National Beverage Beneish M-Score Historical Data
The historical data trend for National Beverage'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.
National Beverage Beneish M-Score Chart
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National Beverage Annual Data
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Apr14 |
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Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
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-2.46 |
-3.06 |
-2.63 |
-2.14 |
-2.44 |
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National Beverage Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
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Jan21 |
Apr21 |
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Jan23 |
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Oct23 |
Jan24 |
| Beneish M-Score |
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-2.30 |
-2.44 |
-2.74 |
-2.64 |
-2.65 |
Competitive Comparison of National Beverage's Beneish M-Score
For the Beverages - Non-Alcoholic subindustry, National Beverage'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.
National Beverage's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, National Beverage's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Beverage's Beneish M-Score falls into.
National Beverage 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 National Beverage 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 * 1.0382 | + | 0.528 * 0.9379 | + | 0.404 * 0.7077 | + | 0.892 * 1.0091 | + | 0.115 * 1.1378 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9836 | + | 4.679 * -0.027759 | - | 0.327 * 0.8408 |
| = | -2.65 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $102 Mil.
Revenue was 270.065 + 300.074 + 324.24 + 286.699 = $1,181 Mil.
Gross Profit was 97.031 + 107.858 + 114.481 + 102.47 = $422 Mil.
Total Current Assets was $489 Mil.
Total Assets was $720 Mil.
Property, Plant and Equipment(Net PPE) was $211 Mil.
Depreciation, Depletion and Amortization(DDA) was $33 Mil.
Selling, General, & Admin. Expense(SGA) was $207 Mil.
Total Current Liabilities was $133 Mil.
Long-Term Debt & Capital Lease Obligation was $45 Mil.
Net Income was 39.592 + 43.788 + 49.631 + 36.303 = $169 Mil.
Non Operating Income was 0.167 + 2.716 + 2.063 + -2.526 = $2 Mil.
Cash Flow from Operations was 35.406 + 31.916 + 70.143 + 49.412 = $187 Mil.
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Total Receivables was $97 Mil.
Revenue was 268.483 + 299.633 + 318.117 + 284.22 = $1,170 Mil.
Gross Profit was 94.922 + 99.996 + 99.401 + 97.75 = $392 Mil.
Total Current Assets was $324 Mil.
Total Assets was $526 Mil.
Property, Plant and Equipment(Net PPE) was $182 Mil.
Depreciation, Depletion and Amortization(DDA) was $33 Mil.
Selling, General, & Admin. Expense(SGA) was $209 Mil.
Total Current Liabilities was $126 Mil.
Long-Term Debt & Capital Lease Obligation was $29 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) |
| = | (101.731 / 1181.078) | / | (97.104 / 1170.453) |
| = | 0.086134 | / | 0.082963 |
| | = | 1.0382 |
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) |
| = | (392.069 / 1170.453) | / | (421.84 / 1181.078) |
| = | 0.334972 | / | 0.357165 |
| | = | 0.9379 |
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 - (489.146 + 210.734) / 719.88) | / | (1 - (323.918 + 181.812) / 526.394) |
| = | 0.027782 | / | 0.039256 |
| | = | 0.7077 |
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 |
| = | 1181.078 | / | 1170.453 |
| | = | 1.0091 |
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)) |
| = | (33.472 / (33.472 + 181.812)) | / | (33.354 / (33.354 + 210.734)) |
| = | 0.155478 | / | 0.136647 |
| | = | 1.1378 |
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) |
| = | (207.407 / 1181.078) | / | (208.963 / 1170.453) |
| = | 0.175608 | / | 0.178532 |
| | = | 0.9836 |
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) |
| = | ((44.571 + 133.097) / 719.88) | / | ((28.987 + 125.522) / 526.394) |
| = | 0.246802 | / | 0.293523 |
| | = | 0.8408 |
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 |
| = | (169.314 - 2.42 | - | 186.877) | / | 719.88 |
| | = | -0.027759 |
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.
National Beverage has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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