Essity AB Beneish M-Score Historical Data
The historical data trend for Essity AB'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.
Essity AB Beneish M-Score Chart
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Essity AB Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.87 |
-2.37 |
-2.33 |
-3.00 |
-2.24 |
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Essity AB 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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-3.00 |
-2.71 |
-2.78 |
-2.66 |
-2.24 |
Competitive Comparison of Essity AB's Beneish M-Score
For the Household & Personal Products subindustry, Essity AB'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.
Essity AB's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Essity AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Essity AB's Beneish M-Score falls into.
Essity AB 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 Essity AB 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 * 1.1046 | + | 0.528 * 0.906 | + | 0.404 * 1.1074 | + | 0.892 * 0.9891 | + | 0.115 * 1.123 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0776 | + | 4.679 * 0.022576 | - | 0.327 * 0.8354 |
| = | -2.24 |
* 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 kr26,253 Mil.
Revenue was 37805 + 36274 + 36617 + 34850 = kr145,546 Mil.
Gross Profit was 11968 + 11962 + 12003 + 11201 = kr47,134 Mil.
Total Current Assets was kr64,910 Mil.
Total Assets was kr185,284 Mil.
Property, Plant and Equipment(Net PPE) was kr52,392 Mil.
Depreciation, Depletion and Amortization(DDA) was kr7,505 Mil.
Selling, General, & Admin. Expense(SGA) was kr27,351 Mil.
Total Current Liabilities was kr45,290 Mil.
Long-Term Debt & Capital Lease Obligation was kr38,264 Mil.
Net Income was 2874 + 3314 + 3317 + 11479 = kr20,984 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = kr0 Mil.
Cash Flow from Operations was 3731 + 6417 + 2988 + 3665 = kr16,801 Mil.
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Total Receivables was kr24,029 Mil.
Revenue was 36625 + 37092 + 37078 + 36352 = kr147,147 Mil.
Gross Profit was 11675 + 10683 + 10454 + 10359 = kr43,171 Mil.
Total Current Assets was kr86,891 Mil.
Total Assets was kr202,993 Mil.
Property, Plant and Equipment(Net PPE) was kr48,843 Mil.
Depreciation, Depletion and Amortization(DDA) was kr7,998 Mil.
Selling, General, & Admin. Expense(SGA) was kr25,661 Mil.
Total Current Liabilities was kr67,191 Mil.
Long-Term Debt & Capital Lease Obligation was kr42,387 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) |
| = | (26253 / 145546) | / | (24029 / 147147) |
| = | 0.180376 | / | 0.163299 |
| | = | 1.1046 |
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) |
| = | (43171 / 147147) | / | (47134 / 145546) |
| = | 0.293387 | / | 0.323843 |
| | = | 0.906 |
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 - (64910 + 52392) / 185284) | / | (1 - (86891 + 48843) / 202993) |
| = | 0.366907 | / | 0.331337 |
| | = | 1.1074 |
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 |
| = | 145546 | / | 147147 |
| | = | 0.9891 |
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)) |
| = | (7998 / (7998 + 48843)) | / | (7505 / (7505 + 52392)) |
| = | 0.140708 | / | 0.125298 |
| | = | 1.123 |
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) |
| = | (27351 / 145546) | / | (25661 / 147147) |
| = | 0.18792 | / | 0.17439 |
| | = | 1.0776 |
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) |
| = | ((38264 + 45290) / 185284) | / | ((42387 + 67191) / 202993) |
| = | 0.450951 | / | 0.539812 |
| | = | 0.8354 |
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 |
| = | (20984 - 0 | - | 16801) | / | 185284 |
| | = | 0.022576 |
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.
Essity AB has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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