Universal Beneish M-Score Historical Data
The historical data trend for Universal'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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Universal Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.56 |
-2.41 |
-2.63 |
-2.42 |
-2.13 |
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Universal 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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-1.92 |
-2.13 |
-2.24 |
-3.00 |
-2.63 |
Competitive Comparison
For the Tobacco subindustry, Universal'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.
Universal Beneish M-Score Distribution
For the Tobacco Products industry and Consumer Defensive sector, Universal's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Universal's Beneish M-Score falls into.
Universal 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 Universal 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 * 0.8152 | + | 0.528 * 0.9543 | + | 0.404 * 0.9762 | + | 0.892 * 1.059 | + | 0.115 * 0.9846 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0355 | + | 4.679 * 0.002504 | - | 0.327 * 0.9931 |
| = | -2.63 |
* 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 $468 Mil.
Revenue was 821.507 + 638.484 + 517.722 + 693.979 = $2,672 Mil.
Gross Profit was 166.951 + 131.717 + 86.512 + 122.808 = $508 Mil.
Total Current Assets was $2,014 Mil.
Total Assets was $2,834 Mil.
Property, Plant and Equipment(Net PPE) was $395 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General, & Admin. Expense(SGA) was $298 Mil.
Total Current Liabilities was $625 Mil.
Long-Term Debt & Capital Lease Obligation was $639 Mil.
Net Income was 53.216 + 28.128 + -2.064 + 53.707 = $133 Mil.
Non Operating Income was 1.186 + -2.584 + -3.441 + 4.174 = $-1 Mil.
Cash Flow from Operations was -57.271 + 114.425 + -103.891 + 173.293 = $127 Mil.
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Total Receivables was $543 Mil.
Revenue was 795.039 + 650.984 + 429.822 + 646.973 = $2,523 Mil.
Gross Profit was 145.5 + 110.259 + 79.718 + 122.297 = $458 Mil.
Total Current Assets was $1,952 Mil.
Total Assets was $2,765 Mil.
Property, Plant and Equipment(Net PPE) was $388 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $272 Mil.
Total Current Liabilities was $598 Mil.
Long-Term Debt & Capital Lease Obligation was $644 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) |
| = | (468.415 / 2671.692) | / | (542.57 / 2522.818) |
| = | 0.175325 | / | 0.215065 |
| | = | 0.8152 |
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) |
| = | (457.774 / 2522.818) | / | (507.988 / 2671.692) |
| = | 0.181453 | / | 0.190137 |
| | = | 0.9543 |
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 - (2013.629 + 395.343) / 2833.874) | / | (1 - (1951.889 + 388.331) / 2764.903) |
| = | 0.149937 | / | 0.153598 |
| | = | 0.9762 |
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 |
| = | 2671.692 | / | 2522.818 |
| | = | 1.059 |
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)) |
| = | (56.255 / (56.255 + 388.331)) | / | (58.299 / (58.299 + 395.343)) |
| = | 0.126533 | / | 0.128513 |
| | = | 0.9846 |
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) |
| = | (298.26 / 2671.692) | / | (271.972 / 2522.818) |
| = | 0.111637 | / | 0.107805 |
| | = | 1.0355 |
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) |
| = | ((639.275 + 624.874) / 2833.874) | / | ((643.78 + 598.227) / 2764.903) |
| = | 0.446085 | / | 0.449205 |
| | = | 0.9931 |
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 |
| = | (132.987 - -0.665 | - | 126.556) | / | 2833.874 |
| | = | 0.002504 |
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.
Universal has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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