Archer-Daniels Midland Co Beneish M-Score Historical Data
The historical data trend for Archer-Daniels Midland 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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Archer-Daniels Midland Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.48 |
-2.28 |
-2.65 |
-2.29 |
-2.73 |
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Archer-Daniels Midland Co 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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-2.29 |
-2.46 |
-2.76 |
-2.41 |
-2.73 |
Competitive Comparison
For the Farm Products subindustry, Archer-Daniels Midland 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.
Archer-Daniels Midland Co Beneish M-Score Distribution
For the Consumer Packaged Goods industry and Consumer Defensive sector, Archer-Daniels Midland Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Archer-Daniels Midland Co's Beneish M-Score falls into.
Archer-Daniels Midland 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 Archer-Daniels Midland 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 * 0.9279 | + | 0.528 * 0.932 | + | 0.404 * 1.0779 | + | 0.892 * 0.925 | + | 0.115 * 1.0295 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1127 | + | 4.679 * -0.024931 | - | 0.327 * 0.9307 |
| = | -2.73 |
* 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 $6,496 Mil.
Revenue was 22978 + 21695 + 25190 + 24072 = $93,935 Mil.
Gross Profit was 1740 + 1810 + 1883 + 2080 = $7,513 Mil.
Total Current Assets was $29,767 Mil.
Total Assets was $54,631 Mil.
Property, Plant and Equipment(Net PPE) was $11,719 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,059 Mil.
Selling, General, & Admin. Expense(SGA) was $3,456 Mil.
Total Current Liabilities was $18,662 Mil.
Long-Term Debt & Capital Lease Obligation was $9,190 Mil.
Net Income was 565 + 821 + 927 + 1170 = $3,483 Mil.
Non Operating Income was 7 + 39 + 128 + 211 = $385 Mil.
Cash Flow from Operations was 2569 + 992 + 2509 + -1610 = $4,460 Mil.
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Total Receivables was $7,569 Mil.
Revenue was 25939 + 24683 + 27284 + 23650 = $101,556 Mil.
Gross Profit was 1762 + 1811 + 2100 + 1897 = $7,570 Mil.
Total Current Assets was $35,410 Mil.
Total Assets was $59,774 Mil.
Property, Plant and Equipment(Net PPE) was $11,021 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,028 Mil.
Selling, General, & Admin. Expense(SGA) was $3,358 Mil.
Total Current Liabilities was $24,191 Mil.
Long-Term Debt & Capital Lease Obligation was $8,551 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) |
| = | (6496 / 93935) | / | (7569 / 101556) |
| = | 0.069154 | / | 0.07453 |
| | = | 0.9279 |
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) |
| = | (7570 / 101556) | / | (7513 / 93935) |
| = | 0.07454 | / | 0.079981 |
| | = | 0.932 |
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 - (29767 + 11719) / 54631) | / | (1 - (35410 + 11021) / 59774) |
| = | 0.240614 | / | 0.223224 |
| | = | 1.0779 |
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 |
| = | 93935 | / | 101556 |
| | = | 0.925 |
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)) |
| = | (1028 / (1028 + 11021)) | / | (1059 / (1059 + 11719)) |
| = | 0.085318 | / | 0.082877 |
| | = | 1.0295 |
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) |
| = | (3456 / 93935) | / | (3358 / 101556) |
| = | 0.036791 | / | 0.033066 |
| | = | 1.1127 |
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) |
| = | ((9190 + 18662) / 54631) | / | ((8551 + 24191) / 59774) |
| = | 0.50982 | / | 0.547763 |
| | = | 0.9307 |
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 |
| = | (3483 - 385 | - | 4460) | / | 54631 |
| | = | -0.024931 |
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.
Archer-Daniels Midland Co has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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