Brinker International Beneish M-Score Historical Data
The historical data trend for Brinker International'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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Brinker International Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.26 |
-2.47 |
-2.94 |
-2.75 |
-2.76 |
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Brinker International 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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-2.62 |
-2.52 |
-2.76 |
-2.88 |
-2.89 |
Competitive Comparison
For the Restaurants subindustry, Brinker International'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.
Brinker International Beneish M-Score Distribution
For the Restaurants industry and Consumer Cyclical sector, Brinker International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Brinker International's Beneish M-Score falls into.
Brinker International 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 Brinker International 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 * 0.7814 | + | 0.528 * 0.8692 | + | 0.404 * 1.2222 | + | 0.892 * 1.0676 | + | 0.115 * 0.9718 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0331 | + | 4.679 * -0.064086 | - | 0.327 * 0.9411 |
| = | -2.89 |
* 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 $80 Mil.
Revenue was 1074.1 + 1012.5 + 1075.5 + 1083.2 = $4,245 Mil.
Gross Profit was 150.2 + 114.8 + 153.3 + 153.6 = $572 Mil.
Total Current Assets was $211 Mil.
Total Assets was $2,511 Mil.
Property, Plant and Equipment(Net PPE) was $1,919 Mil.
Depreciation, Depletion and Amortization(DDA) was $168 Mil.
Selling, General, & Admin. Expense(SGA) was $165 Mil.
Total Current Liabilities was $590 Mil.
Long-Term Debt & Capital Lease Obligation was $1,970 Mil.
Net Income was 42.1 + 7.2 + 54.2 + 50.7 = $154 Mil.
Non Operating Income was -2.3 + -6.3 + -9.2 + -5.7 = $-24 Mil.
Cash Flow from Operations was 91.2 + 59.1 + 55.5 + 132.8 = $339 Mil.
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Total Receivables was $95 Mil.
Revenue was 1019 + 955.5 + 1021.5 + 980.4 = $3,976 Mil.
Gross Profit was 126.6 + 66.6 + 135.5 + 136.9 = $466 Mil.
Total Current Assets was $237 Mil.
Total Assets was $2,520 Mil.
Property, Plant and Equipment(Net PPE) was $1,970 Mil.
Depreciation, Depletion and Amortization(DDA) was $167 Mil.
Selling, General, & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $574 Mil.
Long-Term Debt & Capital Lease Obligation was $2,156 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) |
| = | (79.5 / 4245.3) | / | (95.3 / 3976.4) |
| = | 0.018727 | / | 0.023966 |
| | = | 0.7814 |
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) |
| = | (465.6 / 3976.4) | / | (571.9 / 4245.3) |
| = | 0.117091 | / | 0.134714 |
| | = | 0.8692 |
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 - (211.3 + 1918.7) / 2510.7) | / | (1 - (237.2 + 1969.8) / 2519.6) |
| = | 0.151631 | / | 0.124067 |
| | = | 1.2222 |
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 |
| = | 4245.3 | / | 3976.4 |
| | = | 1.0676 |
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)) |
| = | (167.2 / (167.2 + 1969.8)) | / | (168 / (168 + 1918.7)) |
| = | 0.078241 | / | 0.08051 |
| | = | 0.9718 |
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) |
| = | (165 / 4245.3) | / | (149.6 / 3976.4) |
| = | 0.038867 | / | 0.037622 |
| | = | 1.0331 |
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) |
| = | ((1970 + 590) / 2510.7) | / | ((2156.4 + 573.5) / 2519.6) |
| = | 1.019636 | / | 1.083466 |
| | = | 0.9411 |
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 |
| = | (154.2 - -23.5 | - | 338.6) | / | 2510.7 |
| | = | -0.064086 |
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.
Brinker International has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.
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