United Natural Foods Beneish M-Score Historical Data
The historical data trend for United Natural 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.
United Natural Foods Beneish M-Score Chart
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United Natural Foods Annual Data
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Jul23 |
| Beneish M-Score |
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-1.88 |
-2.69 |
-2.96 |
-2.43 |
-2.99 |
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United Natural Foods Quarterly Data
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Apr19 |
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Jan24 |
| Beneish M-Score |
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-2.83 |
-2.94 |
-2.99 |
-3.00 |
-2.63 |
Competitive Comparison of United Natural Foods's Beneish M-Score
For the Food Distribution subindustry, United Natural 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.
United Natural Foods's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, United Natural Foods's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United Natural Foods's Beneish M-Score falls into.
United Natural Foods 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 United Natural 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 * 0.9852 | + | 0.528 * 1.063 | + | 0.404 * 0.9298 | + | 0.892 * 1.013 | + | 0.115 * 1.0321 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6383 | + | 4.679 * -0.04315 | - | 0.327 * 1.0365 |
| = | -2.63 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $990 Mil.
Revenue was 7775 + 7552 + 7417 + 7507 = $30,251 Mil.
Gross Profit was 1035 + 1030 + 966 + 1000 = $4,031 Mil.
Total Current Assets was $3,581 Mil.
Total Assets was $7,671 Mil.
Property, Plant and Equipment(Net PPE) was $3,196 Mil.
Depreciation, Depletion and Amortization(DDA) was $309 Mil.
Selling, General, & Admin. Expense(SGA) was $-22 Mil.
Total Current Liabilities was $2,336 Mil.
Long-Term Debt & Capital Lease Obligation was $3,481 Mil.
Net Income was -15 + -39 + -68 + 7 = $-115 Mil.
Non Operating Income was -8 + -23 + -37 + 1 = $-67 Mil.
Cash Flow from Operations was 183 + -254 + 222 + 132 = $283 Mil.
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Total Receivables was $992 Mil.
Revenue was 7816 + 7532 + 7273 + 7242 = $29,863 Mil.
Gross Profit was 1069 + 1096 + 1053 + 1012 = $4,230 Mil.
Total Current Assets was $3,741 Mil.
Total Assets was $7,635 Mil.
Property, Plant and Equipment(Net PPE) was $2,937 Mil.
Depreciation, Depletion and Amortization(DDA) was $294 Mil.
Selling, General, & Admin. Expense(SGA) was $-34 Mil.
Total Current Liabilities was $2,396 Mil.
Long-Term Debt & Capital Lease Obligation was $3,190 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) |
| = | (990 / 30251) | / | (992 / 29863) |
| = | 0.032726 | / | 0.033218 |
| | = | 0.9852 |
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) |
| = | (4230 / 29863) | / | (4031 / 30251) |
| = | 0.141647 | / | 0.133252 |
| | = | 1.063 |
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 - (3581 + 3196) / 7671) | / | (1 - (3741 + 2937) / 7635) |
| = | 0.116543 | / | 0.125344 |
| | = | 0.9298 |
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 |
| = | 30251 | / | 29863 |
| | = | 1.013 |
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)) |
| = | (294 / (294 + 2937)) | / | (309 / (309 + 3196)) |
| = | 0.090994 | / | 0.08816 |
| | = | 1.0321 |
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) |
| = | (-22 / 30251) | / | (-34 / 29863) |
| = | -0.000727 | / | -0.001139 |
| | = | 0.6383 |
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) |
| = | ((3481 + 2336) / 7671) | / | ((3190 + 2396) / 7635) |
| = | 0.758311 | / | 0.731631 |
| | = | 1.0365 |
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 |
| = | (-115 - -67 | - | 283) | / | 7671 |
| | = | -0.04315 |
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.
United Natural Foods has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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