Minerva Beneish M-Score Historical Data
The historical data trend for Minerva'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.
Minerva Beneish M-Score Chart
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Minerva Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.03 |
-2.65 |
-2.77 |
-2.97 |
-2.73 |
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Minerva Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.97 |
-3.00 |
-2.65 |
-2.67 |
-2.73 |
Competitive Comparison of Minerva's Beneish M-Score
For the Farm Products subindustry, Minerva'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.
Minerva's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Minerva's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Minerva's Beneish M-Score falls into.
Minerva 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 Minerva 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 * 1.2377 | + | 0.528 * 0.9985 | + | 0.404 * 1.2671 | + | 0.892 * 1.1369 | + | 0.115 * 1.0907 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0507 | + | 4.679 * -0.20255 | - | 0.327 * 1.0247 |
| = | -2.99 |
* 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 €747 Mil.
Revenue was 1677.115 + 1383.182 + 1322.264 + 1327.788 = €5,710 Mil.
Gross Profit was 334.04 + 288.709 + 287.286 + 264.032 = €1,174 Mil.
Total Current Assets was €3,828 Mil.
Total Assets was €6,597 Mil.
Property, Plant and Equipment(Net PPE) was €1,375 Mil.
Depreciation, Depletion and Amortization(DDA) was €112 Mil.
Selling, General, & Admin. Expense(SGA) was €778 Mil.
Total Current Liabilities was €2,594 Mil.
Long-Term Debt & Capital Lease Obligation was €3,913 Mil.
Net Income was -239.849 + 14.002 + 15.253 + -37.121 = €-248 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 398.276 + 307.635 + 132.12 + 250.381 = €1,088 Mil.
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Total Receivables was €531 Mil.
Revenue was 1153.973 + 1340.915 + 1383.727 + 1144.318 = €5,023 Mil.
Gross Profit was 256.348 + 280.325 + 287.601 + 206.916 = €1,031 Mil.
Total Current Assets was €3,394 Mil.
Total Assets was €5,351 Mil.
Property, Plant and Equipment(Net PPE) was €1,066 Mil.
Depreciation, Depletion and Amortization(DDA) was €96 Mil.
Selling, General, & Admin. Expense(SGA) was €651 Mil.
Total Current Liabilities was €1,824 Mil.
Long-Term Debt & Capital Lease Obligation was €3,328 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) |
| = | (747.413 / 5710.349) | / | (531.154 / 5022.933) |
| = | 0.130887 | / | 0.105746 |
| | = | 1.2377 |
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) |
| = | (1031.19 / 5022.933) | / | (1174.067 / 5710.349) |
| = | 0.205296 | / | 0.205603 |
| | = | 0.9985 |
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 - (3828.26 + 1375.371) / 6596.543) | / | (1 - (3394.105 + 1065.502) / 5351.41) |
| = | 0.211158 | / | 0.166648 |
| | = | 1.2671 |
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 |
| = | 5710.349 | / | 5022.933 |
| | = | 1.1369 |
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)) |
| = | (95.653 / (95.653 + 1065.502)) | / | (112.367 / (112.367 + 1375.371)) |
| = | 0.082377 | / | 0.075529 |
| | = | 1.0907 |
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) |
| = | (777.998 / 5710.349) | / | (651.307 / 5022.933) |
| = | 0.136244 | / | 0.129667 |
| | = | 1.0507 |
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) |
| = | ((3912.794 + 2594.234) / 6596.543) | / | ((3327.503 + 1824.063) / 5351.41) |
| = | 0.98643 | / | 0.962656 |
| | = | 1.0247 |
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 |
| = | (-247.715 - 0 | - | 1088.412) | / | 6596.543 |
| | = | -0.20255 |
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.
Minerva has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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