Molson Coors Beverage Co Beneish M-Score Historical Data
The historical data trend for Molson Coors Beverage 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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Molson Coors Beverage Co Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-1.94 |
-2.67 |
-2.67 |
-2.80 |
-2.30 |
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Molson Coors Beverage Co Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.32 |
-2.37 |
-2.30 |
-2.24 |
-2.47 |
Competitive Comparison
For the Beverages - Brewers subindustry, Molson Coors Beverage 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.
Molson Coors Beverage Co Beneish M-Score Distribution
For the Beverages - Alcoholic industry and Consumer Defensive sector, Molson Coors Beverage Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Molson Coors Beverage Co's Beneish M-Score falls into.
Molson Coors Beverage 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 Molson Coors Beverage 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 * 0.9388 | + | 0.528 * 1.155 | + | 0.404 * 1.0214 | + | 0.892 * 1.0701 | + | 0.115 * 1.1184 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0112 | + | 4.679 * -0.0273 | - | 0.327 * 0.9047 |
| = | -2.47 |
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $1,092 Mil.
Revenue was 2921.7 + 2214.6 + 2619.2 + 2822.7 = $10,578 Mil.
Gross Profit was 820 + 927.8 + 857.3 + 1193.6 = $3,799 Mil.
Total Current Assets was $2,872 Mil.
Total Assets was $27,388 Mil.
Property, Plant and Equipment(Net PPE) was $4,170 Mil.
Depreciation, Depletion and Amortization(DDA) was $728 Mil.
Selling, General, & Admin. Expense(SGA) was $2,713 Mil.
Total Current Liabilities was $3,514 Mil.
Long-Term Debt & Capital Lease Obligation was $6,558 Mil.
Net Income was 47.3 + 151.5 + 80 + 453 = $732 Mil.
Non Operating Income was 9.1 + -15.1 + -20.9 + 15.1 = $-12 Mil.
Cash Flow from Operations was 786.1 + -119.3 + 305.8 + 519.2 = $1,492 Mil.
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Total Receivables was $1,087 Mil.
Revenue was 2939.4 + 1898.4 + 2294.3 + 2753.5 = $9,886 Mil.
Gross Profit was 1271.5 + 731 + 895.2 + 1202.5 = $4,100 Mil.
Total Current Assets was $3,602 Mil.
Total Assets was $28,520 Mil.
Property, Plant and Equipment(Net PPE) was $4,174 Mil.
Depreciation, Depletion and Amortization(DDA) was $832 Mil.
Selling, General, & Admin. Expense(SGA) was $2,507 Mil.
Total Current Liabilities was $4,892 Mil.
Long-Term Debt & Capital Lease Obligation was $6,702 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) |
| = | (1091.7 / 10578.2) | / | (1086.7 / 9885.6) |
| = | 0.10320281 | / | 0.10992757 |
| | = | 0.9388 |
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) |
| = | (4100.2 / 9885.6) | / | (3798.7 / 10578.2) |
| = | 0.41476491 | / | 0.35910646 |
| | = | 1.155 |
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 - (2871.9 + 4169.7) / 27387.9) | / | (1 - (3602.1 + 4173.8) / 28519.9) |
| = | 0.74289376 | / | 0.72735178 |
| | = | 1.0214 |
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 |
| = | 10578.2 | / | 9885.6 |
| | = | 1.0701 |
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)) |
| = | (831.7 / (831.7 + 4173.8)) | / | (727.6 / (727.6 + 4169.7)) |
| = | 0.16615723 | / | 0.14857166 |
| | = | 1.1184 |
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) |
| = | (2713.2 / 10578.2) | / | (2507.4 / 9885.6) |
| = | 0.25648976 | / | 0.25364166 |
| | = | 1.0112 |
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) |
| = | ((6557.8 + 3514.3) / 27387.9) | / | ((6701.9 + 4891.9) / 28519.9) |
| = | 0.36775729 | / | 0.40651615 |
| | = | 0.9047 |
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 |
| = | (731.8 - -11.8 | - | 1491.8) | / | 27387.9 |
| | = | -0.0273 |
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.
Molson Coors Beverage Co has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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