International Flavors & Fragrances Beneish M-Score Historical Data
The historical data trend for International Flavors & Fragrances'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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International Flavors & Fragrances Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-2.54 |
-1.36 |
-2.56 |
-2.72 |
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International Flavors & Fragrances Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.63 |
-2.62 |
-2.62 |
-2.72 |
Competitive Comparison
For the Specialty Chemicals subindustry, International Flavors & Fragrances'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.
International Flavors & Fragrances Beneish M-Score Distribution
For the Chemicals industry and Basic Materials sector, International Flavors & Fragrances's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where International Flavors & Fragrances's Beneish M-Score falls into.
International Flavors & Fragrances 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 International Flavors & Fragrances 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 * 1.0496 | + | 0.528 * 1.0406 | + | 0.404 * 0.9785 | + | 0.892 * 0.9227 | + | 0.115 * 1.024 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0954 | + | 4.679 * -0.041546 | - | 0.327 * 1.0545 |
| = | -2.72 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $2,091 Mil.
Revenue was 2703 + 2820 + 2929 + 3027 = $11,479 Mil.
Gross Profit was 860 + 924 + 933 + 964 = $3,681 Mil.
Total Current Assets was $6,293 Mil.
Total Assets was $30,978 Mil.
Property, Plant and Equipment(Net PPE) was $4,955 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,142 Mil.
Selling, General, & Admin. Expense(SGA) was $1,787 Mil.
Total Current Liabilities was $3,758 Mil.
Long-Term Debt & Capital Lease Obligation was $9,828 Mil.
Net Income was -2607 + 25 + 27 + -9 = $-2,564 Mil.
Non Operating Income was -2690 + 16 + 11 + -53 = $-2,716 Mil.
Cash Flow from Operations was 644 + 420 + 248 + 127 = $1,439 Mil.
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Total Receivables was $2,159 Mil.
Revenue was 2844 + 3063 + 3307 + 3226 = $12,440 Mil.
Gross Profit was 869 + 1001 + 1136 + 1145 = $4,151 Mil.
Total Current Assets was $7,432 Mil.
Total Assets was $35,522 Mil.
Property, Plant and Equipment(Net PPE) was $4,968 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,179 Mil.
Selling, General, & Admin. Expense(SGA) was $1,768 Mil.
Total Current Liabilities was $3,728 Mil.
Long-Term Debt & Capital Lease Obligation was $11,045 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) |
| = | (2091 / 11479) | / | (2159 / 12440) |
| = | 0.182159 | / | 0.173553 |
| | = | 1.0496 |
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) |
| = | (4151 / 12440) | / | (3681 / 11479) |
| = | 0.333682 | / | 0.320673 |
| | = | 1.0406 |
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 - (6293 + 4955) / 30978) | / | (1 - (7432 + 4968) / 35522) |
| = | 0.636904 | / | 0.650921 |
| | = | 0.9785 |
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 |
| = | 11479 | / | 12440 |
| | = | 0.9227 |
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)) |
| = | (1179 / (1179 + 4968)) | / | (1142 / (1142 + 4955)) |
| = | 0.191801 | / | 0.187305 |
| | = | 1.024 |
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) |
| = | (1787 / 11479) | / | (1768 / 12440) |
| = | 0.155676 | / | 0.142122 |
| | = | 1.0954 |
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) |
| = | ((9828 + 3758) / 30978) | / | ((11045 + 3728) / 35522) |
| = | 0.438569 | / | 0.415883 |
| | = | 1.0545 |
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 |
| = | (-2564 - -2716 | - | 1439) | / | 30978 |
| | = | -0.041546 |
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.
International Flavors & Fragrances has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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