Herbalife Beneish M-Score Historical Data
The historical data trend for Herbalife'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.
Herbalife Beneish M-Score Chart
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Herbalife Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.86 |
-2.61 |
-2.46 |
-2.67 |
-2.52 |
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Herbalife Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.74 |
-2.85 |
-2.79 |
-2.52 |
-2.30 |
Competitive Comparison of Herbalife's Beneish M-Score
For the Packaged Foods subindustry, Herbalife'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.
Herbalife's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Herbalife's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Herbalife's Beneish M-Score falls into.
Herbalife 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 Herbalife 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 * 1.053 | + | 0.528 * 0.9834 | + | 0.404 * 1.2905 | + | 0.892 * 0.9787 | + | 0.115 * 0.8808 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9889 | + | 4.679 * 0.008787 | - | 0.327 * 0.9181 |
| = | -2.29 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was €83 Mil.
Revenue was 1130.072 + 1153.067 + 1117.51 + 1190.142 = €4,591 Mil.
Gross Profit was 884.762 + 897.605 + 875.412 + 927.142 = €3,585 Mil.
Total Current Assets was €1,012 Mil.
Total Assets was €2,483 Mil.
Property, Plant and Equipment(Net PPE) was €586 Mil.
Depreciation, Depletion and Amortization(DDA) was €114 Mil.
Selling, General, & Admin. Expense(SGA) was €1,683 Mil.
Total Current Liabilities was €1,044 Mil.
Long-Term Debt & Capital Lease Obligation was €1,982 Mil.
Net Income was 46.62 + 169.895 + 42.707 + 4.366 = €264 Mil.
Non Operating Income was 0 + 0 + 0 + -9.755 = €-10 Mil.
Cash Flow from Operations was 0.185 + 66.468 + 89.65 + 95.223 = €252 Mil.
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Total Receivables was €81 Mil.
Revenue was 1163.156 + 1114.155 + 1200.578 + 1212.822 = €4,691 Mil.
Gross Profit was 900.956 + 850.426 + 916.48 + 934.445 = €3,602 Mil.
Total Current Assets was €1,128 Mil.
Total Assets was €2,435 Mil.
Property, Plant and Equipment(Net PPE) was €635 Mil.
Depreciation, Depletion and Amortization(DDA) was €106 Mil.
Selling, General, & Admin. Expense(SGA) was €1,739 Mil.
Total Current Liabilities was €869 Mil.
Long-Term Debt & Capital Lease Obligation was €2,363 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) |
| = | (83.342 / 4590.791) | / | (80.868 / 4690.711) |
| = | 0.018154 | / | 0.01724 |
| | = | 1.053 |
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) |
| = | (3602.307 / 4690.711) | / | (3584.921 / 4590.791) |
| = | 0.767966 | / | 0.780894 |
| | = | 0.9834 |
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 - (1011.95 + 586.357) / 2482.977) | / | (1 - (1128.104 + 634.8) / 2435.24) |
| = | 0.356294 | / | 0.276086 |
| | = | 1.2905 |
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 |
| = | 4590.791 | / | 4690.711 |
| | = | 0.9787 |
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)) |
| = | (106.193 / (106.193 + 634.8)) | / | (113.948 / (113.948 + 586.357)) |
| = | 0.143312 | / | 0.162712 |
| | = | 0.8808 |
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) |
| = | (1683.428 / 4590.791) | / | (1739.415 / 4690.711) |
| = | 0.366697 | / | 0.370821 |
| | = | 0.9889 |
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) |
| = | ((1981.72 + 1044.325) / 2482.977) | / | ((2363.388 + 869.124) / 2435.24) |
| = | 1.218716 | / | 1.327389 |
| | = | 0.9181 |
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 |
| = | (263.588 - -9.755 | - | 251.526) | / | 2482.977 |
| | = | 0.008787 |
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.
Herbalife has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.
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