Coca-Cola Consolidated Beneish M-Score Historical Data
The historical data trend for Coca-Cola Consolidated'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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Coca-Cola Consolidated Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.96 |
-2.61 |
-2.48 |
-2.74 |
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Coca-Cola Consolidated 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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-2.48 |
-2.43 |
-2.54 |
-2.82 |
-2.74 |
Competitive Comparison
For the Beverages - Non-Alcoholic subindustry, Coca-Cola Consolidated'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.
Coca-Cola Consolidated Beneish M-Score Distribution
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Coca-Cola Consolidated's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Coca-Cola Consolidated's Beneish M-Score falls into.
Coca-Cola Consolidated 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 Coca-Cola Consolidated 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 * 1.0134 | + | 0.528 * 0.9406 | + | 0.404 * 0.867 | + | 0.892 * 1.073 | + | 0.115 * 1.0488 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0687 | + | 4.679 * -0.05531 | - | 0.327 * 0.9538 |
| = | -2.74 |
* 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 $659 Mil.
Revenue was 1630.956 + 1712.428 + 1738.832 + 1571.642 = $6,654 Mil.
Gross Profit was 641.478 + 661.55 + 671.577 + 624.106 = $2,599 Mil.
Total Current Assets was $1,705 Mil.
Total Assets was $4,289 Mil.
Property, Plant and Equipment(Net PPE) was $1,448 Mil.
Depreciation, Depletion and Amortization(DDA) was $177 Mil.
Selling, General, & Admin. Expense(SGA) was $1,877 Mil.
Total Current Liabilities was $1,091 Mil.
Long-Term Debt & Capital Lease Obligation was $706 Mil.
Net Income was 75.836 + 92.093 + 122.319 + 118.127 = $408 Mil.
Non Operating Income was -73.908 + -19.473 + -27.788 + -43.923 = $-165 Mil.
Cash Flow from Operations was 166.141 + 261.211 + 198.644 + 184.694 = $811 Mil.
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Total Receivables was $606 Mil.
Revenue was 1572.795 + 1628.589 + 1595.215 + 1404.358 = $6,201 Mil.
Gross Profit was 598.612 + 621.107 + 550.659 + 507.576 = $2,278 Mil.
Total Current Assets was $1,246 Mil.
Total Assets was $3,710 Mil.
Property, Plant and Equipment(Net PPE) was $1,331 Mil.
Depreciation, Depletion and Amortization(DDA) was $172 Mil.
Selling, General, & Admin. Expense(SGA) was $1,637 Mil.
Total Current Liabilities was $905 Mil.
Long-Term Debt & Capital Lease Obligation was $725 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) |
| = | (659.342 / 6653.858) | / | (606.345 / 6200.957) |
| = | 0.099092 | / | 0.097782 |
| | = | 1.0134 |
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) |
| = | (2277.954 / 6200.957) | / | (2598.711 / 6653.858) |
| = | 0.367355 | / | 0.390557 |
| | = | 0.9406 |
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 - (1705.128 + 1448.056) / 4288.942) | / | (1 - (1245.801 + 1330.749) / 3709.545) |
| = | 0.264811 | / | 0.305427 |
| | = | 0.867 |
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 |
| = | 6653.858 | / | 6200.957 |
| | = | 1.073 |
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)) |
| = | (171.59 / (171.59 + 1330.749)) | / | (176.966 / (176.966 + 1448.056)) |
| = | 0.114215 | / | 0.108901 |
| | = | 1.0488 |
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) |
| = | (1877.056 / 6653.858) | / | (1636.907 / 6200.957) |
| = | 0.2821 | / | 0.263977 |
| | = | 1.0687 |
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) |
| = | ((706.462 + 1091.334) / 4288.942) | / | ((725.099 + 905.156) / 3709.545) |
| = | 0.41917 | / | 0.439476 |
| | = | 0.9538 |
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 |
| = | (408.375 - -165.092 | - | 810.69) | / | 4288.942 |
| | = | -0.05531 |
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.
Coca-Cola Consolidated has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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