Ambev Beneish M-Score Historical Data
The historical data trend for Ambev'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.
Ambev Beneish M-Score Chart
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Ambev Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.72 |
-2.71 |
-2.52 |
-2.65 |
-2.73 |
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Ambev 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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-2.65 |
-2.75 |
-2.67 |
-2.70 |
-2.73 |
Competitive Comparison of Ambev's Beneish M-Score
For the Beverages - Brewers subindustry, Ambev'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.
Ambev's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Ambev's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ambev's Beneish M-Score falls into.
Ambev 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 Ambev 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 * 0.9626 | + | 0.528 * 0.9897 | + | 0.404 * 0.9188 | + | 0.892 * 1.1006 | + | 0.115 * 1.0219 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0034 | + | 4.679 * -0.063545 | - | 0.327 * 0.9741 |
| = | -2.75 |
* 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 MXN33,679 Mil.
Revenue was 92418.163 + 78567.558 + 68177.732 + 67575.123 = MXN306,739 Mil.
Gross Profit was 49607.667 + 39553.175 + 33960.048 + 34051.361 = MXN157,172 Mil.
Total Current Assets was MXN185,127 Mil.
Total Assets was MXN555,519 Mil.
Property, Plant and Equipment(Net PPE) was MXN103,134 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN24,429 Mil.
Selling, General, & Admin. Expense(SGA) was MXN90,481 Mil.
Total Current Liabilities was MXN168,832 Mil.
Long-Term Debt & Capital Lease Obligation was MXN7,439 Mil.
Net Income was 16682.994 + 12303.408 + 8150.726 + 12331.966 = MXN49,469 Mil.
Non Operating Income was -2627.411 + -1110.665 + -1072.791 + -629.427 = MXN-5,440 Mil.
Cash Flow from Operations was 47563.859 + 28830.485 + 11422.219 + 2393.553 = MXN90,210 Mil.
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Total Receivables was MXN31,792 Mil.
Revenue was 69248.329 + 71661.177 + 66750.598 + 71052.618 = MXN278,713 Mil.
Gross Profit was 37026.119 + 35604.381 + 32716.373 + 35990.681 = MXN141,338 Mil.
Total Current Assets was MXN126,665 Mil.
Total Assets was MXN459,516 Mil.
Property, Plant and Equipment(Net PPE) was MXN92,254 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN22,448 Mil.
Selling, General, & Admin. Expense(SGA) was MXN81,938 Mil.
Total Current Liabilities was MXN142,053 Mil.
Long-Term Debt & Capital Lease Obligation was MXN7,632 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) |
| = | (33678.828 / 306738.576) | / | (31792.332 / 278712.722) |
| = | 0.109797 | / | 0.114068 |
| | = | 0.9626 |
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) |
| = | (141337.554 / 278712.722) | / | (157172.251 / 306738.576) |
| = | 0.507108 | / | 0.512398 |
| | = | 0.9897 |
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 - (185127.24 + 103134.017) / 555519.481) | / | (1 - (126664.584 + 92254.3) / 459516.152) |
| = | 0.481096 | / | 0.523588 |
| | = | 0.9188 |
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 |
| = | 306738.576 | / | 278712.722 |
| | = | 1.1006 |
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)) |
| = | (22448.291 / (22448.291 + 92254.3)) | / | (24429.164 / (24429.164 + 103134.017)) |
| = | 0.195709 | / | 0.191506 |
| | = | 1.0219 |
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) |
| = | (90480.699 / 306738.576) | / | (81937.746 / 278712.722) |
| = | 0.294977 | / | 0.293986 |
| | = | 1.0034 |
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) |
| = | ((7439.479 + 168832.378) / 555519.481) | / | ((7631.795 + 142052.887) / 459516.152) |
| = | 0.31731 | / | 0.325744 |
| | = | 0.9741 |
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 |
| = | (49469.094 - -5440.294 | - | 90210.116) | / | 555519.481 |
| | = | -0.063545 |
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.
Ambev has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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