UniFirst Beneish M-Score Historical Data
The historical data trend for UniFirst'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.
|
UniFirst Annual Data
|
|
Trend |
Aug14 |
Aug15 |
Aug16 |
Aug17 |
Aug18 |
Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.63 |
-2.89 |
-2.60 |
-2.28 |
-2.44 |
|
UniFirst Quarterly Data
|
|
May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.35 |
-2.32 |
-2.44 |
-2.49 |
-2.59 |
Competitive Comparison
For the Specialty Business Services subindustry, UniFirst'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.
UniFirst Beneish M-Score Distribution
For the Business Services industry and Industrials sector, UniFirst's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UniFirst's Beneish M-Score falls into.
UniFirst 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 UniFirst 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 * 0.9554 | + | 0.528 * 0.9956 | + | 0.404 * 1.3108 | + | 0.892 * 1.1043 | + | 0.115 * 0.9696 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9774 | + | 4.679 * -0.054079 | - | 0.327 * 1.1071 |
| = | -2.59 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $292 Mil.
Revenue was 590.711 + 593.525 + 571.89 + 576.668 = $2,333 Mil.
Gross Profit was 194.52 + 209.729 + 193.881 + 197.249 = $795 Mil.
Total Current Assets was $864 Mil.
Total Assets was $2,621 Mil.
Property, Plant and Equipment(Net PPE) was $842 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $512 Mil.
Total Current Liabilities was $263 Mil.
Long-Term Debt & Capital Lease Obligation was $54 Mil.
Net Income was 20.457 + 42.325 + 27.631 + 24.276 = $115 Mil.
Non Operating Income was -0.575 + -0.716 + 0.022 + -0.621 = $-2 Mil.
Cash Flow from Operations was 61.055 + 45.67 + 72.955 + 78.638 = $258 Mil.
|
Total Receivables was $277 Mil.
Revenue was 542.691 + 541.798 + 516.414 + 511.548 = $2,112 Mil.
Gross Profit was 172.795 + 187.826 + 179.542 + 176.915 = $717 Mil.
Total Current Assets was $1,067 Mil.
Total Assets was $2,454 Mil.
Property, Plant and Equipment(Net PPE) was $734 Mil.
Depreciation, Depletion and Amortization(DDA) was $112 Mil.
Selling, General, & Admin. Expense(SGA) was $474 Mil.
Total Current Liabilities was $232 Mil.
Long-Term Debt & Capital Lease Obligation was $36 Mil.
|
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) |
| = | (291.784 / 2332.794) | / | (276.56 / 2112.451) |
| = | 0.125079 | / | 0.130919 |
| | = | 0.9554 |
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) |
| = | (717.078 / 2112.451) | / | (795.379 / 2332.794) |
| = | 0.339453 | / | 0.340956 |
| | = | 0.9956 |
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 - (864.478 + 841.949) / 2620.953) | / | (1 - (1067.28 + 733.725) / 2454.32) |
| = | 0.348929 | / | 0.26619 |
| | = | 1.3108 |
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 |
| = | 2332.794 | / | 2112.451 |
| | = | 1.1043 |
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)) |
| = | (112 / (112 + 733.725)) | / | (133.186 / (133.186 + 841.949)) |
| = | 0.132431 | / | 0.136582 |
| | = | 0.9696 |
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) |
| = | (511.638 / 2332.794) | / | (474.002 / 2112.451) |
| = | 0.219324 | / | 0.224385 |
| | = | 0.9774 |
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) |
| = | ((53.71 + 262.864) / 2620.953) | / | ((35.635 + 232.136) / 2454.32) |
| = | 0.120786 | / | 0.109102 |
| | = | 1.1071 |
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 |
| = | (114.689 - -1.89 | - | 258.318) | / | 2620.953 |
| | = | -0.054079 |
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.
UniFirst has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
UNF has been successfully added to your