Canopy Growth Beneish M-Score Historical Data
The historical data trend for Canopy Growth'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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Canopy Growth Annual Data
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|
Trend |
Jul13 |
Dec14 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
|
|
|
|
|
0.65 |
-3.47 |
-3.60 |
-3.35 |
-2.75 |
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Canopy Growth Quarterly Data
|
|
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-4.05 |
-3.33 |
-3.53 |
-2.75 |
-1.54 |
Competitive Comparison
For the Drug Manufacturers - Specialty & Generic subindustry, Canopy Growth'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.
Canopy Growth Beneish M-Score Distribution
For the Drug Manufacturers industry and Healthcare sector, Canopy Growth's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Canopy Growth's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
Canopy Growth 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 Canopy Growth 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 * 1.6176 | + | 0.528 * 2.0922 | + | 0.404 * 1.4682 | + | 0.892 * 0.7921 | + | 0.115 * 0.639 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1224 | + | 4.679 * -0.012957 | - | 0.327 * 1.1984 |
| = | -1.52 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $96.7 Mil.
Revenue was 81.835 + 53.872 + 74.503 + 88.36 = $298.6 Mil.
Gross Profit was 4.469 + -76.1 + -1.797 + 2.865 = $-70.6 Mil.
Total Current Assets was $664.8 Mil.
Total Assets was $1,648.8 Mil.
Property, Plant and Equipment(Net PPE) was $297.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $60.3 Mil.
Selling, General, & Admin. Expense(SGA) was $283.2 Mil.
Total Current Liabilities was $339.6 Mil.
Long-Term Debt & Capital Lease Obligation was $653.0 Mil.
Net Income was -28.693 + -520.077 + -192.553 + -166.284 = $-907.6 Mil.
Non Operating Income was 48.763 + -364.102 + -90.325 + -60.627 = $-466.3 Mil.
Cash Flow from Operations was -111.9 + -102.125 + -105.921 + -100.007 = $-420.0 Mil.
|
Total Receivables was $75.5 Mil.
Revenue was 82.724 + 80.384 + 110.134 + 103.681 = $376.9 Mil.
Gross Profit was -4.363 + -133.747 + 7.883 + -56.144 = $-186.4 Mil.
Total Current Assets was $1,244.6 Mil.
Total Assets was $2,747.2 Mil.
Property, Plant and Equipment(Net PPE) was $723.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $87.3 Mil.
Selling, General, & Admin. Expense(SGA) was $318.5 Mil.
Total Current Liabilities was $315.8 Mil.
Long-Term Debt & Capital Lease Obligation was $1,064.2 Mil.
|
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) |
| = | (96.695 / 298.57) | / | (75.465 / 376.923) |
| = | 0.32386 | / | 0.200213 |
| | = | 1.6176 |
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) |
| = | (-186.371 / 376.923) | / | (-70.563 / 298.57) |
| = | -0.494454 | / | -0.236337 |
| | = | 2.0922 |
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 - (664.778 + 297.46) / 1648.754) | / | (1 - (1244.589 + 723.5) / 2747.209) |
| = | 0.416385 | / | 0.283604 |
| | = | 1.4682 |
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 |
| = | 298.57 | / | 376.923 |
| | = | 0.7921 |
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)) |
| = | (87.313 / (87.313 + 723.5)) | / | (60.29 / (60.29 + 297.46)) |
| = | 0.107686 | / | 0.168526 |
| | = | 0.639 |
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) |
| = | (283.16 / 298.57) | / | (318.473 / 376.923) |
| = | 0.948387 | / | 0.844929 |
| | = | 1.1224 |
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) |
| = | ((652.978 + 339.573) / 1648.754) | / | ((1064.182 + 315.845) / 2747.209) |
| = | 0.602001 | / | 0.502338 |
| | = | 1.1984 |
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 |
| = | (-907.607 - -466.291 | - | -419.953) | / | 1648.754 |
| | = | -0.012957 |
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.
Canopy Growth has a M-score of -1.52 signals that the company is likely to be a manipulator.
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