KCDMF (Kimberly - Clark de MexicoB de CV) Beneish M-Score : -2.81 (As of Dec. 14, 2024)

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What is Kimberly - Clark de MexicoB 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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Kimberly - Clark de MexicoB de CV's Beneish M-Score or its related term are showing as below:

KCDMF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18 Med: -2.75 Max: -2.11
Current: -2.81

During the past 13 years, the highest Beneish M-Score of Kimberly - Clark de MexicoB de CV was -2.11. The lowest was -3.18. And the median was -2.75.

Kimberly - Clark de MexicoB de CV Beneish M-Score Historical Data

The historical data trend for Kimberly - Clark de MexicoB 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.

Kimberly - Clark de MexicoB de CV Beneish M-Score Chart

Kimberly - Clark de MexicoB de CV Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.18

-3.01

-2.48

-2.81

-3.18

Kimberly - Clark de MexicoB de CV 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															-3.10	-3.18	-3.16	-2.93	-2.81

Competitive Comparison of Kimberly - Clark de MexicoB de CV's Beneish M-Score

For the Household & Personal Products subindustry, Kimberly - Clark de MexicoB 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.

Kimberly - Clark de MexicoB de CV's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Kimberly - Clark de MexicoB de CV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kimberly - Clark de MexicoB de CV's Beneish M-Score falls into.

Kimberly - Clark de MexicoB 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 Kimberly - Clark de MexicoB de CV 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 * 0.9449

0.528 * 0.9056

0.404 * 0.8206

0.892 * 1.0406

0.115 * 0.8616

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0805

4.679 * -0.069432

0.327 * 0.9857

-2.97

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $396 Mil.
Revenue was 668.077 + 767.874 + 830.885 + 787.748 = $3,055 Mil.
Gross Profit was 264.685 + 324.995 + 351.198 + 321.123 = $1,262 Mil.
Total Current Assets was $1,533 Mil.
Total Assets was $2,690 Mil.
Property, Plant and Equipment(Net PPE) was $999 Mil.
Depreciation, Depletion and Amortization(DDA) was $114 Mil.
Selling, General, & Admin. Expense(SGA) was $527 Mil.
Total Current Liabilities was $1,144 Mil.
Long-Term Debt & Capital Lease Obligation was $1,120 Mil.
Net Income was 92.652 + 116.423 + 125.424 + 113.719 = $448 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 159.47 + 109.841 + 161.438 + 204.224 = $635 Mil.

Total Receivables was $402 Mil.
Revenue was 727.518 + 799.939 + 751.685 + 656.136 = $2,935 Mil.
Gross Profit was 292.243 + 305.432 + 273.092 + 227.473 = $1,098 Mil.
Total Current Assets was $1,785 Mil.
Total Assets was $3,095 Mil.
Property, Plant and Equipment(Net PPE) was $1,088 Mil.
Depreciation, Depletion and Amortization(DDA) was $105 Mil.
Selling, General, & Admin. Expense(SGA) was $469 Mil.
Total Current Liabilities was $1,181 Mil.
Long-Term Debt & Capital Lease Obligation was $1,462 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)
	=	(395.596 / 3054.584)	/	(402.297 / 2935.278)
	=	0.129509	/	0.137056
	=	0.9449

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)
	=	(1098.24 / 2935.278)	/	(1262.001 / 3054.584)
	=	0.374152	/	0.41315
	=	0.9056

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 - (1532.851 + 998.592) / 2689.746)	/	(1 - (1785.122 + 1088.245) / 3095.379)
	=	0.058854	/	0.071724
	=	0.8206

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
	=	3054.584	/	2935.278
	=	1.0406

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))
	=	(105.005 / (105.005 + 1088.245))	/	(113.592 / (113.592 + 998.592))
	=	0.087999	/	0.102134
	=	0.8616

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)
	=	(527.48 / 3054.584)	/	(469.124 / 2935.278)
	=	0.172685	/	0.159823
	=	1.0805

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)
	=	((1120.208 + 1143.672) / 2689.746)	/	((1461.533 + 1181.437) / 3095.379)
	=	0.841671	/	0.853844
	=	0.9857

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
	=	(448.218 - 0	-	634.973)	/	2689.746
	=	-0.069432

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.

Kimberly - Clark de MexicoB de CV has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.

Kimberly - Clark de MexicoB de CV Beneish M-Score Related Terms

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Kimberly - Clark de MexicoB de CV Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Kimberly - Clark de Mexico SAB de CV (OTCPK:KCDMF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

KCDMY:USA KIMBERB:Mexico KIMBERA:Mexico 4FX:Germany

Address

No. 8 Jaime Balmes, 9th floor, Los Morales Polanco, Mexico City, MEX, 11510

Website

https://www.kimberly-clark.com.mx

Kimberly - Clark de Mexico SAB de CV manufactures and sells s a wide selection of paper-based products: napkins, kitchen towels, disposable diapers, feminine-care pads, bathroom tissue, facial tissue, and hand towels, among others. The company's business lines comprise: babies and infants, household products, feminine-care products, personal care, and healthcare. Its brand portfolio includes Kleenex, Sanitas, Kimlark, Petalo, Cottonelle, Depend, and Kotex. The company serves the local market, Mexico, but also the United States, Asia, and Central and South America.