Kellanova Co Beneish M-Score Historical Data
The historical data trend for Kellanova 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.
Kellanova Co Beneish M-Score Chart
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Kellanova Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.41 |
-2.75 |
-2.55 |
-2.56 |
-2.65 |
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Kellanova Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.53 |
-2.60 |
-2.82 |
-2.65 |
-2.81 |
Competitive Comparison of Kellanova Co's Beneish M-Score
For the Packaged Foods subindustry, Kellanova 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.
Kellanova Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Kellanova Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kellanova Co's Beneish M-Score falls into.
Kellanova 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 Kellanova 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 * 0.9194 | + | 0.528 * 0.8821 | + | 0.404 * 0.9943 | + | 0.892 * 0.9956 | + | 0.115 * 1.0414 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0237 | + | 4.679 * -0.037023 | - | 0.327 * 1.0386 |
| = | -2.81 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $1,666 Mil.
Revenue was 3200 + 1089 + 3939 + 4041 = $12,269 Mil.
Gross Profit was 1031 + 397 + 1343 + 1333 = $4,104 Mil.
Total Current Assets was $3,450 Mil.
Total Assets was $15,315 Mil.
Property, Plant and Equipment(Net PPE) was $3,766 Mil.
Depreciation, Depletion and Amortization(DDA) was $389 Mil.
Selling, General, & Admin. Expense(SGA) was $2,646 Mil.
Total Current Liabilities was $5,525 Mil.
Long-Term Debt & Capital Lease Obligation was $4,923 Mil.
Net Income was 267 + 27 + 269 + 357 = $920 Mil.
Non Operating Income was 43 + -301 + -24 + 36 = $-246 Mil.
Cash Flow from Operations was 364 + 245 + 756 + 368 = $1,733 Mil.
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Total Receivables was $1,820 Mil.
Revenue was 3342 + 1171 + 3946 + 3864 = $12,323 Mil.
Gross Profit was 984 + 356 + 1153 + 1143 = $3,636 Mil.
Total Current Assets was $4,324 Mil.
Total Assets was $18,630 Mil.
Property, Plant and Equipment(Net PPE) was $4,397 Mil.
Depreciation, Depletion and Amortization(DDA) was $475 Mil.
Selling, General, & Admin. Expense(SGA) was $2,596 Mil.
Total Current Liabilities was $6,001 Mil.
Long-Term Debt & Capital Lease Obligation was $6,236 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) |
| = | (1666 / 12269) | / | (1820 / 12323) |
| = | 0.135789 | / | 0.147691 |
| | = | 0.9194 |
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) |
| = | (3636 / 12323) | / | (4104 / 12269) |
| = | 0.295058 | / | 0.334502 |
| | = | 0.8821 |
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 - (3450 + 3766) / 15315) | / | (1 - (4324 + 4397) / 18630) |
| = | 0.528828 | / | 0.531884 |
| | = | 0.9943 |
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 |
| = | 12269 | / | 12323 |
| | = | 0.9956 |
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)) |
| = | (475 / (475 + 4397)) | / | (389 / (389 + 3766)) |
| = | 0.097496 | / | 0.093622 |
| | = | 1.0414 |
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) |
| = | (2646 / 12269) | / | (2596 / 12323) |
| = | 0.215665 | / | 0.210663 |
| | = | 1.0237 |
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) |
| = | ((4923 + 5525) / 15315) | / | ((6236 + 6001) / 18630) |
| = | 0.682207 | / | 0.656844 |
| | = | 1.0386 |
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 |
| = | (920 - -246 | - | 1733) | / | 15315 |
| | = | -0.037023 |
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.
Kellanova Co has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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