Amcor Beneish M-Score Historical Data
The historical data trend for Amcor'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.
Amcor Beneish M-Score Chart
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Amcor Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.53 |
-2.48 |
-2.55 |
-2.54 |
-2.68 |
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Amcor Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.70 |
-2.70 |
-2.68 |
-2.58 |
-2.66 |
Competitive Comparison of Amcor's Beneish M-Score
For the Packaging & Containers subindustry, Amcor'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.
Amcor's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Amcor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Amcor's Beneish M-Score falls into.
Amcor 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 Amcor 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 * 1.0109 | + | 0.528 * 0.9401 | + | 0.404 * 0.9932 | + | 0.892 * 0.9648 | + | 0.115 * 1.0019 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0548 | + | 4.679 * -0.022951 | - | 0.327 * 1.0092 |
| = | -2.66 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $1,775 Mil.
Revenue was 3241 + 3353 + 3535 + 3411 = $13,540 Mil.
Gross Profit was 626 + 659 + 754 + 692 = $2,731 Mil.
Total Current Assets was $4,905 Mil.
Total Assets was $16,165 Mil.
Property, Plant and Equipment(Net PPE) was $4,166 Mil.
Depreciation, Depletion and Amortization(DDA) was $567 Mil.
Selling, General, & Admin. Expense(SGA) was $1,269 Mil.
Total Current Liabilities was $3,897 Mil.
Long-Term Debt & Capital Lease Obligation was $7,295 Mil.
Net Income was 163 + 191 + 257 + 187 = $798 Mil.
Non Operating Income was -34 + -7 + -14 + -28 = $-83 Mil.
Cash Flow from Operations was 428 + -269 + 943 + 150 = $1,252 Mil.
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Total Receivables was $1,820 Mil.
Revenue was 3251 + 3443 + 3673 + 3667 = $14,034 Mil.
Gross Profit was 621 + 645 + 722 + 673 = $2,661 Mil.
Total Current Assets was $4,959 Mil.
Total Assets was $16,727 Mil.
Property, Plant and Equipment(Net PPE) was $4,377 Mil.
Depreciation, Depletion and Amortization(DDA) was $597 Mil.
Selling, General, & Admin. Expense(SGA) was $1,247 Mil.
Total Current Liabilities was $3,970 Mil.
Long-Term Debt & Capital Lease Obligation was $7,506 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) |
| = | (1775 / 13540) | / | (1820 / 14034) |
| = | 0.131093 | / | 0.129685 |
| | = | 1.0109 |
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) |
| = | (2661 / 14034) | / | (2731 / 13540) |
| = | 0.189611 | / | 0.201699 |
| | = | 0.9401 |
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 - (4905 + 4166) / 16165) | / | (1 - (4959 + 4377) / 16727) |
| = | 0.438849 | / | 0.44186 |
| | = | 0.9932 |
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 |
| = | 13540 | / | 14034 |
| | = | 0.9648 |
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)) |
| = | (597 / (597 + 4377)) | / | (567 / (567 + 4166)) |
| = | 0.120024 | / | 0.119797 |
| | = | 1.0019 |
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) |
| = | (1269 / 13540) | / | (1247 / 14034) |
| = | 0.093722 | / | 0.088856 |
| | = | 1.0548 |
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) |
| = | ((7295 + 3897) / 16165) | / | ((7506 + 3970) / 16727) |
| = | 0.69236 | / | 0.686076 |
| | = | 1.0092 |
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 |
| = | (798 - -83 | - | 1252) | / | 16165 |
| | = | -0.022951 |
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.
Amcor has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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