Sovos Brands Beneish M-Score Historical Data
The historical data trend for Sovos Brands'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.
Sovos Brands Beneish M-Score Chart
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Sovos Brands Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.33 |
-2.72 |
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Sovos Brands Quarterly Data
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Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.33 |
-2.46 |
-2.70 |
-2.61 |
-2.72 |
Competitive Comparison of Sovos Brands's Beneish M-Score
For the Packaged Foods subindustry, Sovos Brands'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.
Sovos Brands's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Sovos Brands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sovos Brands's Beneish M-Score falls into.
Sovos Brands 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 Sovos Brands 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 * 0.9586 | + | 0.528 * 0.938 | + | 0.404 * 0.9078 | + | 0.892 * 1.1617 | + | 0.115 * 1.0817 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0605 | + | 4.679 * -0.060851 | - | 0.327 * 0.9775 |
| = | -2.72 |
* 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 $98 Mil.
Revenue was 292.051 + 257.944 + 217.635 + 252.791 = $1,020 Mil.
Gross Profit was 87.474 + 76.493 + 70.707 + 70.812 = $305 Mil.
Total Current Assets was $433 Mil.
Total Assets was $1,235 Mil.
Property, Plant and Equipment(Net PPE) was $76 Mil.
Depreciation, Depletion and Amortization(DDA) was $34 Mil.
Selling, General, & Admin. Expense(SGA) was $201 Mil.
Total Current Liabilities was $149 Mil.
Long-Term Debt & Capital Lease Obligation was $495 Mil.
Net Income was 15.513 + 1.426 + 5.389 + 7.846 = $30 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 34.304 + 36.437 + 17.406 + 17.177 = $105 Mil.
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Total Receivables was $88 Mil.
Revenue was 262.098 + 208.907 + 197.433 + 209.933 = $878 Mil.
Gross Profit was 75.917 + 61.817 + 55.023 + 53.908 = $247 Mil.
Total Current Assets was $331 Mil.
Total Assets was $1,159 Mil.
Property, Plant and Equipment(Net PPE) was $78 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $163 Mil.
Total Current Liabilities was $122 Mil.
Long-Term Debt & Capital Lease Obligation was $496 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) |
| = | (97.655 / 1020.421) | / | (87.695 / 878.371) |
| = | 0.095701 | / | 0.099838 |
| | = | 0.9586 |
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) |
| = | (246.665 / 878.371) | / | (305.486 / 1020.421) |
| = | 0.280821 | / | 0.299373 |
| | = | 0.938 |
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 - (433.001 + 76.146) / 1234.981) | / | (1 - (330.925 + 77.649) / 1158.799) |
| = | 0.587729 | / | 0.647416 |
| | = | 0.9078 |
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 |
| = | 1020.421 | / | 878.371 |
| | = | 1.1617 |
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)) |
| = | (38.868 / (38.868 + 77.649)) | / | (33.951 / (33.951 + 76.146)) |
| = | 0.333582 | / | 0.308374 |
| | = | 1.0817 |
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) |
| = | (200.847 / 1020.421) | / | (163.025 / 878.371) |
| = | 0.196828 | / | 0.185599 |
| | = | 1.0605 |
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) |
| = | ((495.188 + 149.301) / 1234.981) | / | ((496.407 + 122.242) / 1158.799) |
| = | 0.521861 | / | 0.533871 |
| | = | 0.9775 |
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 |
| = | (30.174 - 0 | - | 105.324) | / | 1234.981 |
| | = | -0.060851 |
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.
Sovos Brands has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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