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Dole (DOLE) Beneish M-Score : -2.97 (As of Apr. 27, 2024)


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What is Dole Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dole's Beneish M-Score or its related term are showing as below:

DOLE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.97   Med: -2.75   Max: -1.56
Current: -2.97

During the past 6 years, the highest Beneish M-Score of Dole was -1.56. The lowest was -2.97. And the median was -2.75.


Dole Beneish M-Score Historical Data

The historical data trend for Dole'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.

* Premium members only.

Dole Beneish M-Score Chart

Dole Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - - -1.56 -2.75 -2.97

Dole Quarterly Data
Dec18 Dec19 Mar20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.75 -3.15 -2.82 -2.92 -2.97

Competitive Comparison of Dole's Beneish M-Score

For the Farm Products subindustry, Dole'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.


Dole's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Dole's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dole's Beneish M-Score falls into.



Dole 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 Dole 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 * 0.8759+0.528 * 0.888+0.404 * 0.7712+0.892 * 1.0275+0.115 * 1.0591
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0571+4.679 * -0.050669-0.327 * 1.0121
=-2.97

* 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 $765 Mil.
Revenue was 2072.255 + 2042.672 + 2141.174 + 1989.167 = $8,245 Mil.
Gross Profit was 152.178 + 166.38 + 196.573 + 179.039 = $694 Mil.
Total Current Assets was $1,921 Mil.
Total Assets was $4,561 Mil.
Property, Plant and Equipment(Net PPE) was $1,456 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General, & Admin. Expense(SGA) was $474 Mil.
Total Current Liabilities was $1,717 Mil.
Long-Term Debt & Capital Lease Obligation was $1,133 Mil.
Net Income was 22.337 + 45.292 + 42.275 + 14.159 = $124 Mil.
Non Operating Income was 5.407 + 33.563 + 11.852 + 5.748 = $57 Mil.
Cash Flow from Operations was 141.471 + 83.288 + 58.619 + 15.227 = $299 Mil.
Total Receivables was $850 Mil.
Revenue was 2042.568 + 1960.695 + 2050.909 + 1970.231 = $8,024 Mil.
Gross Profit was 151.112 + 131.462 + 165.509 + 151.795 = $600 Mil.
Total Current Assets was $1,605 Mil.
Total Assets was $4,592 Mil.
Property, Plant and Equipment(Net PPE) was $1,441 Mil.
Depreciation, Depletion and Amortization(DDA) was $110 Mil.
Selling, General, & Admin. Expense(SGA) was $436 Mil.
Total Current Liabilities was $1,461 Mil.
Long-Term Debt & Capital Lease Obligation was $1,374 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)
=(765.204 / 8245.268) / (850.195 / 8024.403)
=0.092805 / 0.105951
=0.8759

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)
=(599.878 / 8024.403) / (694.17 / 8245.268)
=0.074757 / 0.08419
=0.888

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 - (1920.689 + 1456.473) / 4561.193) / (1 - (1605.478 + 1440.789) / 4591.842)
=0.259588 / 0.336592
=0.7712

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
=8245.268 / 8024.403
=1.0275

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))
=(109.596 / (109.596 + 1440.789)) / (104.168 / (104.168 + 1456.473))
=0.07069 / 0.066747
=1.0591

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)
=(473.783 / 8245.268) / (436.192 / 8024.403)
=0.057461 / 0.054358
=1.0571

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)
=((1133.004 + 1716.712) / 4561.193) / ((1374.044 + 1460.514) / 4591.842)
=0.624774 / 0.617303
=1.0121

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
=(124.063 - 56.57 - 298.605) / 4561.193
=-0.050669

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.

Dole has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.


Dole (DOLE) Business Description

Traded in Other Exchanges
Address
29 North Anne Street, Dublin, IRL, D07 PH36
Dole PLC through its subsidiaries operates in the North American and European markets for fresh fruits and vegetables. The company's segment includes Fresh Fruit; Diversified Fresh Produce - EMEA; Diversified Fresh Produce - Americas and ROW and Fresh Vegetables. It generates maximum revenue from the Diversified Fresh Produce - EMEA segment. Diversified Fresh Produce - EMEA segment includes Dole's Irish, Dutch, Spanish, Portuguese, French, Italian, U.K., Swedish, Danish, South African, Eastern European, and Brazilian businesses, the majority of which sell a variety of imported and local fresh fruits and vegetables through retail, wholesale and, in some instances, food service channels across the European marketplace.

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