George Weston Beneish M-Score Historical Data
The historical data trend for George Weston'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.
George Weston Beneish M-Score Chart
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George Weston Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.94 |
-3.02 |
-2.85 |
-2.69 |
-2.88 |
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George Weston Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.67 |
-2.75 |
-2.86 |
-2.88 |
-2.93 |
Competitive Comparison of George Weston's Beneish M-Score
For the Grocery Stores subindustry, George Weston'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.
George Weston's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, George Weston's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where George Weston's Beneish M-Score falls into.
George Weston 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 George Weston 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 * 0.9799 | + | 0.528 * 0.9943 | + | 0.404 * 0.9544 | + | 0.892 * 1.0434 | + | 0.115 * 1.025 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0186 | + | 4.679 * -0.092987 | - | 0.327 * 1.0138 |
| = | -2.92 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $3,787 Mil.
Revenue was 10147.015 + 10957.066 + 13603.577 + 10450.098 = $45,158 Mil.
Gross Profit was 3398.345 + 3593.47 + 4340.404 + 3441.216 = $14,773 Mil.
Total Current Assets was $10,386 Mil.
Total Assets was $35,988 Mil.
Property, Plant and Equipment(Net PPE) was $12,091 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,904 Mil.
Selling, General, & Admin. Expense(SGA) was $11,517 Mil.
Total Current Liabilities was $8,275 Mil.
Long-Term Debt & Capital Lease Obligation was $12,790 Mil.
Net Income was 181.738 + -20.871 + 461.163 + 382.357 = $1,004 Mil.
Non Operating Income was 43.587 + 0 + 0 + 0 = $44 Mil.
Cash Flow from Operations was 630.91 + 1127.758 + 1551.992 + 996.538 = $4,307 Mil.
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Total Receivables was $3,704 Mil.
Revenue was 9598.041 + 10410.011 + 13134.418 + 10136.676 = $43,279 Mil.
Gross Profit was 3175.473 + 3352.963 + 4202.714 + 3347.391 = $14,079 Mil.
Total Current Assets was $10,255 Mil.
Total Assets was $35,495 Mil.
Property, Plant and Equipment(Net PPE) was $11,278 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,828 Mil.
Selling, General, & Admin. Expense(SGA) was $10,837 Mil.
Total Current Liabilities was $7,302 Mil.
Long-Term Debt & Capital Lease Obligation was $13,192 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) |
| = | (3786.939 / 45157.756) | / | (3703.866 / 43279.146) |
| = | 0.08386 | / | 0.085581 |
| | = | 0.9799 |
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) |
| = | (14078.541 / 43279.146) | / | (14773.435 / 45157.756) |
| = | 0.325296 | / | 0.327152 |
| | = | 0.9943 |
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 - (10386.377 + 12091.46) / 35987.736) | / | (1 - (10255.061 + 11278.228) / 35495.14) |
| = | 0.375403 | / | 0.393345 |
| | = | 0.9544 |
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 |
| = | 45157.756 | / | 43279.146 |
| | = | 1.0434 |
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)) |
| = | (1827.711 / (1827.711 + 11278.228)) | / | (1904.296 / (1904.296 + 12091.46)) |
| = | 0.139457 | / | 0.136062 |
| | = | 1.025 |
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) |
| = | (11517.113 / 45157.756) | / | (10836.792 / 43279.146) |
| = | 0.255042 | / | 0.250393 |
| | = | 1.0186 |
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) |
| = | ((12790.337 + 8274.97) / 35987.736) | / | ((13192.282 + 7301.761) / 35495.14) |
| = | 0.585347 | / | 0.577376 |
| | = | 1.0138 |
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 |
| = | (1004.387 - 43.587 | - | 4307.198) | / | 35987.736 |
| | = | -0.092987 |
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.
George Weston has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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