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The zones of discrimination for M-Score is as such:
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.
Warning Sign:
Beneish M-Score -1.32 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Ball's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Ball was -1.32. The lowest was -2.96. And the median was -2.63.
The historical data trend for Ball'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.
Ball Annual Data | |||||||||||||||||||||
Trend | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | Dec24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.61 | -2.27 | -2.28 | -2.96 | -1.32 |
Ball Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.96 | -1.58 | -1.42 | -1.26 | -1.32 |
For the Packaging & Containers subindustry, Ball'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.
For the Packaging & Containers industry and Consumer Cyclical sector, Ball's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ball's Beneish M-Score falls into.
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 Ball 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 * 1.0768 | + | 0.528 * 0.9246 | + | 0.404 * 0.9369 | + | 0.892 * 0.9779 | + | 0.115 * 1.0154 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.2027 | + | 4.679 * 0.244838 | - | 0.327 * 0.8126 | |||||||
= | -1.32 |
* 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 $2,166 Mil. Revenue was 2880 + 3082 + 2959 + 2874 = $11,795 Mil. Gross Profit was 591 + 657 + 602 + 591 = $2,441 Mil. Total Current Assets was $4,841 Mil. Total Assets was $17,628 Mil. Property, Plant and Equipment(Net PPE) was $6,507 Mil. Depreciation, Depletion and Amortization(DDA) was $620 Mil. Selling, General, & Admin. Expense(SGA) was $621 Mil. Total Current Liabilities was $4,847 Mil. Long-Term Debt & Capital Lease Obligation was $5,312 Mil. Net Income was -32 + 197 + 158 + 3685 = $4,008 Mil. Non Operating Income was -249 + -85 + -61 + -28 = $-423 Mil. Cash Flow from Operations was 500 + 610 + 252 + -1247 = $115 Mil. |
Total Receivables was $2,057 Mil. Revenue was 2903 + 3111 + 3067 + 2981 = $12,062 Mil. Gross Profit was 599 + 599 + 561 + 549 = $2,308 Mil. Total Current Assets was $4,883 Mil. Total Assets was $19,303 Mil. Property, Plant and Equipment(Net PPE) was $7,080 Mil. Depreciation, Depletion and Amortization(DDA) was $686 Mil. Selling, General, & Admin. Expense(SGA) was $528 Mil. Total Current Liabilities was $6,185 Mil. Long-Term Debt & Capital Lease Obligation was $7,504 Mil. |
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) |
= | (2166 / 11795) | / | (2057 / 12062) | |
= | 0.183637 | / | 0.170536 | |
= | 1.0768 |
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) | |
= | (2308 / 12062) | / | (2441 / 11795) | |
= | 0.191345 | / | 0.206952 | |
= | 0.9246 |
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 - (4841 + 6507) / 17628) | / | (1 - (4883 + 7080) / 19303) | |
= | 0.356251 | / | 0.380252 | |
= | 0.9369 |
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 | |
= | 11795 | / | 12062 | |
= | 0.9779 |
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)) |
= | (686 / (686 + 7080)) | / | (620 / (620 + 6507)) | |
= | 0.088334 | / | 0.086993 | |
= | 1.0154 |
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) |
= | (621 / 11795) | / | (528 / 12062) | |
= | 0.052649 | / | 0.043774 | |
= | 1.2027 |
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) |
= | ((5312 + 4847) / 17628) | / | ((7504 + 6185) / 19303) | |
= | 0.576299 | / | 0.709164 | |
= | 0.8126 |
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 | |
= | (4008 - -423 | - | 115) | / | 17628 | |
= | 0.244838 |
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.
Ball has a M-score of -1.32 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Ball's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Daniel William Fisher | officer: Sr VP & COO Global Bev Pkg | 2526 SPRUCE MEADOWS DRIVE, BROOMFIELD CO 80023 |
Pedro Henrique Mariani | director | 10 LONGS PEAK DRIVE, BROOMFIELD CO 80021 |
Ronald J. Lewis | officer: SR VP & COO | C/O COCA-COLA ENTERPRISES, 2500 WINDY RIDGE PARKWAY, NW, 14TH FLOOR, ATLANTA GA 30339 |
Howard H Yu | officer: E.V.P and C.F.O | 250 S. KRAEMER BLVD., BREA CA 92821 |
Hannah S. Lim | officer: SVP, CLO & CORP SEC | 2135 WEST MAPLE ROAD, TROY MI 48084 |
Deron Goodwin | officer: Vice President & Treasurer | 9200 W. 108TH CIRCLE, WESTMINSTER CO 80021 |
David A Kaufman | officer: President, Ball Aerospace | 9200 W. 108TH CIRCLE, WESTMINSTER CO 80021 |
John A Hayes | officer: VP, CORP STR, MKTG & PROD DEV | C/O BALL CORP, 10 LONGS PEAK DR, BROOMFIELD CO 80021-2510 |
Cynthia Niekamp | director | PPG INDUSTRIES, INC., ONE PPG PLACE, PITTSBURGH PA 15272 |
Betty J. Sapp | director | C/O BALL CORPORATION, 10 LONGS PEAK DRIVE, BROOMFIELD CO 80021-2510 |
Stacey J. Panayiotou | officer: SVP and CHRO | 9200 W. 108TH CIRCLE, WESTMINSTER CO 80021 |
Nate C Carey | officer: Vice President & Controller | 10 LONGS PEAK DRIVE, BROOMFIELD CO 80021 |
Dune Ives | director | 9200 W. 108TH CIRCLE, WESTMINSTER CO 80021 |
Michael J Cave | director | C/O ESTERLINE TECHNOLOGIES CORP, 500 108TH AVE NE, SUITE 1500, BELLEVUE WA 98004 |
Georgia R Nelson | director | C/O TOWER AUTOMOTIVE INC, 27175 HAGGERTY ROAD, NOVI MI 48377-3626 |
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