Barry Callebaut AG Beneish M-Score Historical Data
The historical data trend for Barry Callebaut AG'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.
Barry Callebaut AG Beneish M-Score Chart
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Barry Callebaut AG Annual Data
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Trend |
Aug15 |
Aug16 |
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Aug19 |
Aug20 |
Aug21 |
Aug22 |
Aug23 |
Aug24 |
| Beneish M-Score |
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-2.93 |
-2.34 |
-2.40 |
-2.28 |
-1.40 |
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Barry Callebaut AG Semi-Annual Data
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Feb15 |
Aug15 |
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Feb24 |
Aug24 |
| Beneish M-Score |
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-2.40 |
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-2.28 |
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-1.40 |
Competitive Comparison of Barry Callebaut AG's Beneish M-Score
For the Confectioners subindustry, Barry Callebaut AG'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.
Barry Callebaut AG's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Barry Callebaut AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Barry Callebaut AG's Beneish M-Score falls into.
Barry Callebaut AG 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 Barry Callebaut AG 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 * 1.3466 | + | 0.528 * 1.1962 | + | 0.404 * 0.5649 | + | 0.892 * 1.2553 | + | 0.115 * 0.9953 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8892 | + | 4.679 * 0.148674 | - | 0.327 * 1.2655 |
| = | -1.38 |
* 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 (Aug24) TTM: | Last Year (Aug23) TTM: |
Total Receivables was $1,597 Mil.
Revenue was $12,107 Mil.
Gross Profit was $1,611 Mil.
Total Current Assets was $14,197 Mil.
Total Assets was $17,670 Mil.
Property, Plant and Equipment(Net PPE) was $2,124 Mil.
Depreciation, Depletion and Amortization(DDA) was $287 Mil.
Selling, General, & Admin. Expense(SGA) was $846 Mil.
Total Current Liabilities was $10,350 Mil.
Long-Term Debt & Capital Lease Obligation was $3,793 Mil.
Net Income was $221 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $-2,406 Mil.
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Total Receivables was $945 Mil.
Revenue was $9,644 Mil.
Gross Profit was $1,535 Mil.
Total Current Assets was $6,287 Mil.
Total Assets was $9,601 Mil.
Property, Plant and Equipment(Net PPE) was $2,017 Mil.
Depreciation, Depletion and Amortization(DDA) was $271 Mil.
Selling, General, & Admin. Expense(SGA) was $758 Mil.
Total Current Liabilities was $4,779 Mil.
Long-Term Debt & Capital Lease Obligation was $1,293 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) |
| = | (1596.843 / 12106.636) | / | (944.631 / 9644.227) |
| = | 0.131898 | / | 0.097948 |
| | = | 1.3466 |
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) |
| = | (1535.373 / 9644.227) | / | (1611.208 / 12106.636) |
| = | 0.159201 | / | 0.133085 |
| | = | 1.1962 |
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 - (14197.353 + 2124.408) / 17670.217) | / | (1 - (6286.867 + 2017.222) / 9601.216) |
| = | 0.076312 | / | 0.1351 |
| | = | 0.5649 |
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 |
| = | 12106.636 | / | 9644.227 |
| | = | 1.2553 |
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)) |
| = | (270.917 / (270.917 + 2017.222)) | / | (286.849 / (286.849 + 2124.408)) |
| = | 0.118401 | / | 0.118962 |
| | = | 0.9953 |
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) |
| = | (846.439 / 12106.636) | / | (758.325 / 9644.227) |
| = | 0.069915 | / | 0.07863 |
| | = | 0.8892 |
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) |
| = | ((3793.351 + 10349.502) / 17670.217) | / | ((1293.456 + 4779.007) / 9601.216) |
| = | 0.800378 | / | 0.632468 |
| | = | 1.2655 |
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 |
| = | (221.22 - 0 | - | -2405.883) | / | 17670.217 |
| | = | 0.148674 |
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.
Barry Callebaut AG has a M-score of -1.38 signals that the company is likely to be a manipulator.
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