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.
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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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|
|
|
|
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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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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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|
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-2.92 |
-2.76 |
-2.82 |
-2.79 |
-2.66 |
Competitive Comparison
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 Beneish M-Score Distribution
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 in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
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 * 0.9347 | + | 0.528 * 0.9945 | + | 0.404 * 0.9786 | + | 0.892 * 1.0471 | + | 0.115 * 1.1116 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9342 | + | 4.679 * -0.041922 | - | 0.327 * 0.9445 |
| = | -2.66 |
* 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 $613 Mil.
Revenue was 1351.6 + 1288.9 + 1523.6 + 1390 = $5,554 Mil.
Gross Profit was 849.5 + 810.8 + 998.3 + 888.7 = $3,547 Mil.
Total Current Assets was $2,052 Mil.
Total Assets was $12,662 Mil.
Property, Plant and Equipment(Net PPE) was $1,000 Mil.
Depreciation, Depletion and Amortization(DDA) was $427 Mil.
Selling, General, & Admin. Expense(SGA) was $2,818 Mil.
Total Current Liabilities was $2,737 Mil.
Long-Term Debt & Capital Lease Obligation was $4,426 Mil.
Net Income was 32.9 + 108.4 + 238.3 + 128.6 = $508 Mil.
Non Operating Income was 21.4 + 161.7 + 142.7 + 87.5 = $413 Mil.
Cash Flow from Operations was 104.9 + -124.6 + 482.2 + 163.2 = $626 Mil.
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Total Receivables was $626 Mil.
Revenue was 1168.3 + 1186.2 + 1578.2 + 1371.7 = $5,304 Mil.
Gross Profit was 722.1 + 763.1 + 1017.1 + 866.9 = $3,369 Mil.
Total Current Assets was $1,682 Mil.
Total Assets was $12,116 Mil.
Property, Plant and Equipment(Net PPE) was $1,036 Mil.
Depreciation, Depletion and Amortization(DDA) was $516 Mil.
Selling, General, & Admin. Expense(SGA) was $2,881 Mil.
Total Current Liabilities was $2,566 Mil.
Long-Term Debt & Capital Lease Obligation was $4,691 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) |
| = | (612.5 / 5554.1) | / | (625.8 / 5304.4) |
| = | 0.110279 | / | 0.117978 |
| | = | 0.9347 |
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) |
| = | (3369.2 / 5304.4) | / | (3547.3 / 5554.1) |
| = | 0.635171 | / | 0.638681 |
| | = | 0.9945 |
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 - (2051.7 + 999.6) / 12661.6) | / | (1 - (1681.9 + 1036.4) / 12116.1) |
| = | 0.759011 | / | 0.775646 |
| | = | 0.9786 |
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 |
| = | 5554.1 | / | 5304.4 |
| | = | 1.0471 |
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)) |
| = | (516.4 / (516.4 + 1036.4)) | / | (426.7 / (426.7 + 999.6)) |
| = | 0.332561 | / | 0.299166 |
| | = | 1.1116 |
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) |
| = | (2818.3 / 5554.1) | / | (2881.3 / 5304.4) |
| = | 0.507427 | / | 0.543191 |
| | = | 0.9342 |
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) |
| = | ((4425.7 + 2736.8) / 12661.6) | / | ((4691.3 + 2565.6) / 12116.1) |
| = | 0.565687 | / | 0.598947 |
| | = | 0.9445 |
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 |
| = | (508.2 - 413.3 | - | 625.7) | / | 12661.6 |
| | = | -0.041922 |
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 -2.66 suggests that the company is unlikely to be a manipulator.
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