Pilgrims Pride Beneish M-Score Historical Data
The historical data trend for Pilgrims Pride'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.
Pilgrims Pride Beneish M-Score Chart
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Pilgrims Pride Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-2.81 |
-2.59 |
-2.26 |
-2.27 |
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Pilgrims Pride 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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-2.26 |
-1.92 |
-1.95 |
-1.76 |
-2.27 |
Competitive Comparison of Pilgrims Pride's Beneish M-Score
For the Packaged Foods subindustry, Pilgrims Pride'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.
Pilgrims Pride's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Pilgrims Pride's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pilgrims Pride's Beneish M-Score falls into.
Pilgrims Pride 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 Pilgrims Pride 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 * 1.0353 | + | 0.528 * 1.6101 | + | 0.404 * 0.9717 | + | 0.892 * 0.9939 | + | 0.115 * 1.0114 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.918 | + | 4.679 * -0.032773 | - | 0.327 * 0.955 |
| = | -2.27 |
* 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 $1,292 Mil.
Revenue was 4528.302 + 4360.196 + 4308.091 + 4165.628 = $17,362 Mil.
Gross Profit was 321.047 + 345.882 + 278.425 + 173.047 = $1,118 Mil.
Total Current Assets was $4,204 Mil.
Total Assets was $9,810 Mil.
Property, Plant and Equipment(Net PPE) was $3,425 Mil.
Depreciation, Depletion and Amortization(DDA) was $420 Mil.
Selling, General, & Admin. Expense(SGA) was $552 Mil.
Total Current Liabilities was $2,496 Mil.
Long-Term Debt & Capital Lease Obligation was $3,544 Mil.
Net Income was 134.653 + 121.278 + 60.456 + 5.187 = $322 Mil.
Non Operating Income was 21.173 + -7.663 + -44.782 + -3.516 = $-35 Mil.
Cash Flow from Operations was 278.279 + 310.257 + 251.045 + -161.704 = $678 Mil.
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Total Receivables was $1,256 Mil.
Revenue was 4127.365 + 4468.969 + 4631.648 + 4240.395 = $17,468 Mil.
Gross Profit was 95.782 + 497.27 + 676.771 + 541.98 = $1,812 Mil.
Total Current Assets was $3,892 Mil.
Total Assets was $9,256 Mil.
Property, Plant and Equipment(Net PPE) was $3,247 Mil.
Depreciation, Depletion and Amortization(DDA) was $403 Mil.
Selling, General, & Admin. Expense(SGA) was $605 Mil.
Total Current Liabilities was $2,570 Mil.
Long-Term Debt & Capital Lease Obligation was $3,397 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) |
| = | (1292.018 / 17362.217) | / | (1255.583 / 17468.377) |
| = | 0.074415 | / | 0.071877 |
| | = | 1.0353 |
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) |
| = | (1811.803 / 17468.377) | / | (1118.401 / 17362.217) |
| = | 0.103719 | / | 0.064416 |
| | = | 1.6101 |
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 - (4204.471 + 3425.11) / 9810.361) | / | (1 - (3891.618 + 3246.644) / 9255.769) |
| = | 0.222294 | / | 0.228777 |
| | = | 0.9717 |
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 |
| = | 17362.217 | / | 17468.377 |
| | = | 0.9939 |
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)) |
| = | (403.11 / (403.11 + 3246.644)) | / | (419.9 / (419.9 + 3425.11)) |
| = | 0.110449 | / | 0.109206 |
| | = | 1.0114 |
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) |
| = | (551.77 / 17362.217) | / | (604.742 / 17468.377) |
| = | 0.03178 | / | 0.034619 |
| | = | 0.918 |
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) |
| = | ((3544.189 + 2495.867) / 9810.361) | / | ((3397.133 + 2570.169) / 9255.769) |
| = | 0.615681 | / | 0.644712 |
| | = | 0.955 |
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 |
| = | (321.574 - -34.788 | - | 677.877) | / | 9810.361 |
| | = | -0.032773 |
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.
Pilgrims Pride has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
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