PepsiCo Beneish M-Score Historical Data
The historical data trend for PepsiCo'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.
PepsiCo Beneish M-Score Chart
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PepsiCo Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.62 |
-2.65 |
-2.45 |
-2.64 |
-2.67 |
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PepsiCo Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.60 |
-2.58 |
-2.56 |
-2.67 |
-2.66 |
Competitive Comparison of PepsiCo's Beneish M-Score
For the Beverages - Non-Alcoholic subindustry, PepsiCo'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.
PepsiCo's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, PepsiCo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PepsiCo's Beneish M-Score falls into.
PepsiCo 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 PepsiCo 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 * 0.9912 | + | 0.528 * 0.9889 | + | 0.404 * 0.9832 | + | 0.892 * 0.9962 | + | 0.115 * 0.9759 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0198 | + | 4.679 * -0.030618 | - | 0.327 * 1.0266 |
| = | -2.66 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $10,800 Mil.
Revenue was 17919 + 27784 + 23319 + 22501 = $91,523 Mil.
Gross Profit was 9993 + 14603 + 12923 + 12582 = $50,101 Mil.
Total Current Assets was $26,288 Mil.
Total Assets was $101,737 Mil.
Property, Plant and Equipment(Net PPE) was $28,213 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,876 Mil.
Selling, General, & Admin. Expense(SGA) was $37,315 Mil.
Total Current Liabilities was $31,511 Mil.
Long-Term Debt & Capital Lease Obligation was $39,419 Mil.
Net Income was 1834 + 1523 + 2930 + 3083 = $9,370 Mil.
Non Operating Income was 23 + -210 + 41 + 56 = $-90 Mil.
Cash Flow from Operations was -973 + 6287 + 4905 + 2356 = $12,575 Mil.
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Total Receivables was $10,938 Mil.
Revenue was 18250 + 27850 + 23453 + 22322 = $91,875 Mil.
Gross Profit was 10002 + 14753 + 12778 + 12201 = $49,734 Mil.
Total Current Assets was $26,005 Mil.
Total Assets was $100,040 Mil.
Property, Plant and Equipment(Net PPE) was $26,792 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,580 Mil.
Selling, General, & Admin. Expense(SGA) was $36,733 Mil.
Total Current Liabilities was $30,234 Mil.
Long-Term Debt & Capital Lease Obligation was $37,707 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) |
| = | (10800 / 91523) | / | (10938 / 91875) |
| = | 0.118003 | / | 0.119053 |
| | = | 0.9912 |
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) |
| = | (49734 / 91875) | / | (50101 / 91523) |
| = | 0.541322 | / | 0.547414 |
| | = | 0.9889 |
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 - (26288 + 28213) / 101737) | / | (1 - (26005 + 26792) / 100040) |
| = | 0.464295 | / | 0.472241 |
| | = | 0.9832 |
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 |
| = | 91523 | / | 91875 |
| | = | 0.9962 |
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)) |
| = | (3580 / (3580 + 26792)) | / | (3876 / (3876 + 28213)) |
| = | 0.117872 | / | 0.120789 |
| | = | 0.9759 |
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) |
| = | (37315 / 91523) | / | (36733 / 91875) |
| = | 0.407712 | / | 0.399815 |
| | = | 1.0198 |
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) |
| = | ((39419 + 31511) / 101737) | / | ((37707 + 30234) / 100040) |
| = | 0.69719 | / | 0.679138 |
| | = | 1.0266 |
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 |
| = | (9370 - -90 | - | 12575) | / | 101737 |
| | = | -0.030618 |
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.
PepsiCo has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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