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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for JM Smucker Co's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of JM Smucker Co was -2.20. The lowest was -2.86. And the median was -2.55.
The historical data trend for JM Smucker Co'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.
JM Smucker Co Annual Data | |||||||||||||||||||||
Trend | Apr14 | Apr15 | Apr16 | Apr17 | Apr18 | Apr19 | Apr20 | Apr21 | Apr22 | Apr23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.33 | -2.52 | -2.70 | -2.49 | -2.48 |
JM Smucker Co Quarterly Data | ||||||||||||||||||||
Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | Apr23 | Jul23 | Oct23 | Jan24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.59 | -2.48 | -2.68 | -2.86 | -2.20 |
For the Packaged Foods subindustry, JM Smucker Co'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.
For the Consumer Packaged Goods industry and Consumer Defensive sector, JM Smucker Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JM Smucker Co's Beneish M-Score falls into.
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 JM Smucker Co 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 * 1.5006 | + | 0.528 * 0.8808 | + | 0.404 * 1.0294 | + | 0.892 * 0.9855 | + | 0.115 * 1.4518 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9904 | + | 4.679 * -0.008935 | - | 0.327 * 1.3905 | |||||||
= | -2.20 |
* 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 $790 Mil. Revenue was 2229.2 + 1938.6 + 1805.2 + 2234.8 = $8,208 Mil. Gross Profit was 823.1 + 724.2 + 654.8 + 792.4 = $2,995 Mil. Total Current Assets was $1,924 Mil. Total Assets was $20,247 Mil. Property, Plant and Equipment(Net PPE) was $3,187 Mil. Depreciation, Depletion and Amortization(DDA) was $398 Mil. Selling, General, & Admin. Expense(SGA) was $1,397 Mil. Total Current Liabilities was $2,467 Mil. Long-Term Debt & Capital Lease Obligation was $8,273 Mil. Net Income was 120.4 + 194.9 + 183.6 + -600.7 = $-102 Mil. Non Operating Income was -101 + -1.7 + -33 + -1030.3 = $-1,166 Mil. Cash Flow from Operations was 406.5 + 176.9 + 217.9 + 443.8 = $1,245 Mil. |
Total Receivables was $534 Mil. Revenue was 2216.3 + 2205.1 + 1873 + 2033.8 = $8,328 Mil. Gross Profit was 755.8 + 701.1 + 552.5 + 666.7 = $2,676 Mil. Total Current Assets was $2,028 Mil. Total Assets was $16,018 Mil. Property, Plant and Equipment(Net PPE) was $2,357 Mil. Depreciation, Depletion and Amortization(DDA) was $453 Mil. Selling, General, & Admin. Expense(SGA) was $1,432 Mil. Total Current Liabilities was $1,741 Mil. Long-Term Debt & Capital Lease Obligation was $4,370 Mil. |
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) |
= | (789.6 / 8207.8) | / | (533.9 / 8328.2) | |
= | 0.096201 | / | 0.064107 | |
= | 1.5006 |
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) | |
= | (2676.1 / 8328.2) | / | (2994.5 / 8207.8) | |
= | 0.32133 | / | 0.364836 | |
= | 0.8808 |
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 - (1924 + 3187.2) / 20247.2) | / | (1 - (2027.8 + 2357.2) / 16017.5) | |
= | 0.74756 | / | 0.726237 | |
= | 1.0294 |
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 | |
= | 8207.8 | / | 8328.2 | |
= | 0.9855 |
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)) |
= | (452.9 / (452.9 + 2357.2)) | / | (398 / (398 + 3187.2)) | |
= | 0.161169 | / | 0.111012 | |
= | 1.4518 |
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) |
= | (1397.3 / 8207.8) | / | (1431.6 / 8328.2) | |
= | 0.170241 | / | 0.171898 | |
= | 0.9904 |
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) |
= | ((8272.5 + 2467.4) / 20247.2) | / | ((4369.6 + 1740.7) / 16017.5) | |
= | 0.530439 | / | 0.381477 | |
= | 1.3905 |
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 | |
= | (-101.8 - -1166 | - | 1245.1) | / | 20247.2 | |
= | -0.008935 |
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.
JM Smucker Co has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of JM Smucker Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Tucker H Marshall | officer: Chief Financial Officer | ONE STRAWBERRY LANE, ORRVILLE OH 44667 |
Tarang Amin | director | C/O SCHIFF NUTRITION INTERNATIONAL, INC., 2002 SOUTH 5070 WEST, SALT LAKE CITY UT 84104 |
Amy C Held | officer: Chief Strategy & Int'l Officer | ONE STRAWBERRY LANE, ORRVILLE OH 44667 |
Mercedes Abramo | director | ONE STRAWBERRY LANE, ORRVILLE OH 44667 |
Richard K Smucker | director, officer: President | C/ WM WRIGLEY JR CO, 410 N MICHIGAN AVE, CHICAGO IL 60611 |
Mark T Smucker | officer: Vice President | |
Jill R Penrose | officer: Chief People & Admin Officer | ONE STRAWBERRY LANE, ORRVILLE OH 44667 |
John P Brase | officer: Chief Operating Officer | ONE STRAWBERRY LANE, ORRVILLE OH 44667 |
Jeannette L Knudsen | officer: Chief Legal & Compliance Offic | ONE STRAWBERRY LANE, ORRVILLE OH 44667 |
Geoff E Tanner | officer: Chief Marketing & Commercial | ONE STRAWBERRY LANE, ORRVILLE OH 44667 |
Johnson Jonathan E Iii | director | 6322 S 300 S, STE 100, SALT LAKE CITY UT 84121 |
Nancy Lopez Knight | director | 2308 TARA DRIVE, ALBANY GA 31721 |
Jay L Henderson | director | 50 SOUTH LASALLE ST, CHICAGO IL 60603 |
Dawn C Willoughby | director | 1221 BROADWAY, OAKLAND CA 94612 |
Sandra Pianalto | director | 1000 EATON BOULEVARD, CLEVELAND OH 44122 |
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