Bemis Co Beneish M-Score Historical Data
The historical data trend for Bemis Co'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.
Bemis Co Beneish M-Score Chart
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Bemis Co Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-2.75 |
-3.03 |
-2.66 |
-2.53 |
-2.72 |
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Bemis Co Quarterly Data
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Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
| Beneish M-Score |
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-2.40 |
-2.44 |
-2.53 |
-2.72 |
-2.66 |
Competitive Comparison of Bemis Co's Beneish M-Score
For the Packaging & Containers subindustry, Bemis Co'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.
Bemis Co's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Bemis Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bemis Co's Beneish M-Score falls into.
Bemis Co 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 Bemis Co 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 * 0.968 | + | 0.528 * 0.9677 | + | 0.404 * 1.0162 | + | 0.892 * 0.9965 | + | 0.115 * 0.9701 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9827 | + | 4.679 * -0.031745 | - | 0.327 * 0.9505 |
| = | -2.66 |
* 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 (Mar19) TTM: | Last Year (Mar18) TTM: |
Total Receivables was $482 Mil.
Revenue was 1001.4 + 1002.8 + 1026.4 + 1033.3 = $4,064 Mil.
Gross Profit was 202.2 + 200.4 + 205 + 201.7 = $809 Mil.
Total Current Assets was $1,280 Mil.
Total Assets was $3,648 Mil.
Property, Plant and Equipment(Net PPE) was $1,239 Mil.
Depreciation, Depletion and Amortization(DDA) was $166 Mil.
Selling, General, & Admin. Expense(SGA) was $378 Mil.
Total Current Liabilities was $662 Mil.
Long-Term Debt & Capital Lease Obligation was $1,395 Mil.
Net Income was 60.4 + 73.9 + 57.5 + 46.7 = $239 Mil.
Non Operating Income was -5.1 + -13.4 + -15.6 + -20.3 = $-54 Mil.
Cash Flow from Operations was 1.5 + 158.4 + 142.3 + 106.5 = $409 Mil.
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Total Receivables was $500 Mil.
Revenue was 1027.4 + 1003.6 + 1035.1 + 1012.1 = $4,078 Mil.
Gross Profit was 198 + 193.8 + 208 + 186.1 = $786 Mil.
Total Current Assets was $1,285 Mil.
Total Assets was $3,754 Mil.
Property, Plant and Equipment(Net PPE) was $1,326 Mil.
Depreciation, Depletion and Amortization(DDA) was $171 Mil.
Selling, General, & Admin. Expense(SGA) was $386 Mil.
Total Current Liabilities was $683 Mil.
Long-Term Debt & Capital Lease Obligation was $1,544 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) |
| = | (482.1 / 4063.9) | / | (499.8 / 4078.2) |
| = | 0.11863 | / | 0.122554 |
| | = | 0.968 |
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) |
| = | (785.9 / 4078.2) | / | (809.3 / 4063.9) |
| = | 0.192708 | / | 0.199144 |
| | = | 0.9677 |
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 - (1280.2 + 1239.1) / 3647.8) | / | (1 - (1285.2 + 1325.8) / 3753.8) |
| = | 0.309365 | / | 0.304438 |
| | = | 1.0162 |
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 |
| = | 4063.9 | / | 4078.2 |
| | = | 0.9965 |
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)) |
| = | (171.2 / (171.2 + 1325.8)) | / | (165.6 / (165.6 + 1239.1)) |
| = | 0.114362 | / | 0.11789 |
| | = | 0.9701 |
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) |
| = | (378.1 / 4063.9) | / | (386.1 / 4078.2) |
| = | 0.093039 | / | 0.094674 |
| | = | 0.9827 |
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) |
| = | ((1395 + 661.9) / 3647.8) | / | ((1544.2 + 682.7) / 3753.8) |
| = | 0.563874 | / | 0.593239 |
| | = | 0.9505 |
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 |
| = | (238.5 - -54.4 | - | 408.7) | / | 3647.8 |
| | = | -0.031745 |
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.
Bemis Co has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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