Berry Global Group Beneish M-Score Historical Data
The historical data trend for Berry Global Group'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.
Berry Global Group Beneish M-Score Chart
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Berry Global Group Annual Data
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Sep14 |
Sep15 |
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Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.14 |
-2.79 |
-2.36 |
-2.69 |
-2.90 |
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Berry Global Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Dec20 |
Mar21 |
Jun21 |
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Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.83 |
-2.91 |
-2.91 |
-2.90 |
-2.87 |
Competitive Comparison of Berry Global Group's Beneish M-Score
For the Packaging & Containers subindustry, Berry Global Group'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.
Berry Global Group's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Berry Global Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Berry Global Group's Beneish M-Score falls into.
Berry Global Group 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 Berry Global Group 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 * 1.0391 | + | 0.528 * 0.9259 | + | 0.404 * 1.0124 | + | 0.892 * 0.8909 | + | 0.115 * 1.0156 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1673 | + | 4.679 * -0.057792 | - | 0.327 * 0.9902 |
| = | -2.87 |
* 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 $1,497 Mil.
Revenue was 2853 + 3087 + 3229 + 3288 = $12,457 Mil.
Gross Profit was 474 + 606 + 580 + 606 = $2,266 Mil.
Total Current Assets was $3,950 Mil.
Total Assets was $16,144 Mil.
Property, Plant and Equipment(Net PPE) was $5,307 Mil.
Depreciation, Depletion and Amortization(DDA) was $833 Mil.
Selling, General, & Admin. Expense(SGA) was $885 Mil.
Total Current Liabilities was $2,370 Mil.
Long-Term Debt & Capital Lease Obligation was $9,240 Mil.
Net Income was 59 + 186 + 143 + 174 = $562 Mil.
Non Operating Income was -34 + -46 + -48 + -26 = $-154 Mil.
Cash Flow from Operations was -199 + 1125 + 322 + 401 = $1,649 Mil.
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Total Receivables was $1,617 Mil.
Revenue was 3060 + 3421 + 3726 + 3775 = $13,982 Mil.
Gross Profit was 518 + 595 + 621 + 621 = $2,355 Mil.
Total Current Assets was $4,469 Mil.
Total Assets was $16,451 Mil.
Property, Plant and Equipment(Net PPE) was $5,050 Mil.
Depreciation, Depletion and Amortization(DDA) was $807 Mil.
Selling, General, & Admin. Expense(SGA) was $851 Mil.
Total Current Liabilities was $2,255 Mil.
Long-Term Debt & Capital Lease Obligation was $9,693 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) |
| = | (1497 / 12457) | / | (1617 / 13982) |
| = | 0.120173 | / | 0.115649 |
| | = | 1.0391 |
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) |
| = | (2355 / 13982) | / | (2266 / 12457) |
| = | 0.168431 | / | 0.181906 |
| | = | 0.9259 |
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 - (3950 + 5307) / 16144) | / | (1 - (4469 + 5050) / 16451) |
| = | 0.426598 | / | 0.421373 |
| | = | 1.0124 |
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 |
| = | 12457 | / | 13982 |
| | = | 0.8909 |
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)) |
| = | (807 / (807 + 5050)) | / | (833 / (833 + 5307)) |
| = | 0.137784 | / | 0.135668 |
| | = | 1.0156 |
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) |
| = | (885 / 12457) | / | (851 / 13982) |
| = | 0.071044 | / | 0.060864 |
| | = | 1.1673 |
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) |
| = | ((9240 + 2370) / 16144) | / | ((9693 + 2255) / 16451) |
| = | 0.719153 | / | 0.726278 |
| | = | 0.9902 |
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 |
| = | (562 - -154 | - | 1649) | / | 16144 |
| | = | -0.057792 |
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.
Berry Global Group has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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