JBS Beneish M-Score Historical Data
The historical data trend for JBS'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.
JBS Beneish M-Score Chart
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JBS Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.74 |
-2.66 |
-2.30 |
-2.24 |
-2.72 |
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JBS 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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-2.24 |
-2.06 |
-2.36 |
-2.48 |
-2.72 |
Competitive Comparison of JBS's Beneish M-Score
For the Packaged Foods subindustry, JBS'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.
JBS's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, JBS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JBS's Beneish M-Score falls into.
JBS 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 JBS 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 * 0.9056 | + | 0.528 * 1.4611 | + | 0.404 * 0.9845 | + | 0.892 * 0.9713 | + | 0.115 * 0.9652 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9839 | + | 4.679 * -0.063845 | - | 0.327 * 1.0254 |
| = | -2.66 |
* 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 $4,310 Mil.
Revenue was 19803.261 + 18151.925 + 18396.787 + 17011.152 = $73,363 Mil.
Gross Profit was 2296.901 + 2194.805 + 2035.047 + 1494.234 = $8,021 Mil.
Total Current Assets was $16,236 Mil.
Total Assets was $42,578 Mil.
Property, Plant and Equipment(Net PPE) was $14,624 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,149 Mil.
Selling, General, & Admin. Expense(SGA) was $6,665 Mil.
Total Current Liabilities was $9,897 Mil.
Long-Term Debt & Capital Lease Obligation was $20,362 Mil.
Net Income was 28.22 + 113.716 + -54.259 + -285.064 = $-197 Mil.
Non Operating Income was 84.836 + -6.229 + 15.323 + 48.277 = $142 Mil.
Cash Flow from Operations was 1459.846 + 1049.681 + 732.561 + -863.315 = $2,379 Mil.
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Total Receivables was $4,900 Mil.
Revenue was 20386.522 + 18322.744 + 17784.175 + 19038.819 = $75,532 Mil.
Gross Profit was 2507.116 + 3007.114 + 3122.847 + 3429.011 = $12,066 Mil.
Total Current Assets was $15,216 Mil.
Total Assets was $39,886 Mil.
Property, Plant and Equipment(Net PPE) was $13,520 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,908 Mil.
Selling, General, & Admin. Expense(SGA) was $6,974 Mil.
Total Current Liabilities was $10,572 Mil.
Long-Term Debt & Capital Lease Obligation was $17,073 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) |
| = | (4309.976 / 73363.125) | / | (4899.826 / 75532.26) |
| = | 0.058749 | / | 0.064871 |
| | = | 0.9056 |
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) |
| = | (12066.088 / 75532.26) | / | (8020.987 / 73363.125) |
| = | 0.159747 | / | 0.109333 |
| | = | 1.4611 |
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 - (16236.326 + 14623.959) / 42577.834) | / | (1 - (15215.722 + 13520.456) / 39885.511) |
| = | 0.275203 | / | 0.279533 |
| | = | 0.9845 |
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 |
| = | 73363.125 | / | 75532.26 |
| | = | 0.9713 |
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)) |
| = | (1907.922 / (1907.922 + 13520.456)) | / | (2149.065 / (2149.065 + 14623.959)) |
| = | 0.123663 | / | 0.128126 |
| | = | 0.9652 |
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) |
| = | (6664.546 / 73363.125) | / | (6973.859 / 75532.26) |
| = | 0.090843 | / | 0.09233 |
| | = | 0.9839 |
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) |
| = | ((20361.821 + 9896.96) / 42577.834) | / | ((17072.652 + 10571.75) / 39885.511) |
| = | 0.71067 | / | 0.693094 |
| | = | 1.0254 |
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 |
| = | (-197.387 - 142.207 | - | 2378.773) | / | 42577.834 |
| | = | -0.063845 |
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.
JBS has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
JBS (JBSAY) Business Description
Traded in Other Exchanges
Address
Avenue Marginal Direita do Tiete, 500, Bloco 3, Vila Jaguara, Sao Paulo, SP, BRA, 05118-100
JBS SA is an international company involved in beef, lamb, and poultry processing. It is originally from Brazil. JBS is one of the world's exporters of animal protein, selling to more than 150 countries. Sales offices are in Brazil, the United States, Australia, Canada, Argentina, Uruguay, Paraguay, Mexico, Italy, Ireland, the United Kingdom, France, the Netherlands, China, and Russia, among others. The company also sells hygiene and cleaning products, collagen, metal packaging, and biodiesel, among others.
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