BBB Foods Beneish M-Score Historical Data
The historical data trend for BBB Foods'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.
BBB Foods Beneish M-Score Chart
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BBB Foods Annual Data
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Dec20 |
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Dec23 |
| Beneish M-Score |
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BBB Foods Quarterly Data
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Dec20 |
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Sep22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.14 |
Competitive Comparison of BBB Foods's Beneish M-Score
For the Discount Stores subindustry, BBB Foods'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.
BBB Foods's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, BBB Foods's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BBB Foods's Beneish M-Score falls into.
BBB Foods 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 BBB Foods 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 * 1.1203 | + | 0.528 * 0.9642 | + | 0.404 * 0.8163 | + | 0.892 * 1.297 | + | 0.115 * 0.787 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8902 | + | 4.679 * -0.181672 | - | 0.327 * 0.6106 |
| = | -2.93 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was MXN1,109 Mil.
Revenue was 14833.806 + 13574.347 + 12684.248 + 12315.604 = MXN53,408 Mil.
Gross Profit was 2343.698 + 2272.317 + 2062.173 + 2010.665 = MXN8,689 Mil.
Total Current Assets was MXN8,012 Mil.
Total Assets was MXN20,889 Mil.
Property, Plant and Equipment(Net PPE) was MXN12,337 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN1,283 Mil.
Selling, General, & Admin. Expense(SGA) was MXN6,312 Mil.
Total Current Liabilities was MXN10,151 Mil.
Long-Term Debt & Capital Lease Obligation was MXN6,779 Mil.
Net Income was 257.6 + 331.255 + -230.862 + -96.984 = MXN261 Mil.
Non Operating Income was 210.191 + 303.796 + -128.652 + 118.112 = MXN503 Mil.
Cash Flow from Operations was 1098.97 + 453.52 + 802.449 + 1197.51 = MXN3,552 Mil.
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Total Receivables was MXN764 Mil.
Revenue was 11425.175 + 10645.78 + 9691.9 + 9415.619 = MXN41,178 Mil.
Gross Profit was 1806.328 + 1717.876 + 1505.048 + 1430.081 = MXN6,459 Mil.
Total Current Assets was MXN4,021 Mil.
Total Assets was MXN13,927 Mil.
Property, Plant and Equipment(Net PPE) was MXN9,466 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN758 Mil.
Selling, General, & Admin. Expense(SGA) was MXN5,467 Mil.
Total Current Liabilities was MXN8,264 Mil.
Long-Term Debt & Capital Lease Obligation was MXN10,221 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) |
| = | (1109.396 / 53408.005) | / | (763.53 / 41178.474) |
| = | 0.020772 | / | 0.018542 |
| | = | 1.1203 |
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) |
| = | (6459.333 / 41178.474) | / | (8688.853 / 53408.005) |
| = | 0.156862 | / | 0.162688 |
| | = | 0.9642 |
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 - (8012.242 + 12337.115) / 20888.688) | / | (1 - (4020.75 + 9465.756) / 13927) |
| = | 0.025819 | / | 0.031629 |
| | = | 0.8163 |
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 |
| = | 53408.005 | / | 41178.474 |
| | = | 1.297 |
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)) |
| = | (758.046 / (758.046 + 9465.756)) | / | (1283.135 / (1283.135 + 12337.115)) |
| = | 0.074145 | / | 0.094208 |
| | = | 0.787 |
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) |
| = | (6312.33 / 53408.005) | / | (5467.428 / 41178.474) |
| = | 0.118191 | / | 0.132774 |
| | = | 0.8902 |
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) |
| = | ((6778.5 + 10150.693) / 20888.688) | / | ((10220.989 + 8263.776) / 13927) |
| = | 0.810448 | / | 1.327261 |
| | = | 0.6106 |
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 |
| = | (261.009 - 503.447 | - | 3552.449) | / | 20888.688 |
| | = | -0.181672 |
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.
BBB Foods has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.
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