JM Smucker Co Beneish M-Score Historical Data
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.
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JM Smucker Co Annual Data
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Trend |
Apr14 |
Apr15 |
Apr16 |
Apr17 |
Apr18 |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
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-2.33 |
-2.52 |
-2.70 |
-2.49 |
-2.48 |
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JM Smucker Co Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.59 |
-2.48 |
-2.68 |
-2.86 |
-2.20 |
Competitive Comparison
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.
JM Smucker Co Beneish M-Score Distribution
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.
JM Smucker Co 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 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.
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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.
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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) |
| = | (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.
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