Conagra Brands Beneish M-Score Historical Data
The historical data trend for Conagra Brands'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.
Conagra Brands Beneish M-Score Chart
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Conagra Brands Annual Data
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Trend |
May14 |
May15 |
May16 |
May17 |
May18 |
May19 |
May20 |
May21 |
May22 |
May23 |
| Beneish M-Score |
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-2.11 |
-2.63 |
-2.56 |
-2.39 |
-2.57 |
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Conagra Brands Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.59 |
-2.57 |
-2.34 |
-2.55 |
-2.72 |
Competitive Comparison of Conagra Brands's Beneish M-Score
For the Packaged Foods subindustry, Conagra Brands'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.
Conagra Brands's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Conagra Brands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Conagra Brands's Beneish M-Score falls into.
Conagra Brands 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 Conagra Brands 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 * 0.9622 | + | 0.528 * 0.9571 | + | 0.404 * 0.9904 | + | 0.892 * 0.9922 | + | 0.115 * 1.0136 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9615 | + | 4.679 * -0.040023 | - | 0.327 * 0.9646 |
| = | -2.72 |
* 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 $917 Mil.
Revenue was 3032.9 + 3208.1 + 2904 + 2973.3 = $12,118 Mil.
Gross Profit was 858.8 + 846.6 + 823.1 + 783.4 = $3,312 Mil.
Total Current Assets was $3,286 Mil.
Total Assets was $21,920 Mil.
Property, Plant and Equipment(Net PPE) was $2,877 Mil.
Depreciation, Depletion and Amortization(DDA) was $385 Mil.
Selling, General, & Admin. Expense(SGA) was $1,866 Mil.
Total Current Liabilities was $3,471 Mil.
Long-Term Debt & Capital Lease Obligation was $7,492 Mil.
Net Income was 308.6 + 286.2 + 319.7 + 37.5 = $952 Mil.
Non Operating Income was 0 + 0 + 0 + 6 = $6 Mil.
Cash Flow from Operations was 676.7 + 411.1 + 443.5 + 292 = $1,823 Mil.
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Total Receivables was $960 Mil.
Revenue was 3086.5 + 3312.9 + 2904.3 + 2910 = $12,214 Mil.
Gross Profit was 838.8 + 922.3 + 720.3 + 713.4 = $3,195 Mil.
Total Current Assets was $3,455 Mil.
Total Assets was $22,454 Mil.
Property, Plant and Equipment(Net PPE) was $2,702 Mil.
Depreciation, Depletion and Amortization(DDA) was $367 Mil.
Selling, General, & Admin. Expense(SGA) was $1,956 Mil.
Total Current Liabilities was $3,561 Mil.
Long-Term Debt & Capital Lease Obligation was $8,081 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) |
| = | (916.5 / 12118.3) | / | (960 / 12213.7) |
| = | 0.075629 | / | 0.0786 |
| | = | 0.9622 |
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) |
| = | (3194.8 / 12213.7) | / | (3311.9 / 12118.3) |
| = | 0.261575 | / | 0.273297 |
| | = | 0.9571 |
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 - (3285.8 + 2876.7) / 21919.9) | / | (1 - (3454.7 + 2702) / 22454.2) |
| = | 0.718863 | / | 0.725811 |
| | = | 0.9904 |
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 |
| = | 12118.3 | / | 12213.7 |
| | = | 0.9922 |
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)) |
| = | (366.8 / (366.8 + 2702)) | / | (384.6 / (384.6 + 2876.7)) |
| = | 0.119526 | / | 0.117928 |
| | = | 1.0136 |
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) |
| = | (1866.3 / 12118.3) | / | (1956.4 / 12213.7) |
| = | 0.154007 | / | 0.160181 |
| | = | 0.9615 |
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) |
| = | ((7491.8 + 3470.9) / 21919.9) | / | ((8081.2 + 3561) / 22454.2) |
| = | 0.500125 | / | 0.518487 |
| | = | 0.9646 |
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 |
| = | (952 - 6 | - | 1823.3) | / | 21919.9 |
| | = | -0.040023 |
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.
Conagra Brands has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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