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.
Coca-Cola Co Beneish M-Score Chart
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Coca-Cola Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.82 |
-2.66 |
-2.51 |
-2.51 |
-2.30 |
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Coca-Cola Co Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Mar24 |
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Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.58 |
-2.38 |
-2.05 |
-2.30 |
-2.05 |
Competitive Comparison of Coca-Cola Co's Beneish M-Score
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's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry
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 * 0.9472 | + | 0.528 * 0.9821 | + | 0.404 * 1.0494 | + | 0.892 * 1.0177 | + | 0.115 * 1.1303 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9726 | + | 4.679 * 0.096042 | - | 0.327 * 1.0369 |
| = | -2.05 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $4,091 Mil.
Revenue was 11129 + 11544 + 11854 + 12363 = $46,890 Mil.
Gross Profit was 6966 + 6931 + 7190 + 7551 = $28,638 Mil.
Total Current Assets was $26,178 Mil.
Total Assets was $101,716 Mil.
Property, Plant and Equipment(Net PPE) was $10,431 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,080 Mil.
Selling, General, & Admin. Expense(SGA) was $9,341 Mil.
Total Current Liabilities was $23,808 Mil.
Long-Term Debt & Capital Lease Obligation was $43,530 Mil.
Net Income was 3330 + 2195 + 2848 + 2411 = $10,784 Mil.
Non Operating Income was 546 + 168 + 26 + -800 = $-60 Mil.
Cash Flow from Operations was -5202 + 3951 + -1259 + 3585 = $1,075 Mil.
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Total Receivables was $4,244 Mil.
Revenue was 11300 + 10849 + 11953 + 11972 = $46,074 Mil.
Gross Profit was 7065 + 6215 + 7296 + 7060 = $27,636 Mil.
Total Current Assets was $29,462 Mil.
Total Assets was $99,392 Mil.
Property, Plant and Equipment(Net PPE) was $9,306 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,104 Mil.
Selling, General, & Admin. Expense(SGA) was $9,437 Mil.
Total Current Liabilities was $28,356 Mil.
Long-Term Debt & Capital Lease Obligation was $35,104 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) |
| = | (4091 / 46890) | / | (4244 / 46074) |
| = | 0.087247 | / | 0.092113 |
| | = | 0.9472 |
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) |
| = | (27636 / 46074) | / | (28638 / 46890) |
| = | 0.599818 | / | 0.610749 |
| | = | 0.9821 |
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 - (26178 + 10431) / 101716) | / | (1 - (29462 + 9306) / 99392) |
| = | 0.640086 | / | 0.609948 |
| | = | 1.0494 |
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 |
| = | 46890 | / | 46074 |
| | = | 1.0177 |
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)) |
| = | (1104 / (1104 + 9306)) | / | (1080 / (1080 + 10431)) |
| = | 0.106052 | / | 0.093823 |
| | = | 1.1303 |
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) |
| = | (9341 / 46890) | / | (9437 / 46074) |
| = | 0.199211 | / | 0.204823 |
| | = | 0.9726 |
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) |
| = | ((43530 + 23808) / 101716) | / | ((35104 + 28356) / 99392) |
| = | 0.66202 | / | 0.638482 |
| | = | 1.0369 |
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 |
| = | (10784 - -60 | - | 1075) | / | 101716 |
| | = | 0.096042 |
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 -2.05 suggests that the company is unlikely to be a manipulator.
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