High Liner Foods Beneish M-Score Historical Data
The historical data trend for High Liner Foods'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.
High Liner Foods Beneish M-Score Chart
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High Liner Foods Annual Data
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Trend |
Dec15 |
Dec16 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.22 |
-2.06 |
-1.81 |
-3.11 |
-2.73 |
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High Liner Foods Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Mar23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.25 |
-3.38 |
-3.06 |
-2.73 |
-2.53 |
Competitive Comparison of High Liner Foods's Beneish M-Score
For the Packaged Foods subindustry, High Liner Foods'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.
High Liner Foods's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, High Liner Foods's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where High Liner Foods's Beneish M-Score falls into.
High Liner Foods 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 High Liner Foods 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 * 1.1589 | + | 0.528 * 0.9263 | + | 0.404 * 1.0264 | + | 0.892 * 0.9617 | + | 0.115 * 1.1705 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0866 | + | 4.679 * -0.028253 | - | 0.327 * 1.0133 |
| = | -2.53 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was C$178 Mil.
Revenue was 385.367 + 334.86 + 310.046 + 299.212 = C$1,329 Mil.
Gross Profit was 91.161 + 72.61 + 65.489 + 71.958 = C$301 Mil.
Total Current Assets was C$595 Mil.
Total Assets was C$1,241 Mil.
Property, Plant and Equipment(Net PPE) was C$206 Mil.
Depreciation, Depletion and Amortization(DDA) was C$33 Mil.
Selling, General, & Admin. Expense(SGA) was C$204 Mil.
Total Current Liabilities was C$234 Mil.
Long-Term Debt & Capital Lease Obligation was C$350 Mil.
Net Income was 21.958 + 8.446 + 24.853 + 26.438 = C$82 Mil.
Non Operating Income was -0.177 + 18.182 + -0.314 + 13.272 = C$31 Mil.
Cash Flow from Operations was -15.263 + 29.384 + 18.183 + 53.504 = C$86 Mil.
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Total Receivables was C$160 Mil.
Revenue was 374.909 + 318.128 + 351.399 + 337.928 = C$1,382 Mil.
Gross Profit was 88.6 + 65.278 + 67.173 + 69.065 = C$290 Mil.
Total Current Assets was C$544 Mil.
Total Assets was C$1,109 Mil.
Property, Plant and Equipment(Net PPE) was C$182 Mil.
Depreciation, Depletion and Amortization(DDA) was C$35 Mil.
Selling, General, & Admin. Expense(SGA) was C$195 Mil.
Total Current Liabilities was C$196 Mil.
Long-Term Debt & Capital Lease Obligation was C$320 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) |
| = | (178.48 / 1329.485) | / | (160.134 / 1382.364) |
| = | 0.134247 | / | 0.115841 |
| | = | 1.1589 |
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) |
| = | (290.116 / 1382.364) | / | (301.218 / 1329.485) |
| = | 0.209869 | / | 0.226567 |
| | = | 0.9263 |
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 - (595.402 + 205.872) / 1241.481) | / | (1 - (543.64 + 182.246) / 1109.01) |
| = | 0.354582 | / | 0.345465 |
| | = | 1.0264 |
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 |
| = | 1329.485 | / | 1382.364 |
| | = | 0.9617 |
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)) |
| = | (34.85 / (34.85 + 182.246)) | / | (32.722 / (32.722 + 205.872)) |
| = | 0.160528 | / | 0.137145 |
| | = | 1.1705 |
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) |
| = | (203.541 / 1329.485) | / | (194.774 / 1382.364) |
| = | 0.153098 | / | 0.140899 |
| | = | 1.0866 |
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) |
| = | ((350.371 + 234.492) / 1241.481) | / | ((320.019 + 195.582) / 1109.01) |
| = | 0.471101 | / | 0.46492 |
| | = | 1.0133 |
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 |
| = | (81.695 - 30.963 | - | 85.808) | / | 1241.481 |
| | = | -0.028253 |
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.
High Liner Foods has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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