Altria Group Beneish M-Score Historical Data
The historical data trend for Altria Group'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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Altria Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
|
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-3.06 |
-2.72 |
-3.11 |
34.07 |
-3.35 |
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Altria Group 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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|
|
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34.07 |
33.49 |
36.03 |
-2.49 |
-3.35 |
Competitive Comparison
For the Tobacco subindustry, Altria Group'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.
Altria Group Beneish M-Score Distribution
For the Tobacco Products industry and Consumer Defensive sector, Altria Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Altria Group's Beneish M-Score falls into.
Altria Group 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 Altria Group 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 * 0.3056 | + | 0.528 * 0.9884 | + | 0.404 * 1.0673 | + | 0.892 * 0.991 | + | 0.115 * 0.8717 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1869 | + | 4.679 * -0.03959 | - | 0.327 * 1.0345 |
| = | -3.35 |
* 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 $567 Mil.
Revenue was 5024 + 5277 + 5438 + 4763 = $20,502 Mil.
Gross Profit was 3499 + 3699 + 3757 + 3329 = $14,284 Mil.
Total Current Assets was $5,585 Mil.
Total Assets was $38,570 Mil.
Property, Plant and Equipment(Net PPE) was $1,652 Mil.
Depreciation, Depletion and Amortization(DDA) was $272 Mil.
Selling, General, & Admin. Expense(SGA) was $2,737 Mil.
Total Current Liabilities was $11,319 Mil.
Long-Term Debt & Capital Lease Obligation was $25,112 Mil.
Net Income was 2060 + 2166 + 2117 + 1787 = $8,130 Mil.
Non Operating Income was 265 + 58 + 127 + -80 = $370 Mil.
Cash Flow from Operations was 3227 + 2952 + 124 + 2984 = $9,287 Mil.
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Total Receivables was $1,872 Mil.
Revenue was 5083 + 5412 + 5374 + 4819 = $20,688 Mil.
Gross Profit was 3510 + 3697 + 3666 + 3373 = $14,246 Mil.
Total Current Assets was $7,220 Mil.
Total Assets was $36,954 Mil.
Property, Plant and Equipment(Net PPE) was $1,608 Mil.
Depreciation, Depletion and Amortization(DDA) was $226 Mil.
Selling, General, & Admin. Expense(SGA) was $2,327 Mil.
Total Current Liabilities was $8,616 Mil.
Long-Term Debt & Capital Lease Obligation was $25,124 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) |
| = | (567 / 20502) | / | (1872 / 20688) |
| = | 0.027656 | / | 0.090487 |
| | = | 0.3056 |
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) |
| = | (14246 / 20688) | / | (14284 / 20502) |
| = | 0.688612 | / | 0.696713 |
| | = | 0.9884 |
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 - (5585 + 1652) / 38570) | / | (1 - (7220 + 1608) / 36954) |
| = | 0.812367 | / | 0.761108 |
| | = | 1.0673 |
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 |
| = | 20502 | / | 20688 |
| | = | 0.991 |
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)) |
| = | (226 / (226 + 1608)) | / | (272 / (272 + 1652)) |
| = | 0.123228 | / | 0.141372 |
| | = | 0.8717 |
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) |
| = | (2737 / 20502) | / | (2327 / 20688) |
| = | 0.133499 | / | 0.112481 |
| | = | 1.1869 |
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) |
| = | ((25112 + 11319) / 38570) | / | ((25124 + 8616) / 36954) |
| = | 0.944542 | / | 0.913027 |
| | = | 1.0345 |
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 |
| = | (8130 - 370 | - | 9287) | / | 38570 |
| | = | -0.03959 |
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.
Altria Group has a M-score of -3.35 suggests that the company is unlikely to be a manipulator.
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