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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Jun14 |
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Jun23 |
| Beneish M-Score |
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- |
-2.53 |
-2.48 |
-2.55 |
-2.54 |
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Amcor Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.48 |
-2.51 |
-2.54 |
-2.64 |
-2.70 |
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 * 0.9845 | + | 0.528 * 1.0058 | + | 0.404 * 1.046 | + | 0.892 * 0.9374 | + | 0.115 * 1.0001 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0491 | + | 4.679 * -0.032283 | - | 0.327 * 1.0239 |
| = | -2.70 |
* 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 $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.
Net Income was 134 + 152 + 180 + 177 = $643 Mil.
Non Operating Income was -23 + -29 + -61 + -48 = $-161 Mil.
Cash Flow from Operations was 363 + -135 + 932 + 184 = $1,344 Mil.
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Total Receivables was $1,972 Mil.
Revenue was 3642 + 3712 + 3909 + 3708 = $14,971 Mil.
Gross Profit was 662 + 668 + 794 + 731 = $2,855 Mil.
Total Current Assets was $5,863 Mil.
Total Assets was $17,475 Mil.
Property, Plant and Equipment(Net PPE) was $4,230 Mil.
Depreciation, Depletion and Amortization(DDA) was $577 Mil.
Selling, General, & Admin. Expense(SGA) was $1,268 Mil.
Total Current Liabilities was $4,393 Mil.
Long-Term Debt & Capital Lease Obligation was $7,316 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) |
| = | (1820 / 14034) | / | (1972 / 14971) |
| = | 0.129685 | / | 0.131721 |
| | = | 0.9845 |
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) |
| = | (2855 / 14971) | / | (2661 / 14034) |
| = | 0.190702 | / | 0.189611 |
| | = | 1.0058 |
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 - (4959 + 4377) / 16727) | / | (1 - (5863 + 4230) / 17475) |
| = | 0.44186 | / | 0.422432 |
| | = | 1.046 |
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 |
| = | 14034 | / | 14971 |
| | = | 0.9374 |
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)) |
| = | (577 / (577 + 4230)) | / | (597 / (597 + 4377)) |
| = | 0.120033 | / | 0.120024 |
| | = | 1.0001 |
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) |
| = | (1247 / 14034) | / | (1268 / 14971) |
| = | 0.088856 | / | 0.084697 |
| | = | 1.0491 |
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) |
| = | ((7506 + 3970) / 16727) | / | ((7316 + 4393) / 17475) |
| = | 0.686076 | / | 0.670043 |
| | = | 1.0239 |
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 |
| = | (643 - -161 | - | 1344) | / | 16727 |
| | = | -0.032283 |
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 -2.70 suggests that the company is unlikely to be a manipulator.
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