EIDP Beneish M-Score Historical Data
The historical data trend for EIDP'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.
EIDP Beneish M-Score Chart
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EIDP 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 |
-2.77 |
-2.85 |
-2.21 |
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EIDP Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.25 |
-2.22 |
-2.35 |
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Competitive Comparison of EIDP's Beneish M-Score
For the Agricultural Inputs subindustry, EIDP'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.
EIDP's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, EIDP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where EIDP's Beneish M-Score falls into.
EIDP 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 EIDP 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 * 0.96 | + | 0.528 * 0.965 | + | 0.404 * 1.03 | + | 0.892 * 0.949 | + | 0.115 * 0.9706 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0407 | + | 4.679 * 0.00142 | - | 0.327 * 0.9496 |
| = | -2.56 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $7,906.00 Mil.
Revenue was 4492 + 3707 + 2590 + 6045 = $16,834.00 Mil.
Gross Profit was 1942 + 1341 + 944 + 2908 = $7,135.00 Mil.
Total Current Assets was $17,163.00 Mil.
Total Assets was $44,371.00 Mil.
Property, Plant and Equipment(Net PPE) was $4,206.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,231.00 Mil.
Selling, General, & Admin. Expense(SGA) was $3,125.00 Mil.
Total Current Liabilities was $11,325.00 Mil.
Long-Term Debt & Capital Lease Obligation was $2,492.00 Mil.
Net Income was 419 + -244 + -320 + 714 = $569.00 Mil.
Non Operating Income was -209 + -556 + -180 + -248 = $-1,193.00 Mil.
Cash Flow from Operations was -2975 + 3983 + -99 + 790 = $1,699.00 Mil.
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Total Receivables was $8,678.00 Mil.
Revenue was 4884 + 3825 + 2777 + 6252 = $17,738.00 Mil.
Gross Profit was 2113 + 1315 + 898 + 2929 = $7,255.00 Mil.
Total Current Assets was $18,329.00 Mil.
Total Assets was $45,500.00 Mil.
Property, Plant and Equipment(Net PPE) was $4,271.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,203.00 Mil.
Selling, General, & Admin. Expense(SGA) was $3,164.00 Mil.
Total Current Liabilities was $13,250.00 Mil.
Long-Term Debt & Capital Lease Obligation was $1,670.00 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) |
| = | (7906 / 16834) | / | (8678 / 17738) |
| = | 0.469645 | / | 0.489232 |
| | = | 0.96 |
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) |
| = | (7255 / 17738) | / | (7135 / 16834) |
| = | 0.409009 | / | 0.423845 |
| | = | 0.965 |
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 - (17163 + 4206) / 44371) | / | (1 - (18329 + 4271) / 45500) |
| = | 0.518402 | / | 0.503297 |
| | = | 1.03 |
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 |
| = | 16834 | / | 17738 |
| | = | 0.949 |
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)) |
| = | (1203 / (1203 + 4271)) | / | (1231 / (1231 + 4206)) |
| = | 0.219766 | / | 0.226412 |
| | = | 0.9706 |
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) |
| = | (3125 / 16834) | / | (3164 / 17738) |
| = | 0.185636 | / | 0.178374 |
| | = | 1.0407 |
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) |
| = | ((2492 + 11325) / 44371) | / | ((1670 + 13250) / 45500) |
| = | 0.311397 | / | 0.327912 |
| | = | 0.9496 |
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 |
| = | (569 - -1193 | - | 1699) | / | 44371 |
| | = | 0.00142 |
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.
EIDP has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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