Chipotle Mexican Grill Beneish M-Score Historical Data
The historical data trend for Chipotle Mexican Grill'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.
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Chipotle Mexican Grill Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.05 |
0.30 |
-3.08 |
-2.79 |
-2.63 |
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Chipotle Mexican Grill 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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-2.79 |
-3.19 |
-3.41 |
-3.43 |
-2.63 |
Competitive Comparison
For the Restaurants subindustry, Chipotle Mexican Grill'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.
Chipotle Mexican Grill Beneish M-Score Distribution
For the Restaurants industry and Consumer Cyclical sector, Chipotle Mexican Grill's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Chipotle Mexican Grill's Beneish M-Score falls into.
Chipotle Mexican Grill 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 Chipotle Mexican Grill 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 * 0.9532 | + | 0.528 * 0.9116 | + | 0.404 * 1.1671 | + | 0.892 * 1.1433 | + | 0.115 * 0.9835 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9823 | + | 4.679 * -0.059599 | - | 0.327 * 0.9425 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $168 Mil.
Revenue was 2516.32 + 2471.948 + 2514.801 + 2368.58 = $9,872 Mil.
Gross Profit was 638.304 + 649.843 + 690.855 + 607.09 = $2,586 Mil.
Total Current Assets was $1,621 Mil.
Total Assets was $8,044 Mil.
Property, Plant and Equipment(Net PPE) was $5,749 Mil.
Depreciation, Depletion and Amortization(DDA) was $319 Mil.
Selling, General, & Admin. Expense(SGA) was $634 Mil.
Total Current Liabilities was $1,031 Mil.
Long-Term Debt & Capital Lease Obligation was $3,804 Mil.
Net Income was 282.086 + 313.217 + 341.79 + 291.644 = $1,229 Mil.
Non Operating Income was -20.118 + -16.846 + -23.778 + -14.559 = $-75 Mil.
Cash Flow from Operations was 265.459 + 480.472 + 582.51 + 455.036 = $1,783 Mil.
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Total Receivables was $155 Mil.
Revenue was 2180.599 + 2220.175 + 2213.339 + 2020.539 = $8,635 Mil.
Gross Profit was 522.542 + 562.546 + 558.085 + 418.946 = $2,062 Mil.
Total Current Assets was $1,176 Mil.
Total Assets was $6,928 Mil.
Property, Plant and Equipment(Net PPE) was $5,254 Mil.
Depreciation, Depletion and Amortization(DDA) was $287 Mil.
Selling, General, & Admin. Expense(SGA) was $564 Mil.
Total Current Liabilities was $922 Mil.
Long-Term Debt & Capital Lease Obligation was $3,495 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) |
| = | (168.495 / 9871.649) | / | (154.621 / 8634.652) |
| = | 0.017069 | / | 0.017907 |
| | = | 0.9532 |
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) |
| = | (2062.119 / 8634.652) | / | (2586.092 / 9871.649) |
| = | 0.238819 | / | 0.261972 |
| | = | 0.9116 |
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 - (1620.713 + 5748.586) / 8044.362) | / | (1 - (1175.837 + 5253.549) / 6927.504) |
| = | 0.083918 | / | 0.071904 |
| | = | 1.1671 |
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 |
| = | 9871.649 | / | 8634.652 |
| | = | 1.1433 |
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)) |
| = | (286.826 / (286.826 + 5253.549)) | / | (319.394 / (319.394 + 5748.586)) |
| = | 0.05177 | / | 0.052636 |
| | = | 0.9835 |
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) |
| = | (633.584 / 9871.649) | / | (564.191 / 8634.652) |
| = | 0.064182 | / | 0.06534 |
| | = | 0.9823 |
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) |
| = | ((3803.551 + 1030.625) / 8044.362) | / | ((3495.162 + 921.88) / 6927.504) |
| = | 0.60094 | / | 0.637609 |
| | = | 0.9425 |
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 |
| = | (1228.737 - -75.301 | - | 1783.477) | / | 8044.362 |
| | = | -0.059599 |
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.
Chipotle Mexican Grill has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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