Constellation Brands Beneish M-Score Historical Data
The historical data trend for Constellation Brands'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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Constellation Brands Annual Data
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Trend |
Feb15 |
Feb16 |
Feb17 |
Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
Feb24 |
| Beneish M-Score |
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-2.43 |
-2.70 |
-2.61 |
-2.74 |
-2.75 |
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Constellation Brands Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-2.74 |
-2.64 |
-2.66 |
-2.63 |
-2.75 |
Competitive Comparison
For the Beverages - Wineries & Distilleries subindustry, Constellation Brands'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.
Constellation Brands Beneish M-Score Distribution
For the Beverages - Alcoholic industry and Consumer Defensive sector, Constellation Brands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Constellation Brands's Beneish M-Score falls into.
Constellation Brands 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 Constellation Brands 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 * 0.7345 | + | 0.528 * 1.0017 | + | 0.404 * 0.9467 | + | 0.892 * 1.0539 | + | 0.115 * 1.0216 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9103 | + | 4.679 * -0.021022 | - | 0.327 * 0.9044 |
| = | -2.75 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $833 Mil.
Revenue was 2139.2 + 2470.9 + 2836.8 + 2514.9 = $9,962 Mil.
Gross Profit was 1039.2 + 1270.6 + 1449.9 + 1257.8 = $5,018 Mil.
Total Current Assets was $3,730 Mil.
Total Assets was $25,692 Mil.
Property, Plant and Equipment(Net PPE) was $8,055 Mil.
Depreciation, Depletion and Amortization(DDA) was $428 Mil.
Selling, General, & Admin. Expense(SGA) was $1,848 Mil.
Total Current Liabilities was $3,142 Mil.
Long-Term Debt & Capital Lease Obligation was $10,681 Mil.
Net Income was 392.4 + 509.1 + 690 + 135.9 = $1,727 Mil.
Non Operating Income was -34.4 + -41.8 + -20.2 + -416.1 = $-513 Mil.
Cash Flow from Operations was 433.2 + 724.8 + 956.6 + 665.4 = $2,780 Mil.
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Total Receivables was $1,076 Mil.
Revenue was 1997.8 + 2436.5 + 2655.1 + 2363.2 = $9,453 Mil.
Gross Profit was 961.2 + 1226.9 + 1325.9 + 1255 = $4,769 Mil.
Total Current Assets was $3,496 Mil.
Total Assets was $24,662 Mil.
Property, Plant and Equipment(Net PPE) was $7,064 Mil.
Depreciation, Depletion and Amortization(DDA) was $384 Mil.
Selling, General, & Admin. Expense(SGA) was $1,926 Mil.
Total Current Liabilities was $2,968 Mil.
Long-Term Debt & Capital Lease Obligation was $11,704 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) |
| = | (832.8 / 9961.8) | / | (1075.8 / 9452.6) |
| = | 0.083599 | / | 0.11381 |
| | = | 0.7345 |
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) |
| = | (4769 / 9452.6) | / | (5017.5 / 9961.8) |
| = | 0.504517 | / | 0.503674 |
| | = | 1.0017 |
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 - (3729.5 + 8055.2) / 25691.7) | / | (1 - (3496.1 + 7064.2) / 24662.3) |
| = | 0.541303 | / | 0.571804 |
| | = | 0.9467 |
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 |
| = | 9961.8 | / | 9452.6 |
| | = | 1.0539 |
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)) |
| = | (383.8 / (383.8 + 7064.2)) | / | (427.9 / (427.9 + 8055.2)) |
| = | 0.051531 | / | 0.050441 |
| | = | 1.0216 |
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) |
| = | (1847.8 / 9961.8) | / | (1926.1 / 9452.6) |
| = | 0.185489 | / | 0.203764 |
| | = | 0.9103 |
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) |
| = | ((10681.1 + 3141.7) / 25691.7) | / | ((11703.9 + 2968.3) / 24662.3) |
| = | 0.538026 | / | 0.594924 |
| | = | 0.9044 |
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 |
| = | (1727.4 - -512.5 | - | 2780) | / | 25691.7 |
| | = | -0.021022 |
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.
Constellation Brands has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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