MercadoLibre Beneish M-Score Historical Data
The historical data trend for MercadoLibre'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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MercadoLibre Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.88 |
-2.82 |
-2.60 |
-1.88 |
-2.80 |
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MercadoLibre Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
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-1.88 |
-1.45 |
-1.98 |
-2.27 |
-2.80 |
Competitive Comparison
For the Internet Retail subindustry, MercadoLibre'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.
MercadoLibre Beneish M-Score Distribution
For the Retail - Cyclical industry and Consumer Cyclical sector, MercadoLibre's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MercadoLibre's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
MercadoLibre 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 MercadoLibre 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 * 0.9999 | + | 0.528 * 0.8676 | + | 0.404 * 1.2673 | + | 0.892 * 1.4906 | + | 0.115 * 0.7057 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9139 | + | 4.679 * -0.164531 | - | 0.327 * 1.0194 |
| = | -2.80 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $4,975 Mil.
Revenue was 3002 + 2690 + 2597 + 2248 = $10,537 Mil.
Gross Profit was 1458 + 1348 + 1284 + 1073 = $5,163 Mil.
Total Current Assets was $10,953 Mil.
Total Assets was $13,736 Mil.
Property, Plant and Equipment(Net PPE) was $1,649 Mil.
Depreciation, Depletion and Amortization(DDA) was $403 Mil.
Selling, General, & Admin. Expense(SGA) was $2,211 Mil.
Total Current Liabilities was $8,562 Mil.
Long-Term Debt & Capital Lease Obligation was $3,141 Mil.
Net Income was 165 + 129 + 123 + 65 = $482 Mil.
Non Operating Income was -64 + -71 + -60 + -3 = $-198 Mil.
Cash Flow from Operations was 1542 + 724 + 907 + -233 = $2,940 Mil.
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Total Receivables was $3,338 Mil.
Revenue was 2130 + 1858 + 1703 + 1378 = $7,069 Mil.
Gross Profit was 853 + 807 + 754 + 591 = $3,005 Mil.
Total Current Assets was $8,175 Mil.
Total Assets was $10,101 Mil.
Property, Plant and Equipment(Net PPE) was $1,268 Mil.
Depreciation, Depletion and Amortization(DDA) was $204 Mil.
Selling, General, & Admin. Expense(SGA) was $1,623 Mil.
Total Current Liabilities was $5,837 Mil.
Long-Term Debt & Capital Lease Obligation was $2,605 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) |
| = | (4975 / 10537) | / | (3338 / 7069) |
| = | 0.472146 | / | 0.472203 |
| | = | 0.9999 |
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) |
| = | (3005 / 7069) | / | (5163 / 10537) |
| = | 0.425095 | / | 0.489988 |
| | = | 0.8676 |
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 - (10953 + 1649) / 13736) | / | (1 - (8175 + 1268) / 10101) |
| = | 0.082557 | / | 0.065142 |
| | = | 1.2673 |
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 |
| = | 10537 | / | 7069 |
| | = | 1.4906 |
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)) |
| = | (204 / (204 + 1268)) | / | (403 / (403 + 1649)) |
| = | 0.138587 | / | 0.196394 |
| | = | 0.7057 |
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) |
| = | (2211 / 10537) | / | (1623 / 7069) |
| = | 0.209832 | / | 0.229594 |
| | = | 0.9139 |
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) |
| = | ((3141 + 8562) / 13736) | / | ((2605 + 5837) / 10101) |
| = | 0.851995 | / | 0.835759 |
| | = | 1.0194 |
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 |
| = | (482 - -198 | - | 2940) | / | 13736 |
| | = | -0.164531 |
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.
MercadoLibre has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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