Kimberly-Clark Beneish M-Score Historical Data
The historical data trend for Kimberly-Clark'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.
Kimberly-Clark Beneish M-Score Chart
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Kimberly-Clark Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.71 |
-2.63 |
-2.63 |
-2.93 |
-2.75 |
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Kimberly-Clark Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.93 |
-2.83 |
-2.91 |
-2.80 |
-2.75 |
Competitive Comparison of Kimberly-Clark's Beneish M-Score
For the Household & Personal Products subindustry, Kimberly-Clark'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.
Kimberly-Clark's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Kimberly-Clark's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kimberly-Clark's Beneish M-Score falls into.
Kimberly-Clark 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 Kimberly-Clark 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 * 0.8311 | + | 0.528 * 0.97 | + | 0.404 * 0.9709 | + | 0.892 * 3.1676 | + | 0.115 * 0.8066 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1012 | + | 4.679 * -0.031389 | - | 0.327 * 1.014 |
| = | -0.92 |
* 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 ARS2,029,090 Mil.
Revenue was 4977280.05 + 4706875.793 + 4503469.436 + 4338032.574 = ARS18,525,658 Mil.
Gross Profit was 1691750.017 + 1695691.925 + 1620854.977 + 1610017.527 = ARS6,618,314 Mil.
Total Current Assets was ARS5,635,800 Mil.
Total Assets was ARS16,711,460 Mil.
Property, Plant and Equipment(Net PPE) was ARS7,588,130 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS724,932 Mil.
Selling, General, & Admin. Expense(SGA) was ARS3,992,749 Mil.
Total Current Liabilities was ARS7,074,040 Mil.
Long-Term Debt & Capital Lease Obligation was ARS6,943,750 Mil.
Net Income was 451470.005 + 862103.462 + 487151.993 + 545097.509 = ARS2,345,823 Mil.
Non Operating Income was -16160 + -106455.995 + -13432.5 + -12637.5 = ARS-148,686 Mil.
Cash Flow from Operations was 825170.008 + 910578.96 + 914305.487 + 369015.006 = ARS3,019,069 Mil.
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Total Receivables was ARS770,735 Mil.
Revenue was 1794170.002 + 1795943.449 + 1232159.99 + 1026272.274 = ARS5,848,546 Mil.
Gross Profit was 627057.001 + 643208.118 + 415439.997 + 340971.308 = ARS2,026,676 Mil.
Total Current Assets was ARS2,058,783 Mil.
Total Assets was ARS6,261,184 Mil.
Property, Plant and Equipment(Net PPE) was ARS2,856,593 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS216,147 Mil.
Selling, General, & Admin. Expense(SGA) was ARS1,144,708 Mil.
Total Current Liabilities was ARS2,501,730 Mil.
Long-Term Debt & Capital Lease Obligation was ARS2,677,537 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) |
| = | (2029090.02 / 18525657.853) | / | (770735.001 / 5848545.715) |
| = | 0.109529 | / | 0.131782 |
| | = | 0.8311 |
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) |
| = | (2026676.424 / 5848545.715) | / | (6618314.446 / 18525657.853) |
| = | 0.346527 | / | 0.357251 |
| | = | 0.97 |
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 - (5635800.056 + 7588130.076) / 16711460.167) | / | (1 - (2058783.002 + 2856593.003) / 6261184.006) |
| = | 0.208691 | / | 0.214945 |
| | = | 0.9709 |
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 |
| = | 18525657.853 | / | 5848545.715 |
| | = | 3.1676 |
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)) |
| = | (216146.953 / (216146.953 + 2856593.003)) | / | (724931.995 / (724931.995 + 7588130.076)) |
| = | 0.070343 | / | 0.087204 |
| | = | 0.8066 |
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) |
| = | (3992748.966 / 18525657.853) | / | (1144707.762 / 5848545.715) |
| = | 0.215525 | / | 0.195725 |
| | = | 1.1012 |
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) |
| = | ((6943750.069 + 7074040.071) / 16711460.167) | / | ((2677537.002 + 2501730.002) / 6261184.006) |
| = | 0.838813 | / | 0.827202 |
| | = | 1.014 |
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 |
| = | (2345822.969 - -148685.995 | - | 3019069.461) | / | 16711460.167 |
| | = | -0.031389 |
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.
Kimberly-Clark has a M-score of -0.92 signals that the company is likely to be a manipulator.
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