + | 0.892 * 1.1146 | + | 0.115 * 1.0824 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0783 | + | 4.679 * -0.098613 | - | 0.327 * 1.0019 |
| = | -3.02 |
* 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 $1,165 Mil.
Revenue was 9425.3 + 9373.6 + 9168.3 + 8719.8 = $36,687 Mil.
Gross Profit was 2593.2 + 2719.2 + 2606.5 + 2282.1 = $10,201 Mil.
Total Current Assets was $6,570 Mil.
Total Assets was $29,180 Mil.
Property, Plant and Equipment(Net PPE) was $16,250 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,492 Mil.
Selling, General, & Admin. Expense(SGA) was $2,508 Mil.
Total Current Liabilities was $9,396 Mil.
Long-Term Debt & Capital Lease Obligation was $21,704 Mil.
Net Income was 1024.4 + 1219.3 + 1141.7 + 908.3 = $4,294 Mil.
Non Operating Income was 55.9 + 119.4 + 62.6 + 133.9 = $372 Mil.
Cash Flow from Operations was 2383.9 + 1945 + 1702.9 + 767.6 = $6,799 Mil.
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Total Receivables was $1,201 Mil.
Revenue was 8713.9 + 8414.2 + 8150.1 + 7635.6 = $32,914 Mil.
Gross Profit was 2238.4 + 2158.5 + 2234 + 1855.1 = $8,486 Mil.
Total Current Assets was $6,935 Mil.
Total Assets was $28,256 Mil.
Property, Plant and Equipment(Net PPE) was $14,833 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,486 Mil.
Selling, General, & Admin. Expense(SGA) was $2,087 Mil.
Total Current Liabilities was $9,246 Mil.
Long-Term Debt & Capital Lease Obligation was $20,812 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) |
| = | (1165.1 / 36687) | / | (1201.3 / 32913.8) |
| = | 0.031758 | / | 0.036498 |
| | = | 0.8701 |
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) |
| = | (8486 / 32913.8) | / | (10201 / 36687) |
| = | 0.257825 | / | 0.278055 |
| | = | 0.9272 |
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 - (6569.5 + 16250.3) / 29179.7) | / | (1 - (6934.9 + 14833.3) / 28256.1) |
| = | 0.217956 | / | 0.229611 |
| | = | 0.9492 |
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 |
| = | 36687 | / | 32913.8 |
| | = | 1.1146 |
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)) |
| = | (1485.5 / (1485.5 + 14833.3)) | / | (1492.2 / (1492.2 + 16250.3)) |
| = | 0.09103 | / | 0.084103 |
| | = | 1.0824 |
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) |
| = | (2508.4 / 36687) | / | (2087.1 / 32913.8) |
| = | 0.068373 | / | 0.063411 |
| | = | 1.0783 |
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) |
| = | ((21703.8 + 9395.6) / 29179.7) | / | ((20812.1 + 9246.2) / 28256.1) |
| = | 1.065789 | / | 1.063781 |
| | = | 1.0019 |
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 |
| = | (4293.7 - 371.8 | - | 6799.4) | / | 29179.7 |
| | = | -0.098613 |
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.
Starbucks has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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