Ball Beneish M-Score Historical Data
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.
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Ball Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
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|
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-2.80 |
-2.62 |
-2.27 |
-2.28 |
-2.87 |
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Ball Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-2.54 |
-2.75 |
-2.95 |
-2.87 |
Competitive Comparison
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.
Ball Beneish M-Score Distribution
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.
Ball 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 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 * 0.9844 | + | 0.528 * 0.8842 | + | 0.404 * 0.9819 | + | 0.892 * 0.914 | + | 0.115 * 1.0213 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9753 | + | 4.679 * -0.051961 | - | 0.327 * 0.9705 |
| = | -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 $2,334 Mil.
Revenue was 3403 + 3571 + 3566 + 3489 = $14,029 Mil.
Gross Profit was 699 + 677 + 650 + 644 = $2,670 Mil.
Total Current Assets was $4,883 Mil.
Total Assets was $19,303 Mil.
Property, Plant and Equipment(Net PPE) was $7,820 Mil.
Depreciation, Depletion and Amortization(DDA) was $686 Mil.
Selling, General, & Admin. Expense(SGA) was $558 Mil.
Total Current Liabilities was $6,185 Mil.
Long-Term Debt & Capital Lease Obligation was $7,504 Mil.
Net Income was 154 + 203 + 173 + 177 = $707 Mil.
Non Operating Income was -92 + -47 + 6 + -20 = $-153 Mil.
Cash Flow from Operations was 736 + 766 + 636 + -275 = $1,863 Mil.
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Total Receivables was $2,594 Mil.
Revenue was 3548 + 3951 + 4134 + 3716 = $15,349 Mil.
Gross Profit was 518 + 676 + 689 + 700 = $2,583 Mil.
Total Current Assets was $5,489 Mil.
Total Assets was $19,909 Mil.
Property, Plant and Equipment(Net PPE) was $7,487 Mil.
Depreciation, Depletion and Amortization(DDA) was $672 Mil.
Selling, General, & Admin. Expense(SGA) was $626 Mil.
Total Current Liabilities was $7,008 Mil.
Long-Term Debt & Capital Lease Obligation was $7,540 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) |
| = | (2334 / 14029) | / | (2594 / 15349) |
| = | 0.16637 | / | 0.169001 |
| | = | 0.9844 |
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) |
| = | (2583 / 15349) | / | (2670 / 14029) |
| = | 0.168285 | / | 0.19032 |
| | = | 0.8842 |
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 - (4883 + 7820) / 19303) | / | (1 - (5489 + 7487) / 19909) |
| = | 0.341916 | / | 0.348234 |
| | = | 0.9819 |
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 |
| = | 14029 | / | 15349 |
| | = | 0.914 |
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)) |
| = | (672 / (672 + 7487)) | / | (686 / (686 + 7820)) |
| = | 0.082363 | / | 0.080649 |
| | = | 1.0213 |
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) |
| = | (558 / 14029) | / | (626 / 15349) |
| = | 0.039775 | / | 0.040784 |
| | = | 0.9753 |
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) |
| = | ((7504 + 6185) / 19303) | / | ((7540 + 7008) / 19909) |
| = | 0.709164 | / | 0.730725 |
| | = | 0.9705 |
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 |
| = | (707 - -153 | - | 1863) | / | 19303 |
| | = | -0.051961 |
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 -2.87 suggests that the company is unlikely to be a manipulator.
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