Procter & Gamble Co Beneish M-Score Historical Data
The historical data trend for Procter & Gamble 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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Procter & Gamble Co Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.61 |
-2.87 |
-2.50 |
-2.45 |
-2.55 |
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Procter & Gamble 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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-2.37 |
-2.53 |
-2.55 |
-2.55 |
-2.59 |
Competitive Comparison
For the Household & Personal Products subindustry, Procter & Gamble 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.
Procter & Gamble Co Beneish M-Score Distribution
For the Consumer Packaged Goods industry and Consumer Defensive sector, Procter & Gamble Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Procter & Gamble Co's Beneish M-Score falls into.
Procter & Gamble 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 Procter & Gamble 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 * 1.0505 | + | 0.528 * 0.9253 | + | 0.404 * 0.9854 | + | 0.892 * 1.0455 | + | 0.115 * 1.0098 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.064 | + | 4.679 * -0.031315 | - | 0.327 * 0.9706 |
| = | -2.59 |
* 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 $6,334 Mil.
Revenue was 21441 + 21871 + 20553 + 20068 = $83,933 Mil.
Gross Profit was 11297 + 11370 + 9940 + 9664 = $42,271 Mil.
Total Current Assets was $23,111 Mil.
Total Assets was $120,709 Mil.
Property, Plant and Equipment(Net PPE) was $22,132 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,821 Mil.
Selling, General, & Admin. Expense(SGA) was $22,320 Mil.
Total Current Liabilities was $35,950 Mil.
Long-Term Debt & Capital Lease Obligation was $23,096 Mil.
Net Income was 3468 + 4521 + 3384 + 3397 = $14,770 Mil.
Non Operating Income was -1164 + 132 + 195 + 179 = $-658 Mil.
Cash Flow from Operations was 5100 + 4904 + 5341 + 3863 = $19,208 Mil.
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Total Receivables was $5,767 Mil.
Revenue was 20773 + 20612 + 19515 + 19381 = $80,281 Mil.
Gross Profit was 9876 + 9766 + 8713 + 9055 = $37,410 Mil.
Total Current Assets was $21,866 Mil.
Total Assets was $117,715 Mil.
Property, Plant and Equipment(Net PPE) was $21,167 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,728 Mil.
Selling, General, & Admin. Expense(SGA) was $20,064 Mil.
Total Current Liabilities was $38,746 Mil.
Long-Term Debt & Capital Lease Obligation was $20,582 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) |
| = | (6334 / 83933) | / | (5767 / 80281) |
| = | 0.075465 | / | 0.071835 |
| | = | 1.0505 |
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) |
| = | (37410 / 80281) | / | (42271 / 83933) |
| = | 0.465988 | / | 0.503628 |
| | = | 0.9253 |
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 - (23111 + 22132) / 120709) | / | (1 - (21866 + 21167) / 117715) |
| = | 0.62519 | / | 0.634431 |
| | = | 0.9854 |
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 |
| = | 83933 | / | 80281 |
| | = | 1.0455 |
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)) |
| = | (2728 / (2728 + 21167)) | / | (2821 / (2821 + 22132)) |
| = | 0.114166 | / | 0.113053 |
| | = | 1.0098 |
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) |
| = | (22320 / 83933) | / | (20064 / 80281) |
| = | 0.265926 | / | 0.249922 |
| | = | 1.064 |
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) |
| = | ((23096 + 35950) / 120709) | / | ((20582 + 38746) / 117715) |
| = | 0.48916 | / | 0.503997 |
| | = | 0.9706 |
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 |
| = | (14770 - -658 | - | 19208) | / | 120709 |
| | = | -0.031315 |
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.
Procter & Gamble Co has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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