Whole Foods Market Beneish M-Score Historical Data
The historical data trend for Whole Foods Market'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.
Whole Foods Market Beneish M-Score Chart
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Whole Foods Market Annual Data
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Trend |
Sep07 |
Sep08 |
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Sep10 |
Sep11 |
Sep12 |
Sep13 |
Sep14 |
Sep15 |
Sep16 |
| Beneish M-Score |
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-2.77 |
-2.90 |
-2.92 |
-2.90 |
-3.12 |
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Whole Foods Market Quarterly Data
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Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
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Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
| Beneish M-Score |
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-2.66 |
-3.12 |
-2.89 |
-2.95 |
-3.32 |
Competitive Comparison of Whole Foods Market's Beneish M-Score
For the Grocery Stores subindustry, Whole Foods Market'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.
Whole Foods Market's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Whole Foods Market's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Whole Foods Market's Beneish M-Score falls into.
Whole Foods Market 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 Whole Foods Market 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 * 0.7609 | + | 0.528 * 1.0167 | + | 0.404 * 0.9133 | + | 0.892 * 1.0135 | + | 0.115 * 0.9354 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0072 | + | 4.679 * -0.132224 | - | 0.327 * 0.9481 |
| = | -3.32 |
* 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 (Jun17) TTM: | Last Year (Jun16) TTM: |
Total Receivables was $246 Mil.
Revenue was 3725 + 3737 + 4918 + 3497 = $15,877 Mil.
Gross Profit was 1268 + 1274 + 1650 + 1194 = $5,386 Mil.
Total Current Assets was $2,191 Mil.
Total Assets was $6,610 Mil.
Property, Plant and Equipment(Net PPE) was $3,482 Mil.
Depreciation, Depletion and Amortization(DDA) was $539 Mil.
Selling, General, & Admin. Expense(SGA) was $4,709 Mil.
Total Current Liabilities was $1,324 Mil.
Long-Term Debt & Capital Lease Obligation was $1,046 Mil.
Net Income was 106 + 99 + 95 + 88 = $388 Mil.
Non Operating Income was 4 + 2 + 0 + 3 = $9 Mil.
Cash Flow from Operations was 277 + 340 + 284 + 352 = $1,253 Mil.
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Total Receivables was $319 Mil.
Revenue was 3703 + 3696 + 4829 + 3438 = $15,666 Mil.
Gross Profit was 1286 + 1290 + 1641 + 1186 = $5,403 Mil.
Total Current Assets was $1,925 Mil.
Total Assets was $6,275 Mil.
Property, Plant and Equipment(Net PPE) was $3,376 Mil.
Depreciation, Depletion and Amortization(DDA) was $484 Mil.
Selling, General, & Admin. Expense(SGA) was $4,613 Mil.
Total Current Liabilities was $1,324 Mil.
Long-Term Debt & Capital Lease Obligation was $1,049 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) |
| = | (246 / 15877) | / | (319 / 15666) |
| = | 0.015494 | / | 0.020363 |
| | = | 0.7609 |
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) |
| = | (5403 / 15666) | / | (5386 / 15877) |
| = | 0.344887 | / | 0.339233 |
| | = | 1.0167 |
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 - (2191 + 3482) / 6610) | / | (1 - (1925 + 3376) / 6275) |
| = | 0.141755 | / | 0.155219 |
| | = | 0.9133 |
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 |
| = | 15877 | / | 15666 |
| | = | 1.0135 |
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)) |
| = | (484 / (484 + 3376)) | / | (539 / (539 + 3482)) |
| = | 0.125389 | / | 0.134046 |
| | = | 0.9354 |
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) |
| = | (4709 / 15877) | / | (4613 / 15666) |
| = | 0.296593 | / | 0.294459 |
| | = | 1.0072 |
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) |
| = | ((1046 + 1324) / 6610) | / | ((1049 + 1324) / 6275) |
| = | 0.358548 | / | 0.378167 |
| | = | 0.9481 |
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 |
| = | (388 - 9 | - | 1253) | / | 6610 |
| | = | -0.132224 |
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.
Whole Foods Market has a M-score of -3.32 suggests that the company is unlikely to be a manipulator.
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