Clorox Co Beneish M-Score Historical Data
The historical data trend for Clorox Co'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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Clorox Co Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.63 |
-2.98 |
-2.77 |
-2.47 |
-2.99 |
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Clorox Co 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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-2.78 |
-2.96 |
-2.99 |
-3.01 |
-2.68 |
Competitive Comparison
For the Household & Personal Products subindustry, Clorox Co'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.
Clorox Co Beneish M-Score Distribution
For the Consumer Packaged Goods industry and Consumer Defensive sector, Clorox Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Clorox Co's Beneish M-Score falls into.
Clorox Co 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 Clorox Co 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 * 1.0937 | + | 0.528 * 0.8666 | + | 0.404 * 0.9057 | + | 0.892 * 1.0347 | + | 0.115 * 0.9545 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1425 | + | 4.679 * -0.035037 | - | 0.327 * 1.0538 |
| = | -2.68 |
* 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 $679 Mil.
Revenue was 1990 + 1386 + 2019 + 1915 = $7,310 Mil.
Gross Profit was 866 + 532 + 862 + 800 = $3,060 Mil.
Total Current Assets was $1,804 Mil.
Total Assets was $5,908 Mil.
Property, Plant and Equipment(Net PPE) was $1,668 Mil.
Depreciation, Depletion and Amortization(DDA) was $240 Mil.
Selling, General, & Admin. Expense(SGA) was $2,006 Mil.
Total Current Liabilities was $2,022 Mil.
Long-Term Debt & Capital Lease Obligation was $2,790 Mil.
Net Income was 93 + 22 + 176 + -211 = $80 Mil.
Non Operating Income was -164 + -12 + -12 + -469 = $-657 Mil.
Cash Flow from Operations was 153 + 20 + 430 + 341 = $944 Mil.
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Total Receivables was $600 Mil.
Revenue was 1715 + 1740 + 1801 + 1809 = $7,065 Mil.
Gross Profit was 620 + 626 + 668 + 649 = $2,563 Mil.
Total Current Assets was $1,622 Mil.
Total Assets was $6,045 Mil.
Property, Plant and Equipment(Net PPE) was $1,671 Mil.
Depreciation, Depletion and Amortization(DDA) was $228 Mil.
Selling, General, & Admin. Expense(SGA) was $1,697 Mil.
Total Current Liabilities was $1,878 Mil.
Long-Term Debt & Capital Lease Obligation was $2,794 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) |
| = | (679 / 7310) | / | (600 / 7065) |
| = | 0.092886 | / | 0.084926 |
| | = | 1.0937 |
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) |
| = | (2563 / 7065) | / | (3060 / 7310) |
| = | 0.362774 | / | 0.418605 |
| | = | 0.8666 |
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 - (1804 + 1668) / 5908) | / | (1 - (1622 + 1671) / 6045) |
| = | 0.412322 | / | 0.455252 |
| | = | 0.9057 |
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 |
| = | 7310 | / | 7065 |
| | = | 1.0347 |
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)) |
| = | (228 / (228 + 1671)) | / | (240 / (240 + 1668)) |
| = | 0.120063 | / | 0.125786 |
| | = | 0.9545 |
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) |
| = | (2006 / 7310) | / | (1697 / 7065) |
| = | 0.274419 | / | 0.240198 |
| | = | 1.1425 |
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) |
| = | ((2790 + 2022) / 5908) | / | ((2794 + 1878) / 6045) |
| = | 0.814489 | / | 0.77287 |
| | = | 1.0538 |
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 |
| = | (80 - -657 | - | 944) | / | 5908 |
| | = | -0.035037 |
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.
Clorox Co has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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