MGP Ingredients Beneish M-Score Historical Data
The historical data trend for MGP Ingredients'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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MGP Ingredients Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
|
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-2.02 |
-2.18 |
6.54 |
-2.25 |
-2.10 |
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MGP Ingredients Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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|
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|
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-2.25 |
-2.10 |
-1.98 |
-2.16 |
-2.10 |
Competitive Comparison
For the Beverages - Wineries & Distilleries subindustry, MGP Ingredients'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.
MGP Ingredients Beneish M-Score Distribution
For the Beverages - Alcoholic industry and Consumer Defensive sector, MGP Ingredients's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MGP Ingredients's Beneish M-Score falls into.
MGP Ingredients 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 MGP Ingredients 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 * 1.1977 | + | 0.528 * 0.8888 | + | 0.404 * 1.1041 | + | 0.892 * 1.0692 | + | 0.115 * 1.0639 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1617 | + | 4.679 * 0.0362 | - | 0.327 * 0.9889 |
| = | -2.10 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $145.5 Mil.
Revenue was 214.888 + 211.624 + 209.001 + 201.01 = $836.5 Mil.
Gross Profit was 85.145 + 73.448 + 76.295 + 69.824 = $304.7 Mil.
Total Current Assets was $514.3 Mil.
Total Assets was $1,392.3 Mil.
Property, Plant and Equipment(Net PPE) was $276.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.1 Mil.
Selling, General, & Admin. Expense(SGA) was $129.6 Mil.
Total Current Liabilities was $114.1 Mil.
Long-Term Debt & Capital Lease Obligation was $292.1 Mil.
Net Income was 31.067 + 13.211 + 32.126 + 31.071 = $107.5 Mil.
Non Operating Income was -4.182 + -22.559 + -0.093 + 0.123 = $-26.7 Mil.
Cash Flow from Operations was 35.178 + 28.449 + 15.135 + 5.021 = $83.8 Mil.
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Total Receivables was $113.6 Mil.
Revenue was 190.995 + 201.146 + 194.982 + 195.235 = $782.4 Mil.
Gross Profit was 63.213 + 59.048 + 59.224 + 71.821 = $253.3 Mil.
Total Current Assets was $454.2 Mil.
Total Assets was $1,158.2 Mil.
Property, Plant and Equipment(Net PPE) was $250.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.5 Mil.
Selling, General, & Admin. Expense(SGA) was $104.3 Mil.
Total Current Liabilities was $105.4 Mil.
Long-Term Debt & Capital Lease Obligation was $236.4 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) |
| = | (145.476 / 836.523) | / | (113.594 / 782.358) |
| = | 0.173906 | / | 0.145194 |
| | = | 1.1977 |
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) |
| = | (253.306 / 782.358) | / | (304.712 / 836.523) |
| = | 0.323772 | / | 0.36426 |
| | = | 0.8888 |
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 - (514.297 + 276.278) / 1392.348) | / | (1 - (454.162 + 250.674) / 1158.211) |
| = | 0.4322 | / | 0.391444 |
| | = | 1.1041 |
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 |
| = | 836.523 | / | 782.358 |
| | = | 1.0692 |
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)) |
| = | (21.455 / (21.455 + 250.674)) | / | (22.113 / (22.113 + 276.278)) |
| = | 0.078841 | / | 0.074107 |
| | = | 1.0639 |
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) |
| = | (129.608 / 836.523) | / | (104.341 / 782.358) |
| = | 0.154937 | / | 0.133367 |
| | = | 1.1617 |
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) |
| = | ((292.141 + 114.106) / 1392.348) | / | ((236.357 + 105.375) / 1158.211) |
| = | 0.291771 | / | 0.295052 |
| | = | 0.9889 |
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 |
| = | (107.475 - -26.711 | - | 83.783) | / | 1392.348 |
| | = | 0.0362 |
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.
MGP Ingredients has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.
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