Primo Water Beneish M-Score Historical Data
The historical data trend for Primo Water'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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Primo Water Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.08 |
-2.58 |
-2.43 |
-3.09 |
-2.80 |
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Primo Water 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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-3.09 |
-2.84 |
-2.85 |
-2.97 |
-2.80 |
Competitive Comparison
For the Beverages - Non-Alcoholic subindustry, Primo Water'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.
Primo Water Beneish M-Score Distribution
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Primo Water's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Primo Water's Beneish M-Score falls into.
Primo Water 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 Primo Water 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 * 0.8733 | + | 0.528 * 0.938 | + | 0.404 * 0.8393 | + | 0.892 * 1.0464 | + | 0.115 * 0.9535 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0553 | + | 4.679 * -0.032188 | - | 0.327 * 0.9154 |
| = | -2.79 |
* 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 $156 Mil.
Revenue was 10 + 622 + 593.3 + 546.5 = $1,772 Mil.
Gross Profit was 53.9 + 386.5 + 368.3 + 328.3 = $1,137 Mil.
Total Current Assets was $866 Mil.
Total Assets was $3,523 Mil.
Property, Plant and Equipment(Net PPE) was $693 Mil.
Depreciation, Depletion and Amortization(DDA) was $193 Mil.
Selling, General, & Admin. Expense(SGA) was $976 Mil.
Total Current Liabilities was $426 Mil.
Long-Term Debt & Capital Lease Obligation was $1,395 Mil.
Net Income was 177.6 + 33.4 + 21.3 + 5.8 = $238 Mil.
Non Operating Income was 2.1 + -5.4 + 1.5 + 3 = $1 Mil.
Cash Flow from Operations was 91.1 + 148.1 + 76.8 + 34.3 = $350 Mil.
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Total Receivables was $171 Mil.
Revenue was 11.1 + 584.6 + 571.4 + 526.1 = $1,693 Mil.
Gross Profit was 39.1 + 348.2 + 332.3 + 299.6 = $1,019 Mil.
Total Current Assets was $538 Mil.
Total Assets was $3,667 Mil.
Property, Plant and Equipment(Net PPE) was $693 Mil.
Depreciation, Depletion and Amortization(DDA) was $182 Mil.
Selling, General, & Admin. Expense(SGA) was $884 Mil.
Total Current Liabilities was $691 Mil.
Long-Term Debt & Capital Lease Obligation was $1,380 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) |
| = | (156 / 1771.8) | / | (170.7 / 1693.2) |
| = | 0.088046 | / | 0.100815 |
| | = | 0.8733 |
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) |
| = | (1019.2 / 1693.2) | / | (1137 / 1771.8) |
| = | 0.601937 | / | 0.64172 |
| | = | 0.938 |
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 - (865.9 + 692.5) / 3523) | / | (1 - (538 + 692.7) / 3667) |
| = | 0.55765 | / | 0.664385 |
| | = | 0.8393 |
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 |
| = | 1771.8 | / | 1693.2 |
| | = | 1.0464 |
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)) |
| = | (182 / (182 + 692.7)) | / | (193.3 / (193.3 + 692.5)) |
| = | 0.208071 | / | 0.218221 |
| | = | 0.9535 |
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) |
| = | (976 / 1771.8) | / | (883.8 / 1693.2) |
| = | 0.550852 | / | 0.52197 |
| | = | 1.0553 |
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) |
| = | ((1394.8 + 426.1) / 3523) | / | ((1379.9 + 690.6) / 3667) |
| = | 0.516861 | / | 0.56463 |
| | = | 0.9154 |
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 |
| = | (238.1 - 1.2 | - | 350.3) | / | 3523 |
| | = | -0.032188 |
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.
Primo Water has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
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