JBS (MEX:JBSAY N) Beneish M-Score : -2.63 (As of Apr. 07, 2025)

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What is JBS 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 -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for JBS's Beneish M-Score or its related term are showing as below:

MEX:JBSAY N' s Beneish M-Score Range Over the Past 10 Years
Min: -2.78 Med: -2.6 Max: -2.19
Current: -2.63

During the past 13 years, the highest Beneish M-Score of JBS was -2.19. The lowest was -2.78. And the median was -2.60.

JBS Beneish M-Score Historical Data

The historical data trend for JBS'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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JBS Beneish M-Score Chart

JBS Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.61

-2.19

-2.27

-2.71

-2.63

JBS Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.71	-2.85	-2.82	-2.76	-2.63

Competitive Comparison of JBS's Beneish M-Score

For the Packaged Foods subindustry, JBS'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.

JBS's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, JBS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where JBS's Beneish M-Score falls into.

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JBS 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 JBS 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 * 1.0678

0.528 * 0.7256

0.404 * 0.9098

0.892 * 1.1675

0.115 * 1.009

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9512

4.679 * -0.04144

0.327 * 1.0458

-2.65

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was MXN91,208 Mil.
Revenue was 457797.631 + 400231.044 + 334899.068 + 294893.196 = MXN1,487,821 Mil.
Gross Profit was 67578.141 + 65879.353 + 51637.116 + 38638.853 = MXN223,733 Mil.
Total Current Assets was MXN357,071 Mil.
Total Assets was MXN848,522 Mil.
Property, Plant and Equipment(Net PPE) was MXN279,002 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN41,522 Mil.
Selling, General, & Admin. Expense(SGA) was MXN126,899 Mil.
Total Current Liabilities was MXN243,116 Mil.
Long-Term Debt & Capital Lease Obligation was MXN388,769 Mil.
Net Income was 9212.484 + 13917.951 + 5709.588 + 5444.883 = MXN34,285 Mil.
Non Operating Income was -8223.111 + -269.383 + -5765.043 + -117.651 = MXN-14,375 Mil.
Cash Flow from Operations was 32351.028 + 28782.02 + 26546.434 + -3857.036 = MXN83,822 Mil.

Total Receivables was MXN73,159 Mil.
Revenue was 336145.463 + 316186.512 + 315392.677 + 306626.015 = MXN1,274,351 Mil.
Gross Profit was 38988.167 + 38231.082 + 34888.642 + 26933.568 = MXN139,041 Mil.
Total Current Assets was MXN275,599 Mil.
Total Assets was MXN722,727 Mil.
Property, Plant and Equipment(Net PPE) was MXN248,231 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN37,324 Mil.
Selling, General, & Admin. Expense(SGA) was MXN114,273 Mil.
Total Current Liabilities was MXN167,993 Mil.
Long-Term Debt & Capital Lease Obligation was MXN346,645 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)
	=	(91207.565 / 1487820.939)	/	(73158.601 / 1274350.667)
	=	0.061303	/	0.057409
	=	1.0678

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)
	=	(139041.459 / 1274350.667)	/	(223733.463 / 1487820.939)
	=	0.109108	/	0.150377
	=	0.7256

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 - (357070.773 + 279002.403) / 848521.933)	/	(1 - (275599.424 + 248230.707) / 722726.713)
	=	0.250375	/	0.275203
	=	0.9098

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
	=	1487820.939	/	1274350.667
	=	1.1675

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))
	=	(37324.466 / (37324.466 + 248230.707))	/	(41522.441 / (41522.441 + 279002.403))
	=	0.130708	/	0.129545
	=	1.009

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)
	=	(126898.65 / 1487820.939)	/	(114273.232 / 1274350.667)
	=	0.085292	/	0.089672
	=	0.9512

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)
	=	((388769.414 + 243116.25) / 848521.933)	/	((346645.054 + 167993.453) / 722726.713)
	=	0.74469	/	0.712079
	=	1.0458

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
	=	(34284.906 - -14375.188	-	83822.446)	/	848521.933
	=	-0.04144

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.

JBS has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.

JBS Beneish M-Score Related Terms

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JBS Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » JBS SA (MEX:JBSAY N) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

JBSAY:USA YJ3A:Germany JBSS3:Brazil

Address

Avenue Marginal Direita do Tiete, 500, Bloco I, 3rd Floor, Sao Paulo, SP, BRA, 05118-100

Website

https://www.jbs.com.br

JBS SA is an international company involved in beef, lamb, and poultry processing. It is originally from Brazil. JBS is one of the world's exporters of animal protein, selling to more than 150 countries. Sales offices are in Brazil, the United States, Australia, Canada, Argentina, Uruguay, Paraguay, Mexico, Italy, Ireland, the United Kingdom, France, the Netherlands, China, and Russia, among others. The company also sells hygiene and cleaning products, collagen, metal packaging, and biodiesel, among others.

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