Coca-Cola Co Beneish M-Score Historical Data
The historical data trend for Coca-Cola 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.
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Coca-Cola Co Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.71 |
-2.33 |
-2.51 |
-2.85 |
-2.65 |
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Coca-Cola Co Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.70 |
-2.72 |
-2.65 |
-2.43 |
-2.47 |
Competitive Comparison
For the Beverages - Non-Alcoholic subindustry, Coca-Cola 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.
Coca-Cola Co Beneish M-Score Distribution
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Coca-Cola Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Coca-Cola Co's Beneish M-Score falls into.
Coca-Cola 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 Coca-Cola 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 * 0.9812 | + | 0.528 * 1.0292 | + | 0.404 * 1.0256 | + | 0.892 * 1.1348 | + | 0.115 * 1.0193 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0317 | + | 4.679 * -0.0249 | - | 0.327 * 1.0064 |
| = | -2.47 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $4,494 Mil.
Revenue was 11325 + 10491 + 9464 + 10042 = $41,322 Mil.
Gross Profit was 6495 + 6400 + 5376 + 6065 = $24,336 Mil.
Total Current Assets was $23,141 Mil.
Total Assets was $93,169 Mil.
Property, Plant and Equipment(Net PPE) was $9,462 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,349 Mil.
Selling, General, & Admin. Expense(SGA) was $12,628 Mil.
Total Current Liabilities was $20,531 Mil.
Long-Term Debt & Capital Lease Obligation was $36,755 Mil.
Net Income was 1905 + 2781 + 2414 + 2471 = $9,571 Mil.
Non Operating Income was -891 + 157 + 651 + 328 = $245 Mil.
Cash Flow from Operations was 3923 + 623 + 3394 + 3706 = $11,646 Mil.
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Total Receivables was $4,036 Mil.
Revenue was 10129 + 9020 + 8611 + 8652 = $36,412 Mil.
Gross Profit was 6342 + 5515 + 5033 + 5181 = $22,071 Mil.
Total Current Assets was $22,481 Mil.
Total Assets was $90,194 Mil.
Property, Plant and Equipment(Net PPE) was $10,547 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,537 Mil.
Selling, General, & Admin. Expense(SGA) was $10,786 Mil.
Total Current Liabilities was $15,299 Mil.
Long-Term Debt & Capital Lease Obligation was $39,804 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) |
| = | (4494 / 41322) | / | (4036 / 36412) |
| = | 0.10875563 | / | 0.11084258 |
| | = | 0.9812 |
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) |
| = | (22071 / 36412) | / | (24336 / 41322) |
| = | 0.60614633 | / | 0.58893568 |
| | = | 1.0292 |
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 - (23141 + 9462) / 93169) | / | (1 - (22481 + 10547) / 90194) |
| = | 0.65006601 | / | 0.63381156 |
| | = | 1.0256 |
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 |
| = | 41322 | / | 36412 |
| | = | 1.1348 |
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)) |
| = | (1537 / (1537 + 10547)) | / | (1349 / (1349 + 9462)) |
| = | 0.12719298 | / | 0.12478032 |
| | = | 1.0193 |
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) |
| = | (12628 / 41322) | / | (10786 / 36412) |
| = | 0.30559992 | / | 0.29622103 |
| | = | 1.0317 |
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) |
| = | ((36755 + 20531) / 93169) | / | ((39804 + 15299) / 90194) |
| = | 0.61486117 | / | 0.61093864 |
| | = | 1.0064 |
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 |
| = | (9571 - 245 | - | 11646) | / | 93169 |
| | = | -0.0249 |
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.
Coca-Cola Co has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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