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Coca-Cola FemsaB de CV (FRA:CFS5) Beneish M-Score : -2.86 (As of Jun. 22, 2025)


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What is Coca-Cola FemsaB de CV Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Coca-Cola FemsaB de CV's Beneish M-Score or its related term are showing as below:

FRA:CFS5' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22   Med: -2.3   Max: -0.72
Current: -2.86

During the past 13 years, the highest Beneish M-Score of Coca-Cola FemsaB de CV was -0.72. The lowest was -3.22. And the median was -2.30.


Coca-Cola FemsaB de CV Beneish M-Score Historical Data

The historical data trend for Coca-Cola FemsaB de CV'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.

* Premium members only.

Coca-Cola FemsaB de CV Beneish M-Score Chart

Coca-Cola FemsaB de CV Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.22 -2.76 -2.44 -2.62 -2.86

Coca-Cola FemsaB de CV Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - - -2.86 -

Competitive Comparison of Coca-Cola FemsaB de CV's Beneish M-Score

For the Beverages - Non-Alcoholic subindustry, Coca-Cola FemsaB de CV'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 FemsaB de CV's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Coca-Cola FemsaB de CV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Coca-Cola FemsaB de CV's Beneish M-Score falls into.


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Coca-Cola FemsaB de CV 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 FemsaB de CV 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 * 0.9602+0.528 * 0.9831+0.404 * 0.9296+0.892 * 0.9676+0.115 * 1.0849
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0187+4.679 * -0.060035-0.327 * 1.0179
=-2.86

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was €1,163 Mil.
Revenue was €12,812 Mil.
Gross Profit was €5,895 Mil.
Total Current Assets was €3,440 Mil.
Total Assets was €14,103 Mil.
Property, Plant and Equipment(Net PPE) was €4,688 Mil.
Depreciation, Depletion and Amortization(DDA) was €555 Mil.
Selling, General, & Admin. Expense(SGA) was €4,053 Mil.
Total Current Liabilities was €3,076 Mil.
Long-Term Debt & Capital Lease Obligation was €3,397 Mil.
Net Income was €1,087 Mil.
Gross Profit was €-10 Mil.
Cash Flow from Operations was €1,943 Mil.
Total Receivables was €1,252 Mil.
Revenue was €13,240 Mil.
Gross Profit was €5,989 Mil.
Total Current Assets was €3,659 Mil.
Total Assets was €14,776 Mil.
Property, Plant and Equipment(Net PPE) was €4,382 Mil.
Depreciation, Depletion and Amortization(DDA) was €569 Mil.
Selling, General, & Admin. Expense(SGA) was €4,111 Mil.
Total Current Liabilities was €2,967 Mil.
Long-Term Debt & Capital Lease Obligation was €3,696 Mil.




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)
=(1163.225 / 12811.956) / (1251.929 / 13240.392)
=0.090792 / 0.094554
=0.9602

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)
=(5988.991 / 13240.392) / (5894.929 / 12811.956)
=0.452327 / 0.460112
=0.9831

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 - (3440.357 + 4687.608) / 14102.937) / (1 - (3659.411 + 4382.239) / 14776.374)
=0.423669 / 0.455776
=0.9296

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
=12811.956 / 13240.392
=0.9676

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))
=(568.916 / (568.916 + 4382.239)) / (555.306 / (555.306 + 4687.608))
=0.114906 / 0.105916
=1.0849

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)
=(4052.535 / 12811.956) / (4111.151 / 13240.392)
=0.316309 / 0.310501
=1.0187

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)
=((3397.314 + 3075.816) / 14102.937) / ((3696.308 + 2966.728) / 14776.374)
=0.458992 / 0.450925
=1.0179

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
=(1086.571 - -10.211 - 1943.455) / 14102.937
=-0.060035

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 FemsaB de CV has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.


Coca-Cola FemsaB de CV Beneish M-Score Related Terms

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Coca-Cola FemsaB de CV Business Description

Address
Calle Mario Pani No. 100, Santa Fe Cuajimalpa, Cuajimalpa de Morelos, Ciudad de Mexico, DF, MEX, 05348
Coca-Cola Femsa, a subsidiary of Femsa, is the largest franchise bottler of Coca-Cola in volume terms. The company purchases beverage concentrates and syrup from Coca-Cola, which it then processes and packages for distribution through modern trade, traditional trade, and the on-premises channel. Mexico and Brazil make up 80% of total volume and sales, with the rest from other Central and South American countries, including Panama, Guatemala, Uruguay, and Argentina. Femsa and Coca-Cola hold 47% and 28% economic interests in Coca-Cola Femsa through nonpublicly traded A and D shares, respectively, while controlling 56% and 33% of the voting power.

Coca-Cola FemsaB de CV Headlines

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