Treasury Wine Estates Beneish M-Score Historical Data
The historical data trend for Treasury Wine Estates'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.
Treasury Wine Estates Beneish M-Score Chart
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Treasury Wine Estates Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.85 |
-2.50 |
-2.87 |
-2.55 |
-2.53 |
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Treasury Wine Estates Semi-Annual Data
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Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
| Beneish M-Score |
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-2.87 |
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-2.55 |
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-2.53 |
Competitive Comparison of Treasury Wine Estates's Beneish M-Score
For the Beverages - Wineries & Distilleries subindustry, Treasury Wine Estates'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.
Treasury Wine Estates's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Treasury Wine Estates's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Treasury Wine Estates's Beneish M-Score falls into.
Treasury Wine Estates 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 Treasury Wine Estates 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 * 0.994 | + | 0.528 * 0.9787 | + | 0.404 * 1.1343 | + | 0.892 * 1.1187 | + | 0.115 * 1.1396 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9916 | + | 4.679 * -0.049465 | - | 0.327 * 0.9745 |
| = | -2.54 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $403 Mil.
Revenue was $1,819 Mil.
Gross Profit was $774 Mil.
Total Current Assets was $1,453 Mil.
Total Assets was $5,387 Mil.
Property, Plant and Equipment(Net PPE) was $1,445 Mil.
Depreciation, Depletion and Amortization(DDA) was $103 Mil.
Selling, General, & Admin. Expense(SGA) was $426 Mil.
Total Current Liabilities was $684 Mil.
Long-Term Debt & Capital Lease Obligation was $1,378 Mil.
Net Income was $66 Mil.
Gross Profit was $45 Mil.
Cash Flow from Operations was $287 Mil.
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Total Receivables was $363 Mil.
Revenue was $1,626 Mil.
Gross Profit was $677 Mil.
Total Current Assets was $1,501 Mil.
Total Assets was $4,759 Mil.
Property, Plant and Equipment(Net PPE) was $1,320 Mil.
Depreciation, Depletion and Amortization(DDA) was $109 Mil.
Selling, General, & Admin. Expense(SGA) was $384 Mil.
Total Current Liabilities was $737 Mil.
Long-Term Debt & Capital Lease Obligation was $1,132 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) |
| = | (403.453 / 1819.256) | / | (362.819 / 1626.174) |
| = | 0.221768 | / | 0.223112 |
| | = | 0.994 |
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) |
| = | (677.383 / 1626.174) | / | (774.303 / 1819.256) |
| = | 0.41655 | / | 0.425615 |
| | = | 0.9787 |
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 - (1453.254 + 1445.485) / 5386.985) | / | (1 - (1501.477 + 1319.799) / 4759.262) |
| = | 0.4619 | / | 0.407203 |
| | = | 1.1343 |
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 |
| = | 1819.256 | / | 1626.174 |
| | = | 1.1187 |
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)) |
| = | (108.523 / (108.523 + 1319.799)) | / | (103.254 / (103.254 + 1445.485)) |
| = | 0.075979 | / | 0.06667 |
| | = | 1.1396 |
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) |
| = | (425.697 / 1819.256) | / | (383.758 / 1626.174) |
| = | 0.233995 | / | 0.235988 |
| | = | 0.9916 |
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) |
| = | ((1377.623 + 684.263) / 5386.985) | / | ((1132.148 + 737.181) / 4759.262) |
| = | 0.382753 | / | 0.392777 |
| | = | 0.9745 |
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 |
| = | (65.671 - 45.485 | - | 286.653) | / | 5386.985 |
| | = | -0.049465 |
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.
Treasury Wine Estates has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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