Mondelez International Beneish M-Score Historical Data
The historical data trend for Mondelez International'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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Mondelez International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.49 |
-2.38 |
-2.33 |
-2.40 |
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Mondelez International 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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-2.33 |
-2.39 |
-2.36 |
-2.35 |
-2.40 |
Competitive Comparison
For the Confectioners subindustry, Mondelez International'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.
Mondelez International Beneish M-Score Distribution
For the Consumer Packaged Goods industry and Consumer Defensive sector, Mondelez International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mondelez International's Beneish M-Score falls into.
Mondelez International 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 Mondelez International 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 * 0.9729 | + | 0.528 * 0.9391 | + | 0.404 * 0.9565 | + | 0.892 * 1.1088 | + | 0.115 * 0.9465 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9454 | + | 4.679 * -0.006095 | - | 0.327 * 0.9686 |
| = | -2.47 |
* 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 R$22,108 Mil.
Revenue was 45636.737 + 44591.522 + 41290.426 + 47742.028 = R$179,261 Mil.
Gross Profit was 17002.306 + 17255.818 + 16279.31 + 17948.836 = R$68,486 Mil.
Total Current Assets was R$57,342 Mil.
Total Assets was R$349,802 Mil.
Property, Plant and Equipment(Net PPE) was R$50,845 Mil.
Depreciation, Depletion and Amortization(DDA) was R$6,045 Mil.
Selling, General, & Admin. Expense(SGA) was R$39,773 Mil.
Total Current Liabilities was R$93,160 Mil.
Long-Term Debt & Capital Lease Obligation was R$85,374 Mil.
Net Income was 4654.81 + 4859.681 + 4581.893 + 10839.097 = R$24,935 Mil.
Non Operating Income was 200.892 + -197.548 + -689.225 + 4302.304 = R$3,616 Mil.
Cash Flow from Operations was 7663.287 + 5812.85 + 4125.645 + 5849.258 = R$23,451 Mil.
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Total Receivables was R$20,494 Mil.
Revenue was 45608.753 + 40706.067 + 36716.97 + 38636.77 = R$161,669 Mil.
Gross Profit was 16129.605 + 13701.527 + 13330.976 + 14844.601 = R$58,007 Mil.
Total Current Assets was R$52,931 Mil.
Total Assets was R$373,268 Mil.
Property, Plant and Equipment(Net PPE) was R$50,775 Mil.
Depreciation, Depletion and Amortization(DDA) was R$5,678 Mil.
Selling, General, & Admin. Expense(SGA) was R$37,942 Mil.
Total Current Liabilities was R$87,761 Mil.
Long-Term Debt & Capital Lease Obligation was R$108,921 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) |
| = | (22107.898 / 179260.713) | / | (20493.778 / 161668.56) |
| = | 0.123328 | / | 0.126764 |
| | = | 0.9729 |
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) |
| = | (58006.709 / 161668.56) | / | (68486.27 / 179260.713) |
| = | 0.3588 | / | 0.382048 |
| | = | 0.9391 |
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 - (57342.359 + 50845.225) / 349801.622) | / | (1 - (52931.331 + 50775.472) / 373267.909) |
| = | 0.690717 | / | 0.722165 |
| | = | 0.9565 |
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 |
| = | 179260.713 | / | 161668.56 |
| | = | 1.1088 |
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)) |
| = | (5678.223 / (5678.223 + 50775.472)) | / | (6045.474 / (6045.474 + 50845.225)) |
| = | 0.100582 | / | 0.106265 |
| | = | 0.9465 |
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) |
| = | (39773.401 / 179260.713) | / | (37941.879 / 161668.56) |
| = | 0.221875 | / | 0.234689 |
| | = | 0.9454 |
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) |
| = | ((85374.115 + 93159.897) / 349801.622) | / | ((108920.731 + 87760.787) / 373267.909) |
| = | 0.510386 | / | 0.526918 |
| | = | 0.9686 |
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 |
| = | (24935.481 - 3616.423 | - | 23451.04) | / | 349801.622 |
| | = | -0.006095 |
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.
Mondelez International has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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