The Mosaic Co Beneish M-Score Historical Data
The historical data trend for The Mosaic 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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The Mosaic 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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-2.43 |
-2.66 |
-2.37 |
-2.36 |
-2.40 |
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The Mosaic Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.38 |
-2.73 |
-2.49 |
-2.40 |
Competitive Comparison
For the Agricultural Inputs subindustry, The Mosaic 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 Mosaic Co Beneish M-Score Distribution
For the Agriculture industry and Basic Materials sector, The Mosaic Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Mosaic Co's Beneish M-Score falls into.
The Mosaic 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 Mosaic 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 * 1.1371 | + | 0.528 * 1.8646 | + | 0.404 * 1.1444 | + | 0.892 * 0.7161 | + | 0.115 * 1.0413 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4034 | + | 4.679 * -0.059025 | - | 0.327 * 0.9139 |
| = | -2.40 |
* 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 $1,539 Mil.
Revenue was 3149.5 + 3548.3 + 3394 + 3604.3 = $13,696 Mil.
Gross Profit was 559.5 + 409.6 + 571.1 + 670.4 = $2,211 Mil.
Total Current Assets was $4,745 Mil.
Total Assets was $23,033 Mil.
Property, Plant and Equipment(Net PPE) was $13,815 Mil.
Depreciation, Depletion and Amortization(DDA) was $961 Mil.
Selling, General, & Admin. Expense(SGA) was $501 Mil.
Total Current Liabilities was $3,874 Mil.
Long-Term Debt & Capital Lease Obligation was $3,400 Mil.
Net Income was 365.3 + -4.2 + 369 + 434.8 = $1,165 Mil.
Non Operating Income was 80.3 + -147 + 141.4 + 42.5 = $117 Mil.
Cash Flow from Operations was 538.1 + 647.4 + 1072.7 + 149 = $2,407 Mil.
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Total Receivables was $1,889 Mil.
Revenue was 4481.3 + 5348.5 + 5373.1 + 3922.3 = $19,125 Mil.
Gross Profit was 968.4 + 1502 + 1846.3 + 1439.1 = $5,756 Mil.
Total Current Assets was $6,557 Mil.
Total Assets was $23,386 Mil.
Property, Plant and Equipment(Net PPE) was $12,861 Mil.
Depreciation, Depletion and Amortization(DDA) was $934 Mil.
Selling, General, & Admin. Expense(SGA) was $498 Mil.
Total Current Liabilities was $5,534 Mil.
Long-Term Debt & Capital Lease Obligation was $2,547 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) |
| = | (1538.5 / 13696.1) | / | (1889.3 / 19125.2) |
| = | 0.112331 | / | 0.098786 |
| | = | 1.1371 |
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) |
| = | (5755.8 / 19125.2) | / | (2210.6 / 13696.1) |
| = | 0.300954 | / | 0.161404 |
| | = | 1.8646 |
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 - (4745 + 13815.2) / 23032.8) | / | (1 - (6556.6 + 12861.2) / 23386) |
| = | 0.194184 | / | 0.169683 |
| | = | 1.1444 |
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 |
| = | 13696.1 | / | 19125.2 |
| | = | 0.7161 |
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)) |
| = | (933.9 / (933.9 + 12861.2)) | / | (960.6 / (960.6 + 13815.2)) |
| = | 0.067698 | / | 0.065012 |
| | = | 1.0413 |
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) |
| = | (500.5 / 13696.1) | / | (498 / 19125.2) |
| = | 0.036543 | / | 0.026039 |
| | = | 1.4034 |
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) |
| = | ((3399.7 + 3873.7) / 23032.8) | / | ((2547.1 + 5533.8) / 23386) |
| = | 0.315784 | / | 0.345544 |
| | = | 0.9139 |
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 |
| = | (1164.9 - 117.2 | - | 2407.2) | / | 23032.8 |
| | = | -0.059025 |
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 Mosaic Co has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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