Greif Beneish M-Score Historical Data
The historical data trend for Greif'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.
Greif Beneish M-Score Chart
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Greif Annual Data
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Trend |
Oct14 |
Oct15 |
Oct16 |
Oct17 |
Oct18 |
Oct19 |
Oct20 |
Oct21 |
Oct22 |
Oct23 |
| Beneish M-Score |
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-2.26 |
-2.76 |
-2.16 |
-2.69 |
-2.82 |
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Greif Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.75 |
-2.89 |
-2.97 |
-2.82 |
-2.71 |
Competitive Comparison of Greif's Beneish M-Score
For the Packaging & Containers subindustry, Greif'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.
Greif's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Greif's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Greif's Beneish M-Score falls into.
Greif 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 Greif 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 * 1.1542 | + | 0.528 * 0.9523 | + | 0.404 * 1.0405 | + | 0.892 * 0.8126 | + | 0.115 * 1.0001 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1489 | + | 4.679 * -0.037343 | - | 0.327 * 0.9801 |
| = | -2.71 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was €587 Mil.
Revenue was 1106.924 + 1239.055 + 1202.591 + 1193.717 = €4,742 Mil.
Gross Profit was 203.429 + 261.088 + 277.528 + 284.362 = €1,026 Mil.
Total Current Assets was €1,275 Mil.
Total Assets was €5,480 Mil.
Property, Plant and Equipment(Net PPE) was €1,534 Mil.
Depreciation, Depletion and Amortization(DDA) was €217 Mil.
Selling, General, & Admin. Expense(SGA) was €511 Mil.
Total Current Liabilities was €810 Mil.
Long-Term Debt & Capital Lease Obligation was €2,258 Mil.
Net Income was 61.69 + 64.207 + 81.631 + 101.414 = €309 Mil.
Non Operating Income was -14.688 + -29.736 + -17.266 + 3.283 = €-58 Mil.
Cash Flow from Operations was 4.131 + 192.714 + 182.879 + 192.25 = €572 Mil.
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Total Receivables was €626 Mil.
Revenue was 1179.488 + 1518.237 + 1594.524 + 1543.92 = €5,836 Mil.
Gross Profit was 233.485 + 314.751 + 341.003 + 313.636 = €1,203 Mil.
Total Current Assets was €1,366 Mil.
Total Assets was €5,281 Mil.
Property, Plant and Equipment(Net PPE) was €1,442 Mil.
Depreciation, Depletion and Amortization(DDA) was €204 Mil.
Selling, General, & Admin. Expense(SGA) was €548 Mil.
Total Current Liabilities was €817 Mil.
Long-Term Debt & Capital Lease Obligation was €2,200 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) |
| = | (586.786 / 4742.287) | / | (625.658 / 5836.169) |
| = | 0.123735 | / | 0.107204 |
| | = | 1.1542 |
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) |
| = | (1202.875 / 5836.169) | / | (1026.407 / 4742.287) |
| = | 0.206107 | / | 0.216437 |
| | = | 0.9523 |
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 - (1275.377 + 1533.519) / 5479.634) | / | (1 - (1365.552 + 1441.648) / 5280.877) |
| = | 0.487394 | / | 0.468422 |
| | = | 1.0405 |
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 |
| = | 4742.287 | / | 5836.169 |
| | = | 0.8126 |
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)) |
| = | (204.187 / (204.187 + 1441.648)) | / | (217.183 / (217.183 + 1533.519)) |
| = | 0.124063 | / | 0.124055 |
| | = | 1.0001 |
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) |
| = | (511.193 / 4742.287) | / | (547.554 / 5836.169) |
| = | 0.107795 | / | 0.093821 |
| | = | 1.1489 |
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) |
| = | ((2258.464 + 810.319) / 5479.634) | / | ((2200.288 + 817.104) / 5280.877) |
| = | 0.560034 | / | 0.571381 |
| | = | 0.9801 |
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 |
| = | (308.942 - -58.407 | - | 571.974) | / | 5479.634 |
| | = | -0.037343 |
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.
Greif has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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