The Campbell's Co Beneish M-Score Historical Data
The historical data trend for The Campbell's Co'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.
The Campbell's Co Beneish M-Score Chart
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The Campbell's Co Annual Data
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Jul24 |
| Beneish M-Score |
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-2.28 |
-2.47 |
-2.70 |
-2.61 |
-2.42 |
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The Campbell's Co Quarterly Data
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Jul20 |
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Jan21 |
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Apr25 |
| Beneish M-Score |
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-2.39 |
-2.42 |
-2.50 |
-2.54 |
-2.54 |
Competitive Comparison of The Campbell's Co's Beneish M-Score
For the Packaged Foods subindustry, The Campbell's Co'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.
The Campbell's Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, The Campbell's Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Campbell's Co's Beneish M-Score falls into.
The Campbell's Co 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 The Campbell's Co 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 * 0.9488 | + | 0.528 * 1.0383 | + | 0.404 * 0.9744 | + | 0.892 * 1.0865 | + | 0.115 * 0.9346 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9368 | + | 4.679 * -0.021716 | - | 0.327 * 0.9986 |
| = | -2.54 |
* 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 (Apr25) TTM: | Last Year (Apr24) TTM: |
Total Receivables was $668 Mil.
Revenue was 2475 + 2685 + 2772 + 2293 = $10,225 Mil.
Gross Profit was 728 + 819 + 867 + 675 = $3,089 Mil.
Total Current Assets was $2,226 Mil.
Total Assets was $14,828 Mil.
Property, Plant and Equipment(Net PPE) was $2,665 Mil.
Depreciation, Depletion and Amortization(DDA) was $441 Mil.
Selling, General, & Admin. Expense(SGA) was $1,594 Mil.
Total Current Liabilities was $2,849 Mil.
Long-Term Debt & Capital Lease Obligation was $6,097 Mil.
Net Income was 66 + 173 + 218 + -3 = $454 Mil.
Non Operating Income was -147 + -27 + -29 + -181 = $-384 Mil.
Cash Flow from Operations was 135 + 512 + 225 + 288 = $1,160 Mil.
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Total Receivables was $648 Mil.
Revenue was 2369 + 2456 + 2518 + 2068 = $9,411 Mil.
Gross Profit was 732 + 776 + 788 + 656 = $2,952 Mil.
Total Current Assets was $2,139 Mil.
Total Assets was $15,243 Mil.
Property, Plant and Equipment(Net PPE) was $2,621 Mil.
Depreciation, Depletion and Amortization(DDA) was $401 Mil.
Selling, General, & Admin. Expense(SGA) was $1,566 Mil.
Total Current Liabilities was $3,457 Mil.
Long-Term Debt & Capital Lease Obligation was $5,752 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) |
| = | (668 / 10225) | / | (648 / 9411) |
| = | 0.06533 | / | 0.068856 |
| | = | 0.9488 |
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) |
| = | (2952 / 9411) | / | (3089 / 10225) |
| = | 0.313675 | / | 0.302103 |
| | = | 1.0383 |
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 - (2226 + 2665) / 14828) | / | (1 - (2139 + 2621) / 15243) |
| = | 0.670151 | / | 0.687726 |
| | = | 0.9744 |
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 |
| = | 10225 | / | 9411 |
| | = | 1.0865 |
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)) |
| = | (401 / (401 + 2621)) | / | (441 / (441 + 2665)) |
| = | 0.132694 | / | 0.141983 |
| | = | 0.9346 |
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) |
| = | (1594 / 10225) | / | (1566 / 9411) |
| = | 0.155892 | / | 0.166401 |
| | = | 0.9368 |
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) |
| = | ((6097 + 2849) / 14828) | / | ((5752 + 3457) / 15243) |
| = | 0.603318 | / | 0.604146 |
| | = | 0.9986 |
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 |
| = | (454 - -384 | - | 1160) | / | 14828 |
| | = | -0.021716 |
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.
The Campbell's Co has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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