B&G Foods (FRA:DHR) Beneish M-Score : -2.53 (As of Dec. 11, 2024)

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What is B&G Foods 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for B&G Foods's Beneish M-Score or its related term are showing as below:

FRA:DHR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.49 Max: -1.7
Current: -2.53

During the past 13 years, the highest Beneish M-Score of B&G Foods was -1.70. The lowest was -2.86. And the median was -2.49.

B&G Foods Beneish M-Score Historical Data

The historical data trend for B&G Foods'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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B&G Foods Beneish M-Score Chart

B&G Foods Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.53

-2.70

-2.43

-2.30

-2.79

B&G Foods Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.85	-2.79	-2.85	-2.60	-2.53

Competitive Comparison of B&G Foods's Beneish M-Score

For the Packaged Foods subindustry, B&G Foods'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.

B&G Foods's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, B&G Foods's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where B&G Foods's Beneish M-Score falls into.

B&G Foods 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 B&G Foods for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0813

0.528 * 0.9903

0.404 * 1.1042

0.892 * 0.9112

0.115 * 0.9208

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0559

4.679 * -0.022983

0.327 * 0.9801

-2.57

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was €151 Mil.
Revenue was 415.427 + 413.024 + 437.205 + 530.143 = €1,796 Mil.
Gross Profit was 92.213 + 85.502 + 100.171 + 114.782 = €393 Mil.
Total Current Assets was €795 Mil.
Total Assets was €3,080 Mil.
Property, Plant and Equipment(Net PPE) was €306 Mil.
Depreciation, Depletion and Amortization(DDA) was €81 Mil.
Selling, General, & Admin. Expense(SGA) was €175 Mil.
Total Current Liabilities was €484 Mil.
Long-Term Debt & Capital Lease Obligation was €1,672 Mil.
Net Income was 6.725 + 3.658 + -37.02 + 2.361 = €-24 Mil.
Non Operating Income was 0.942 + 0.972 + -64.099 + -22.285 = €-84 Mil.
Cash Flow from Operations was 3.745 + 10.487 + 32.312 + 84.436 = €131 Mil.

Total Receivables was €153 Mil.
Revenue was 471.062 + 433.475 + 478.034 + 588.331 = €1,971 Mil.
Gross Profit was 106.666 + 94.401 + 106.696 + 119.018 = €427 Mil.
Total Current Assets was €1,200 Mil.
Total Assets was €3,708 Mil.
Property, Plant and Equipment(Net PPE) was €350 Mil.
Depreciation, Depletion and Amortization(DDA) was €84 Mil.
Selling, General, & Admin. Expense(SGA) was €182 Mil.
Total Current Liabilities was €790 Mil.
Long-Term Debt & Capital Lease Obligation was €1,859 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)
	=	(151.191 / 1795.799)	/	(153.461 / 1970.902)
	=	0.084191	/	0.077863
	=	1.0813

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)
	=	(426.781 / 1970.902)	/	(392.668 / 1795.799)
	=	0.216541	/	0.218659
	=	0.9903

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 - (795.139 + 305.53) / 3079.992)	/	(1 - (1200.026 + 349.836) / 3707.568)
	=	0.642639	/	0.581973
	=	1.1042

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
	=	1795.799	/	1970.902
	=	0.9112

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))
	=	(83.884 / (83.884 + 349.836))	/	(81.237 / (81.237 + 305.53))
	=	0.193406	/	0.210041
	=	0.9208

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)
	=	(175.051 / 1795.799)	/	(181.943 / 1970.902)
	=	0.097478	/	0.092315
	=	1.0559

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)
	=	((1672.14 + 484.406) / 3079.992)	/	((1858.938 + 789.824) / 3707.568)
	=	0.700179	/	0.71442
	=	0.9801

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
	=	(-24.276 - -84.47	-	130.98)	/	3079.992
	=	-0.022983

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.

B&G Foods has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

B&G Foods Beneish M-Score Related Terms

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B&G Foods Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » B&G Foods Inc (FRA:DHR) » Definitions » Beneish M-Score

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Traded in Other Exchanges

BGS:USA DHR:Germany

Address

Four Gatehall Drive, Parsippany, NJ, USA, 07054

Website

https://www.bgfoods.com

B&G Foods Inc is an American packaged-food manufacturer. It operate in a single industry segment and manufacture, sell and distribute a diverse portfolio of high-quality shelf-stable and frozen foods across the United States, Canada and Puerto Rico. Its products include frozen and canned vegetables, vegetable, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, The company's main brands are Ac'cent, B&G, B&M, Baker's Joy, Bear Creek Country Kitchens, Cary's, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Durkee, Emeril's, Grandma's Molasses, MacDonald's.