Fruitas Holdings Beneish M-Score Historical Data
The historical data trend for Fruitas Holdings'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.
Fruitas Holdings Beneish M-Score Chart
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Fruitas Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-0.78 |
-2.99 |
-2.71 |
-3.05 |
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Fruitas Holdings Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.75 |
-2.86 |
-2.70 |
-3.05 |
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Competitive Comparison of Fruitas Holdings's Beneish M-Score
For the Packaged Foods subindustry, Fruitas Holdings'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.
Fruitas Holdings's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Fruitas Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fruitas Holdings's Beneish M-Score falls into.
Fruitas Holdings 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 Fruitas Holdings 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 * 0.6019 | + | 0.528 * 0.9604 | + | 0.404 * 0.9915 | + | 0.892 * 1.3074 | + | 0.115 * 0.9064 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0932 | + | 4.679 * -0.088181 | - | 0.327 * 1.0118 |
| = | -3.04 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₱172 Mil.
Revenue was 639.808 + 680.004 + 649.802 + 624.114 = ₱2,594 Mil.
Gross Profit was 376.726 + 439.093 + 382.798 + 367.746 = ₱1,566 Mil.
Total Current Assets was ₱1,092 Mil.
Total Assets was ₱2,161 Mil.
Property, Plant and Equipment(Net PPE) was ₱593 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱211 Mil.
Selling, General, & Admin. Expense(SGA) was ₱900 Mil.
Total Current Liabilities was ₱450 Mil.
Long-Term Debt & Capital Lease Obligation was ₱18 Mil.
Net Income was 29.818 + 28.235 + 26.693 + 24.374 = ₱109 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 64.643 + 96.092 + 55.777 + 83.17 = ₱300 Mil.
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Total Receivables was ₱219 Mil.
Revenue was 515.179 + 542.938 + 468.734 + 457.023 = ₱1,984 Mil.
Gross Profit was 303.915 + 290.439 + 277.772 + 278.47 = ₱1,151 Mil.
Total Current Assets was ₱1,041 Mil.
Total Assets was ₱1,983 Mil.
Property, Plant and Equipment(Net PPE) was ₱501 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱156 Mil.
Selling, General, & Admin. Expense(SGA) was ₱630 Mil.
Total Current Liabilities was ₱348 Mil.
Long-Term Debt & Capital Lease Obligation was ₱76 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) |
| = | (172.257 / 2593.728) | / | (218.915 / 1983.874) |
| = | 0.066413 | / | 0.110347 |
| | = | 0.6019 |
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) |
| = | (1150.596 / 1983.874) | / | (1566.363 / 2593.728) |
| = | 0.579974 | / | 0.603904 |
| | = | 0.9604 |
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 - (1091.991 + 592.642) / 2161.026) | / | (1 - (1041.282 + 500.773) / 1982.932) |
| = | 0.220448 | / | 0.222336 |
| | = | 0.9915 |
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 |
| = | 2593.728 | / | 1983.874 |
| | = | 1.3074 |
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)) |
| = | (156.424 / (156.424 + 500.773)) | / | (211.052 / (211.052 + 592.642)) |
| = | 0.238017 | / | 0.262602 |
| | = | 0.9064 |
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) |
| = | (900.181 / 2593.728) | / | (629.823 / 1983.874) |
| = | 0.347061 | / | 0.317471 |
| | = | 1.0932 |
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) |
| = | ((17.671 + 449.759) / 2161.026) | / | ((76.414 + 347.51) / 1982.932) |
| = | 0.2163 | / | 0.213786 |
| | = | 1.0118 |
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 |
| = | (109.12 - 0 | - | 299.682) | / | 2161.026 |
| | = | -0.088181 |
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.
Fruitas Holdings has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.
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