Coty Beneish M-Score Historical Data
The historical data trend for Coty'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.
Coty Beneish M-Score Chart
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Coty Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-3.17 |
-3.08 |
-2.35 |
-2.92 |
-2.66 |
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Coty 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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-2.82 |
-2.79 |
-2.66 |
-2.54 |
-2.45 |
Competitive Comparison of Coty's Beneish M-Score
For the Household & Personal Products subindustry, Coty'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.
Coty's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Coty's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Coty's Beneish M-Score falls into.
Coty 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 Coty 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 * 1.0108 | + | 0.528 * 1.0054 | + | 0.404 * 0.9609 | + | 0.892 * 1.1407 | + | 0.115 * 1.053 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9337 | + | 4.679 * -0.031293 | - | 0.327 * 0.9025 |
| = | -2.45 |
* 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 $500 Mil.
Revenue was 1727.6 + 1641.4 + 1351.6 + 1288.9 = $6,010 Mil.
Gross Profit was 1124.1 + 1041.9 + 849.5 + 810.8 = $3,826 Mil.
Total Current Assets was $2,422 Mil.
Total Assets was $13,016 Mil.
Property, Plant and Equipment(Net PPE) was $996 Mil.
Depreciation, Depletion and Amortization(DDA) was $429 Mil.
Selling, General, & Admin. Expense(SGA) was $2,994 Mil.
Total Current Liabilities was $2,851 Mil.
Long-Term Debt & Capital Lease Obligation was $3,935 Mil.
Net Income was 180.9 + 1.6 + 32.9 + 108.4 = $324 Mil.
Non Operating Income was 72.8 + -113.2 + 21.4 + 161.7 = $143 Mil.
Cash Flow from Operations was 421.9 + 186.2 + 104.9 + -124.6 = $588 Mil.
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Total Receivables was $434 Mil.
Revenue was 1523.6 + 1390 + 1168.3 + 1186.2 = $5,268 Mil.
Gross Profit was 998.3 + 888.7 + 722.1 + 763.1 = $3,372 Mil.
Total Current Assets was $1,906 Mil.
Total Assets was $12,455 Mil.
Property, Plant and Equipment(Net PPE) was $990 Mil.
Depreciation, Depletion and Amortization(DDA) was $459 Mil.
Selling, General, & Admin. Expense(SGA) was $2,811 Mil.
Total Current Liabilities was $2,916 Mil.
Long-Term Debt & Capital Lease Obligation was $4,279 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) |
| = | (500.2 / 6009.5) | / | (433.8 / 5268.1) |
| = | 0.083235 | / | 0.082345 |
| | = | 1.0108 |
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) |
| = | (3372.2 / 5268.1) | / | (3826.3 / 6009.5) |
| = | 0.640117 | / | 0.636709 |
| | = | 1.0054 |
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 - (2421.6 + 995.7) / 13015.7) | / | (1 - (1906.3 + 990.2) / 12454.6) |
| = | 0.737448 | / | 0.767435 |
| | = | 0.9609 |
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 |
| = | 6009.5 | / | 5268.1 |
| | = | 1.1407 |
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)) |
| = | (459.2 / (459.2 + 990.2)) | / | (428.5 / (428.5 + 995.7)) |
| = | 0.316821 | / | 0.300871 |
| | = | 1.053 |
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) |
| = | (2994.1 / 6009.5) | / | (2811.1 / 5268.1) |
| = | 0.498228 | / | 0.533608 |
| | = | 0.9337 |
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) |
| = | ((3934.5 + 2851) / 13015.7) | / | ((4279.2 + 2915.6) / 12454.6) |
| = | 0.521332 | / | 0.577682 |
| | = | 0.9025 |
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 |
| = | (323.8 - 142.7 | - | 588.4) | / | 13015.7 |
| | = | -0.031293 |
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.
Coty has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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