Dole Beneish M-Score Historical Data
The historical data trend for Dole'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.
Dole Beneish M-Score Chart
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Dole Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.56 |
-2.75 |
-2.97 |
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Dole Quarterly Data
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Dec18 |
Dec19 |
Mar20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.92 |
-2.97 |
-2.73 |
-2.74 |
-2.62 |
Competitive Comparison of Dole's Beneish M-Score
For the Farm Products subindustry, Dole'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.
Dole's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Dole's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dole's Beneish M-Score falls into.
Dole 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 Dole 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 * 0.9559 | + | 0.528 * 0.9924 | + | 0.404 * 0.9164 | + | 0.892 * 1.0009 | + | 0.115 * 1.0575 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9869 | + | 4.679 * -0.025127 | - | 0.327 * 0.964 |
| = | -2.65 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was €730 Mil.
Revenue was 1858.235 + 1973.281 + 1951.664 + 1900.258 = €7,683 Mil.
Gross Profit was 147.799 + 186.344 + 179.103 + 139.547 = €653 Mil.
Total Current Assets was €1,766 Mil.
Total Assets was €4,069 Mil.
Property, Plant and Equipment(Net PPE) was €1,315 Mil.
Depreciation, Depletion and Amortization(DDA) was €92 Mil.
Selling, General, & Admin. Expense(SGA) was €432 Mil.
Total Current Liabilities was €1,429 Mil.
Long-Term Debt & Capital Lease Obligation was €1,028 Mil.
Net Income was 12.976 + 74.429 + 64.532 + 20.483 = €172 Mil.
Non Operating Income was -4.52 + 7.695 + 40.506 + 5.068 = €49 Mil.
Cash Flow from Operations was 90.99 + 37.359 + -32.16 + 129.729 = €226 Mil.
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Total Receivables was €763 Mil.
Revenue was 1913.984 + 1976.304 + 1857.882 + 1928.184 = €7,676 Mil.
Gross Profit was 155.898 + 181.437 + 167.222 + 142.65 = €647 Mil.
Total Current Assets was €1,801 Mil.
Total Assets was €4,252 Mil.
Property, Plant and Equipment(Net PPE) was €1,323 Mil.
Depreciation, Depletion and Amortization(DDA) was €98 Mil.
Selling, General, & Admin. Expense(SGA) was €437 Mil.
Total Current Liabilities was €1,612 Mil.
Long-Term Debt & Capital Lease Obligation was €1,051 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) |
| = | (730.412 / 7683.438) | / | (763.373 / 7676.354) |
| = | 0.095063 | / | 0.099445 |
| | = | 0.9559 |
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) |
| = | (647.207 / 7676.354) | / | (652.793 / 7683.438) |
| = | 0.084312 | / | 0.084961 |
| | = | 0.9924 |
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 - (1765.846 + 1314.579) / 4069.235) | / | (1 - (1801.127 + 1323.2) / 4251.801) |
| = | 0.242997 | / | 0.265176 |
| | = | 0.9164 |
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 |
| = | 7683.438 | / | 7676.354 |
| | = | 1.0009 |
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)) |
| = | (97.869 / (97.869 + 1323.2)) | / | (91.577 / (91.577 + 1314.579)) |
| = | 0.06887 | / | 0.065126 |
| | = | 1.0575 |
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) |
| = | (431.55 / 7683.438) | / | (436.86 / 7676.354) |
| = | 0.056166 | / | 0.05691 |
| | = | 0.9869 |
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) |
| = | ((1028.461 + 1428.517) / 4069.235) | / | ((1051.161 + 1611.869) / 4251.801) |
| = | 0.603794 | / | 0.62633 |
| | = | 0.964 |
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 |
| = | (172.42 - 48.749 | - | 225.918) | / | 4069.235 |
| | = | -0.025127 |
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.
Dole has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
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