Andersons Beneish M-Score Historical Data
The historical data trend for Andersons'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.
Andersons Beneish M-Score Chart
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Andersons Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.11 |
-1.60 |
-2.27 |
-2.12 |
-3.92 |
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Andersons Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.88 |
-3.92 |
-4.27 |
-3.85 |
-2.93 |
Competitive Comparison of Andersons's Beneish M-Score
For the Food Distribution subindustry, Andersons'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.
Andersons's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Andersons's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Andersons's Beneish M-Score falls into.
Andersons 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 Andersons 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 * 1.3238 | + | 0.528 * 0.699 | + | 0.404 * 1.1354 | + | 0.892 * 0.6998 | + | 0.115 * 0.9976 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4352 | + | 4.679 * -0.070466 | - | 0.327 * 0.9063 |
| = | -2.93 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $757 Mil.
Revenue was 2620.988 + 2795.205 + 2718.217 + 3213 = $11,347 Mil.
Gross Profit was 177.125 + 175.371 + 128.32 + 217.714 = $699 Mil.
Total Current Assets was $2,331 Mil.
Total Assets was $3,388 Mil.
Property, Plant and Equipment(Net PPE) was $710 Mil.
Depreciation, Depletion and Amortization(DDA) was $123 Mil.
Selling, General, & Admin. Expense(SGA) was $489 Mil.
Total Current Liabilities was $1,178 Mil.
Long-Term Debt & Capital Lease Obligation was $543 Mil.
Net Income was 27.365 + 35.976 + 5.581 + 51.186 = $120 Mil.
Non Operating Income was 13.922 + 5.2 + 11.528 + 14.86 = $46 Mil.
Cash Flow from Operations was -2.112 + 304.434 + -239.627 + 250.663 = $313 Mil.
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Total Receivables was $817 Mil.
Revenue was 3635.691 + 4020.183 + 3881.238 + 4677.488 = $16,215 Mil.
Gross Profit was 157.701 + 221.937 + 148.011 + 170.023 = $698 Mil.
Total Current Assets was $2,527 Mil.
Total Assets was $3,588 Mil.
Property, Plant and Equipment(Net PPE) was $737 Mil.
Depreciation, Depletion and Amortization(DDA) was $127 Mil.
Selling, General, & Admin. Expense(SGA) was $487 Mil.
Total Current Liabilities was $1,408 Mil.
Long-Term Debt & Capital Lease Obligation was $603 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) |
| = | (756.618 / 11347.41) | / | (816.686 / 16214.6) |
| = | 0.066678 | / | 0.050367 |
| | = | 1.3238 |
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) |
| = | (697.672 / 16214.6) | / | (698.53 / 11347.41) |
| = | 0.043027 | / | 0.061559 |
| | = | 0.699 |
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 - (2331.074 + 709.951) / 3388.299) | / | (1 - (2527.099 + 737.107) / 3588.102) |
| = | 0.102492 | / | 0.090269 |
| | = | 1.1354 |
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 |
| = | 11347.41 | / | 16214.6 |
| | = | 0.6998 |
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)) |
| = | (127.276 / (127.276 + 737.107)) | / | (122.932 / (122.932 + 709.951)) |
| = | 0.147245 | / | 0.147598 |
| | = | 0.9976 |
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) |
| = | (489.178 / 11347.41) | / | (487.019 / 16214.6) |
| = | 0.043109 | / | 0.030036 |
| | = | 1.4352 |
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) |
| = | ((542.564 + 1177.872) / 3388.299) | / | ((602.613 + 1407.634) / 3588.102) |
| = | 0.507758 | / | 0.560254 |
| | = | 0.9063 |
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 |
| = | (120.108 - 45.51 | - | 313.358) | / | 3388.299 |
| | = | -0.070466 |
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.
Andersons has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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