Mondelez International Beneish M-Score Historical Data
The historical data trend for Mondelez International'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.
Mondelez International Beneish M-Score Chart
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Mondelez International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.49 |
-2.38 |
-2.33 |
-2.40 |
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Mondelez International 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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-2.33 |
-2.39 |
-2.36 |
-2.35 |
-2.40 |
Competitive Comparison of Mondelez International's Beneish M-Score
For the Confectioners subindustry, Mondelez International'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.
Mondelez International's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Mondelez International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mondelez International's Beneish M-Score falls into.
Mondelez International 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 Mondelez International 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 * 1.0099 | + | 0.528 * 0.9398 | + | 0.404 * 0.9565 | + | 0.892 * 1.1435 | + | 0.115 * 0.9791 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9477 | + | 4.679 * -0.006163 | - | 0.327 * 0.9686 |
| = | -2.40 |
* 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 $4,512 Mil.
Revenue was 9314 + 9029 + 8507 + 9166 = $36,016 Mil.
Gross Profit was 3470 + 3494 + 3354 + 3446 = $13,764 Mil.
Total Current Assets was $11,703 Mil.
Total Assets was $71,391 Mil.
Property, Plant and Equipment(Net PPE) was $10,377 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,215 Mil.
Selling, General, & Admin. Expense(SGA) was $8,002 Mil.
Total Current Liabilities was $19,013 Mil.
Long-Term Debt & Capital Lease Obligation was $17,424 Mil.
Net Income was 950 + 984 + 944 + 2081 = $4,959 Mil.
Non Operating Income was 41 + -40 + -142 + 826 = $685 Mil.
Cash Flow from Operations was 1564 + 1177 + 850 + 1123 = $4,714 Mil.
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Total Receivables was $3,907 Mil.
Revenue was 8695 + 7763 + 7274 + 7764 = $31,496 Mil.
Gross Profit was 3075 + 2613 + 2641 + 2983 = $11,312 Mil.
Total Current Assets was $10,091 Mil.
Total Assets was $71,161 Mil.
Property, Plant and Equipment(Net PPE) was $9,680 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,107 Mil.
Selling, General, & Admin. Expense(SGA) was $7,384 Mil.
Total Current Liabilities was $16,731 Mil.
Long-Term Debt & Capital Lease Obligation was $20,765 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) |
| = | (4512 / 36016) | / | (3907 / 31496) |
| = | 0.125278 | / | 0.124047 |
| | = | 1.0099 |
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) |
| = | (11312 / 31496) | / | (13764 / 36016) |
| = | 0.359157 | / | 0.382163 |
| | = | 0.9398 |
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 - (11703 + 10377) / 71391) | / | (1 - (10091 + 9680) / 71161) |
| = | 0.690717 | / | 0.722165 |
| | = | 0.9565 |
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 |
| = | 36016 | / | 31496 |
| | = | 1.1435 |
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)) |
| = | (1107 / (1107 + 9680)) | / | (1215 / (1215 + 10377)) |
| = | 0.102624 | / | 0.104814 |
| | = | 0.9791 |
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) |
| = | (8002 / 36016) | / | (7384 / 31496) |
| = | 0.222179 | / | 0.234442 |
| | = | 0.9477 |
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) |
| = | ((17424 + 19013) / 71391) | / | ((20765 + 16731) / 71161) |
| = | 0.510386 | / | 0.526918 |
| | = | 0.9686 |
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 |
| = | (4959 - 685 | - | 4714) | / | 71391 |
| | = | -0.006163 |
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.
Mondelez International has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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