Tyson Foods Beneish M-Score Historical Data
The historical data trend for Tyson Foods'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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Tyson Foods Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.33 |
-2.86 |
-2.42 |
-2.24 |
-1.97 |
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Tyson Foods 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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-2.07 |
-2.10 |
-2.02 |
-1.97 |
-2.22 |
Competitive Comparison
For the Farm Products subindustry, Tyson Foods'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.
Tyson Foods Beneish M-Score Distribution
For the Consumer Packaged Goods industry and Consumer Defensive sector, Tyson Foods's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tyson Foods's Beneish M-Score falls into.
Tyson Foods 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 Tyson Foods 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 * 0.9985 | + | 0.528 * 2.2328 | + | 0.404 * 0.9581 | + | 0.892 * 0.9875 | + | 0.115 * 0.9178 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0757 | + | 4.679 * -0.065068 | - | 0.327 * 1.1189 |
| = | -2.22 |
* 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 $2,263 Mil.
Revenue was 13319 + 13348 + 13140 + 13133 = $52,940 Mil.
Gross Profit was 823 + 459 + 677 + 527 = $2,486 Mil.
Total Current Assets was $9,216 Mil.
Total Assets was $36,746 Mil.
Property, Plant and Equipment(Net PPE) was $9,672 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,409 Mil.
Selling, General, & Admin. Expense(SGA) was $2,336 Mil.
Total Current Liabilities was $6,172 Mil.
Long-Term Debt & Capital Lease Obligation was $8,370 Mil.
Net Income was 107 + -450 + -417 + -97 = $-857 Mil.
Non Operating Income was 25 + -341 + -441 + 1 = $-756 Mil.
Cash Flow from Operations was 1300 + 323 + 660 + 7 = $2,290 Mil.
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Total Receivables was $2,295 Mil.
Revenue was 13260 + 13737 + 13495 + 13117 = $53,609 Mil.
Gross Profit was 968 + 1307 + 1611 + 1735 = $5,621 Mil.
Total Current Assets was $8,953 Mil.
Total Assets was $36,678 Mil.
Property, Plant and Equipment(Net PPE) was $9,120 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,205 Mil.
Selling, General, & Admin. Expense(SGA) was $2,199 Mil.
Total Current Liabilities was $5,114 Mil.
Long-Term Debt & Capital Lease Obligation was $7,859 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) |
| = | (2263 / 52940) | / | (2295 / 53609) |
| = | 0.042747 | / | 0.04281 |
| | = | 0.9985 |
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) |
| = | (5621 / 53609) | / | (2486 / 52940) |
| = | 0.104852 | / | 0.046959 |
| | = | 2.2328 |
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 - (9216 + 9672) / 36746) | / | (1 - (8953 + 9120) / 36678) |
| = | 0.485985 | / | 0.507252 |
| | = | 0.9581 |
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 |
| = | 52940 | / | 53609 |
| | = | 0.9875 |
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)) |
| = | (1205 / (1205 + 9120)) | / | (1409 / (1409 + 9672)) |
| = | 0.116707 | / | 0.127155 |
| | = | 0.9178 |
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) |
| = | (2336 / 52940) | / | (2199 / 53609) |
| = | 0.044125 | / | 0.041019 |
| | = | 1.0757 |
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) |
| = | ((8370 + 6172) / 36746) | / | ((7859 + 5114) / 36678) |
| = | 0.395744 | / | 0.3537 |
| | = | 1.1189 |
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 |
| = | (-857 - -756 | - | 2290) | / | 36746 |
| | = | -0.065068 |
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.
Tyson Foods has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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