US Foods Holding Beneish M-Score Historical Data
The historical data trend for US Foods Holding'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.
US Foods Holding Beneish M-Score Chart
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US Foods Holding Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.92 |
-2.23 |
-2.55 |
-2.66 |
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US Foods Holding Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.73 |
-2.69 |
-2.66 |
-2.60 |
-2.61 |
Competitive Comparison of US Foods Holding's Beneish M-Score
For the Food Distribution subindustry, US Foods Holding'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.
US Foods Holding's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, US Foods Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where US Foods Holding's Beneish M-Score falls into.
US Foods Holding 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 US Foods Holding 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 * 1.0265 | + | 0.528 * 0.9822 | + | 0.404 * 0.9839 | + | 0.892 * 1.049 | + | 0.115 * 1.0038 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0071 | + | 4.679 * -0.039407 | - | 0.327 * 0.985 |
| = | -2.61 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $2,188 Mil.
Revenue was 9709 + 8949 + 8936 + 9106 = $36,700 Mil.
Gross Profit was 1706 + 1495 + 1590 + 1542 = $6,333 Mil.
Total Current Assets was $4,334 Mil.
Total Assets was $13,703 Mil.
Property, Plant and Equipment(Net PPE) was $2,359 Mil.
Depreciation, Depletion and Amortization(DDA) was $415 Mil.
Selling, General, & Admin. Expense(SGA) was $5,281 Mil.
Total Current Liabilities was $3,366 Mil.
Long-Term Debt & Capital Lease Obligation was $4,589 Mil.
Net Income was 198 + 82 + 147 + 95 = $522 Mil.
Non Operating Income was -2 + -12 + -12 + -20 = $-46 Mil.
Cash Flow from Operations was 482 + 139 + 205 + 282 = $1,108 Mil.
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Total Receivables was $2,032 Mil.
Revenue was 9013 + 8542 + 8515 + 8917 = $34,987 Mil.
Gross Profit was 1591 + 1425 + 1454 + 1460 = $5,930 Mil.
Total Current Assets was $4,082 Mil.
Total Assets was $13,029 Mil.
Property, Plant and Equipment(Net PPE) was $2,173 Mil.
Depreciation, Depletion and Amortization(DDA) was $384 Mil.
Selling, General, & Admin. Expense(SGA) was $4,999 Mil.
Total Current Liabilities was $3,048 Mil.
Long-Term Debt & Capital Lease Obligation was $4,631 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) |
| = | (2188 / 36700) | / | (2032 / 34987) |
| = | 0.059619 | / | 0.058079 |
| | = | 1.0265 |
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) |
| = | (5930 / 34987) | / | (6333 / 36700) |
| = | 0.169492 | / | 0.172561 |
| | = | 0.9822 |
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 - (4334 + 2359) / 13703) | / | (1 - (4082 + 2173) / 13029) |
| = | 0.511567 | / | 0.519917 |
| | = | 0.9839 |
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 |
| = | 36700 | / | 34987 |
| | = | 1.049 |
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)) |
| = | (384 / (384 + 2173)) | / | (415 / (415 + 2359)) |
| = | 0.150176 | / | 0.149603 |
| | = | 1.0038 |
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) |
| = | (5281 / 36700) | / | (4999 / 34987) |
| = | 0.143896 | / | 0.142882 |
| | = | 1.0071 |
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) |
| = | ((4589 + 3366) / 13703) | / | ((4631 + 3048) / 13029) |
| = | 0.58053 | / | 0.589378 |
| | = | 0.985 |
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 |
| = | (522 - -46 | - | 1108) | / | 13703 |
| | = | -0.039407 |
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.
US Foods Holding has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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