Coca-Cola Consolidated Beneish M-Score Historical Data
The historical data trend for Coca-Cola Consolidated'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.
Coca-Cola Consolidated Beneish M-Score Chart
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Coca-Cola Consolidated Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.96 |
-2.61 |
-2.48 |
-2.74 |
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Coca-Cola Consolidated Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.82 |
-2.74 |
-2.75 |
-2.95 |
-2.79 |
Competitive Comparison of Coca-Cola Consolidated's Beneish M-Score
For the Beverages - Non-Alcoholic subindustry, Coca-Cola Consolidated'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.
Coca-Cola Consolidated's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Coca-Cola Consolidated's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Coca-Cola Consolidated's Beneish M-Score falls into.
Coca-Cola Consolidated 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 Coca-Cola Consolidated 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 * 1.0373 | + | 0.528 * 0.9748 | + | 0.404 * 0.7922 | + | 0.892 * 1.0286 | + | 0.115 * 1.0719 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9555 | + | 4.679 * -0.033566 | - | 0.327 * 1.4168 |
| = | -2.79 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $692 Mil.
Revenue was 1765.652 + 1795.943 + 1591.626 + 1630.956 = $6,784 Mil.
Gross Profit was 698.036 + 716.71 + 640.559 + 641.478 = $2,697 Mil.
Total Current Assets was $2,571 Mil.
Total Assets was $5,273 Mil.
Property, Plant and Equipment(Net PPE) was $1,561 Mil.
Depreciation, Depletion and Amortization(DDA) was $189 Mil.
Selling, General, & Admin. Expense(SGA) was $1,812 Mil.
Total Current Liabilities was $1,041 Mil.
Long-Term Debt & Capital Lease Obligation was $1,875 Mil.
Net Income was 115.624 + 172.812 + 165.741 + 75.836 = $530 Mil.
Non Operating Income was -69.305 + -28.535 + 4.713 + -73.908 = $-167 Mil.
Cash Flow from Operations was 270.762 + 242.858 + 194.273 + 166.141 = $874 Mil.
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Total Receivables was $649 Mil.
Revenue was 1712.428 + 1738.832 + 1571.642 + 1572.795 = $6,596 Mil.
Gross Profit was 661.55 + 671.577 + 624.106 + 598.612 = $2,556 Mil.
Total Current Assets was $1,676 Mil.
Total Assets was $4,141 Mil.
Property, Plant and Equipment(Net PPE) was $1,334 Mil.
Depreciation, Depletion and Amortization(DDA) was $175 Mil.
Selling, General, & Admin. Expense(SGA) was $1,844 Mil.
Total Current Liabilities was $908 Mil.
Long-Term Debt & Capital Lease Obligation was $708 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) |
| = | (691.981 / 6784.177) | / | (648.548 / 6595.697) |
| = | 0.101999 | / | 0.098329 |
| | = | 1.0373 |
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) |
| = | (2555.845 / 6595.697) | / | (2696.783 / 6784.177) |
| = | 0.387502 | / | 0.397511 |
| | = | 0.9748 |
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 - (2571.133 + 1560.626) / 5272.724) | / | (1 - (1676.475 + 1333.674) / 4141.282) |
| = | 0.21639 | / | 0.273136 |
| | = | 0.7922 |
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 |
| = | 6784.177 | / | 6595.697 |
| | = | 1.0286 |
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)) |
| = | (174.503 / (174.503 + 1333.674)) | / | (188.849 / (188.849 + 1560.626)) |
| = | 0.115705 | / | 0.107946 |
| | = | 1.0719 |
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) |
| = | (1812.415 / 6784.177) | / | (1844.118 / 6595.697) |
| = | 0.267153 | / | 0.279594 |
| | = | 0.9555 |
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) |
| = | ((1874.681 + 1040.855) / 5272.724) | / | ((708.371 + 907.833) / 4141.282) |
| = | 0.552947 | / | 0.390267 |
| | = | 1.4168 |
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 |
| = | (530.013 - -167.035 | - | 874.034) | / | 5272.724 |
| | = | -0.033566 |
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.
Coca-Cola Consolidated has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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