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Mondelez International (MEX:MDLZ) Beneish M-Score : -2.46 (As of Mar. 15, 2025)


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What is Mondelez International 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

MEX:MDLZ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.74   Med: -2.48   Max: -2.33
Current: -2.46

During the past 13 years, the highest Beneish M-Score of Mondelez International was -2.33. The lowest was -2.74. And the median was -2.48.


Mondelez International Beneish M-Score Historical Data

The historical data trend for Mondelez International'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.

Mondelez International Beneish M-Score Chart

Mondelez International Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.49 -2.38 -2.33 -2.40 -2.46

Mondelez International 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.40 -2.54 -2.59 -2.51 -2.46

Competitive Comparison of Mondelez International's Beneish M-Score

For the Confectioners subindustry, Mondelez International'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.


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

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

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



Mondelez International 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 Mondelez International 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 * 1.1919+0.528 * 0.9872+0.404 * 0.9513+0.892 * 1.0992+0.115 * 1.0376
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9177+4.679 * -0.000365-0.327 * 1.0251
=-2.23

* 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 MXN100,337 Mil.
Revenue was 200298.143 + 181229.521 + 152844.619 + 154179.209 = MXN688,551 Mil.
Gross Profit was 77395.503 + 59051.21 + 51241.328 + 78832.211 = MXN266,520 Mil.
Total Current Assets was MXN276,171 Mil.
Total Assets was MXN1,428,553 Mil.
Property, Plant and Equipment(Net PPE) was MXN213,729 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN24,601 Mil.
Selling, General, & Admin. Expense(SGA) was MXN140,196 Mil.
Total Current Liabilities was MXN407,708 Mil.
Long-Term Debt & Capital Lease Obligation was MXN339,677 Mil.
Net Income was 36393.196 + 16795.826 + 11010.382 + 23433.912 = MXN87,633 Mil.
Non Operating Income was -6194.143 + -1338.94 + 2033.531 + 497.888 = MXN-5,002 Mil.
Cash Flow from Operations was 30428.466 + 25695.842 + 15059.125 + 21973.442 = MXN93,157 Mil.
Total Receivables was MXN76,588 Mil.
Revenue was 158098.146 + 157275.221 + 145843.157 + 165217.15 = MXN626,434 Mil.
Gross Profit was 58900.641 + 60861.626 + 57500.641 + 62114.15 = MXN239,377 Mil.
Total Current Assets was MXN198,650 Mil.
Total Assets was MXN1,211,809 Mil.
Property, Plant and Equipment(Net PPE) was MXN176,142 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN21,129 Mil.
Selling, General, & Admin. Expense(SGA) was MXN138,992 Mil.
Total Current Liabilities was MXN322,731 Mil.
Long-Term Debt & Capital Lease Obligation was MXN295,759 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)
=(100336.773 / 688551.492) / (76587.807 / 626433.674)
=0.145722 / 0.12226
=1.1919

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)
=(239377.058 / 626433.674) / (266520.252 / 688551.492)
=0.382127 / 0.387074
=0.9872

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 - (276171.179 + 213729.213) / 1428552.882) / (1 - (198649.624 + 176141.771) / 1211808.538)
=0.657065 / 0.690717
=0.9513

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
=688551.492 / 626433.674
=1.0992

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))
=(21128.685 / (21128.685 + 176141.771)) / (24601.166 / (24601.166 + 213729.213))
=0.107105 / 0.103223
=1.0376

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)
=(140196.332 / 688551.492) / (138991.903 / 626433.674)
=0.203611 / 0.221878
=0.9177

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)
=((339676.786 + 407708.079) / 1428552.882) / ((295759.297 + 322731.377) / 1211808.538)
=0.523176 / 0.510386
=1.0251

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
=(87633.316 - -5001.664 - 93156.875) / 1428552.882
=-0.000365

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.

Mondelez International has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.


Mondelez International Beneish M-Score Related Terms

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Mondelez International Business Description

Address
905 West Fulton Market, Suite 200, Chicago, IL, USA, 60607
Mondelez has operated as an independent organization since its split from the former Kraft Foods North American grocery business in October 2012. The firm is a leading player in the global snack enclave with a presence in the biscuit (49% of sales), chocolate (30%), gum/candy (12%), beverage (3%), and cheese and grocery (6%) aisles, as of the end of fiscal 2023. Mondelez's portfolio includes well-known brands like Oreo, Chips Ahoy, Halls, and Cadbury, among others. The firm derives around one third of revenue from developing markets, just more than one third from Europe, and the remainder from North America.