Maple Leaf Foods Beneish M-Score Historical Data
The historical data trend for Maple Leaf 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.
Maple Leaf Foods Beneish M-Score Chart
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Maple Leaf Foods Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.78 |
-2.61 |
-2.09 |
-2.68 |
-3.30 |
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Maple Leaf Foods Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.68 |
-2.84 |
-3.09 |
-3.23 |
-3.30 |
Competitive Comparison of Maple Leaf Foods's Beneish M-Score
For the Packaged Foods subindustry, Maple Leaf 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.
Maple Leaf Foods's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Maple Leaf Foods's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Maple Leaf Foods's Beneish M-Score falls into.
Maple Leaf 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 Maple Leaf 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 * 0.6998 | + | 0.528 * 0.5851 | + | 0.404 * 1.0187 | + | 0.892 * 1.0111 | + | 0.115 * 0.9744 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0673 | + | 4.679 * -0.074239 | - | 0.327 * 0.9516 |
| = | -3.30 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was C$216 Mil.
Revenue was 1220.863 + 1260.08 + 1260.878 + 1153.225 = C$4,895 Mil.
Gross Profit was 236.298 + 186.213 + 131.155 + 226.34 = C$780 Mil.
Total Current Assets was C$1,180 Mil.
Total Assets was C$4,431 Mil.
Property, Plant and Equipment(Net PPE) was C$2,284 Mil.
Depreciation, Depletion and Amortization(DDA) was C$265 Mil.
Selling, General, & Admin. Expense(SGA) was C$437 Mil.
Total Current Liabilities was C$957 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,538 Mil.
Net Income was 53.535 + 17.686 + -26.173 + 51.551 = C$97 Mil.
Non Operating Income was -24.224 + -11.347 + -3.401 + -0.432 = C$-39 Mil.
Cash Flow from Operations was 155.904 + 176.195 + 45.496 + 87.325 = C$465 Mil.
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Total Receivables was C$306 Mil.
Revenue was 1166.034 + 1238.271 + 1265.841 + 1171.067 = C$4,841 Mil.
Gross Profit was 135.475 + 145.857 + 93.595 + 76.447 = C$451 Mil.
Total Current Assets was C$1,211 Mil.
Total Assets was C$4,603 Mil.
Property, Plant and Equipment(Net PPE) was C$2,406 Mil.
Depreciation, Depletion and Amortization(DDA) was C$271 Mil.
Selling, General, & Admin. Expense(SGA) was C$405 Mil.
Total Current Liabilities was C$1,032 Mil.
Long-Term Debt & Capital Lease Obligation was C$1,692 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) |
| = | (216.448 / 4895.046) | / | (305.914 / 4841.213) |
| = | 0.044218 | / | 0.06319 |
| | = | 0.6998 |
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) |
| = | (451.374 / 4841.213) | / | (780.006 / 4895.046) |
| = | 0.093236 | / | 0.159346 |
| | = | 0.5851 |
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 - (1180.264 + 2284.089) / 4430.518) | / | (1 - (1211.451 + 2406.32) / 4603.121) |
| = | 0.21807 | / | 0.214061 |
| | = | 1.0187 |
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 |
| = | 4895.046 | / | 4841.213 |
| | = | 1.0111 |
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)) |
| = | (271.394 / (271.394 + 2406.32)) | / | (265.173 / (265.173 + 2284.089)) |
| = | 0.101353 | / | 0.10402 |
| | = | 0.9744 |
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) |
| = | (437.133 / 4895.046) | / | (405.067 / 4841.213) |
| = | 0.089301 | / | 0.083671 |
| | = | 1.0673 |
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) |
| = | ((1538.371 + 957.221) / 4430.518) | / | ((1692.366 + 1032.412) / 4603.121) |
| = | 0.563273 | / | 0.591941 |
| | = | 0.9516 |
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 |
| = | (96.599 - -39.404 | - | 464.92) | / | 4430.518 |
| | = | -0.074239 |
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.
Maple Leaf Foods has a M-score of -3.30 suggests that the company is unlikely to be a manipulator.
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