Philip Morris International Beneish M-Score Historical Data
The historical data trend for Philip Morris International'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.
Philip Morris International Beneish M-Score Chart
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Philip Morris International Annual Data
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Trend |
Dec15 |
Dec16 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.63 |
-2.72 |
-2.22 |
-2.62 |
-2.87 |
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Philip Morris International Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Mar22 |
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Sep22 |
Dec22 |
Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.56 |
-2.69 |
-2.56 |
-2.87 |
-2.70 |
Competitive Comparison of Philip Morris International's Beneish M-Score
For the Tobacco subindustry, Philip Morris International'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.
Philip Morris International's Beneish M-Score Distribution in the Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, Philip Morris International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Philip Morris International's Beneish M-Score falls into.
Philip Morris International 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 Philip Morris International 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 * 1.0738 | + | 0.528 * 0.9698 | + | 0.404 * 0.9527 | + | 0.892 * 1.0678 | + | 0.115 * 0.8397 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0222 | + | 4.679 * -0.061003 | - | 0.327 * 1.0039 |
| = | -2.70 |
* 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 $5,793 Mil.
Revenue was 9301 + 9706 + 9911 + 9468 = $38,386 Mil.
Gross Profit was 6261 + 6283 + 6545 + 6123 = $25,212 Mil.
Total Current Assets was $22,196 Mil.
Total Assets was $65,079 Mil.
Property, Plant and Equipment(Net PPE) was $7,532 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,900 Mil.
Selling, General, & Admin. Expense(SGA) was $11,311 Mil.
Total Current Liabilities was $28,087 Mil.
Long-Term Debt & Capital Lease Obligation was $38,781 Mil.
Net Income was 2690 + -579 + 3082 + 2406 = $7,599 Mil.
Non Operating Income was -12 + -16 + -15 + -14 = $-57 Mil.
Cash Flow from Operations was -350 + 4002 + 3342 + 4632 = $11,626 Mil.
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Total Receivables was $5,052 Mil.
Revenue was 8793 + 9047 + 9141 + 8967 = $35,948 Mil.
Gross Profit was 5598 + 5585 + 5976 + 5739 = $22,898 Mil.
Total Current Assets was $20,874 Mil.
Total Assets was $65,315 Mil.
Property, Plant and Equipment(Net PPE) was $7,201 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,466 Mil.
Selling, General, & Admin. Expense(SGA) was $10,363 Mil.
Total Current Liabilities was $22,168 Mil.
Long-Term Debt & Capital Lease Obligation was $44,683 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) |
| = | (5793 / 38386) | / | (5052 / 35948) |
| = | 0.150914 | / | 0.140536 |
| | = | 1.0738 |
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) |
| = | (22898 / 35948) | / | (25212 / 38386) |
| = | 0.636976 | / | 0.656802 |
| | = | 0.9698 |
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 - (22196 + 7532) / 65079) | / | (1 - (20874 + 7201) / 65315) |
| = | 0.543201 | / | 0.57016 |
| | = | 0.9527 |
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 |
| = | 38386 | / | 35948 |
| | = | 1.0678 |
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)) |
| = | (1466 / (1466 + 7201)) | / | (1900 / (1900 + 7532)) |
| = | 0.169147 | / | 0.201442 |
| | = | 0.8397 |
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) |
| = | (11311 / 38386) | / | (10363 / 35948) |
| = | 0.294665 | / | 0.288278 |
| | = | 1.0222 |
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) |
| = | ((38781 + 28087) / 65079) | / | ((44683 + 22168) / 65315) |
| = | 1.02749 | / | 1.023517 |
| | = | 1.0039 |
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 |
| = | (7599 - -57 | - | 11626) | / | 65079 |
| | = | -0.061003 |
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.
Philip Morris International has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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