Seaboard Beneish M-Score Historical Data
The historical data trend for Seaboard'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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Seaboard Annual Data
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|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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|
|
|
|
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-2.30 |
-2.35 |
-2.74 |
-2.01 |
-2.26 |
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Seaboard Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
| Beneish M-Score |
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|
|
|
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|
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-2.01 |
-2.22 |
-1.86 |
-1.93 |
-2.26 |
Competitive Comparison
For the Conglomerates subindustry, Seaboard'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.
Seaboard Beneish M-Score Distribution
For the Conglomerates industry and Industrials sector, Seaboard's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Seaboard's Beneish M-Score falls in comparison to its industry or sector. The grey bar indicates the Beneish M-Score's extreme value range as defined by GuruFocus.
Seaboard 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 Seaboard 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 * 0.9943 | + | 0.528 * 0.9675 | + | 0.404 * 1.0615 | + | 0.892 * 1.2182 | + | 0.115 * 0.8637 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8505 | + | 4.679 * -0.0033 | - | 0.327 * 0.9238 |
| = | -2.26 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was $923 Mil.
Revenue was 2666 + 2895 + 2973 + 2709 = $11,243 Mil.
Gross Profit was 266 + 247 + 281 + 236 = $1,030 Mil.
Total Current Assets was $4,017 Mil.
Total Assets was $7,902 Mil.
Property, Plant and Equipment(Net PPE) was $2,691 Mil.
Depreciation, Depletion and Amortization(DDA) was $235 Mil.
Selling, General, & Admin. Expense(SGA) was $373 Mil.
Total Current Liabilities was $1,529 Mil.
Long-Term Debt & Capital Lease Obligation was $1,020 Mil.
Net Income was 223 + 146 + 108 + 103 = $580 Mil.
Non Operating Income was 95 + -6 + -125 + -34 = $-70 Mil.
Cash Flow from Operations was 299 + 260 + 11 + 106 = $676 Mil.
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Total Receivables was $762 Mil.
Revenue was 2464 + 2276 + 2430 + 2059 = $9,229 Mil.
Gross Profit was 187 + 200 + 253 + 178 = $818 Mil.
Total Current Assets was $4,047 Mil.
Total Assets was $7,503 Mil.
Property, Plant and Equipment(Net PPE) was $2,388 Mil.
Depreciation, Depletion and Amortization(DDA) was $178 Mil.
Selling, General, & Admin. Expense(SGA) was $360 Mil.
Total Current Liabilities was $1,552 Mil.
Long-Term Debt & Capital Lease Obligation was $1,068 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) |
| = | (923 / 11243) | / | (762 / 9229) |
| = | 0.08209553 | / | 0.08256583 |
| | = | 0.9943 |
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) |
| = | (818 / 9229) | / | (1030 / 11243) |
| = | 0.08863365 | / | 0.09161256 |
| | = | 0.9675 |
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 - (4017 + 2691) / 7902) | / | (1 - (4047 + 2388) / 7503) |
| = | 0.15110099 | / | 0.14234306 |
| | = | 1.0615 |
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 |
| = | 11243 | / | 9229 |
| | = | 1.2182 |
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)) |
| = | (178 / (178 + 2388)) | / | (235 / (235 + 2691)) |
| = | 0.06936867 | / | 0.08031442 |
| | = | 0.8637 |
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) |
| = | (373 / 11243) | / | (360 / 9229) |
| = | 0.0331762 | / | 0.03900748 |
| | = | 0.8505 |
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) |
| = | ((1020 + 1529) / 7902) | / | ((1068 + 1552) / 7503) |
| = | 0.32257656 | / | 0.34919366 |
| | = | 0.9238 |
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 |
| = | (580 - -70 | - | 676) | / | 7902 |
| | = | -0.0033 |
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.
Seaboard has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
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