Forbidden Spirits Distilling (TSXV:VDKA.H) Beneish M-Score : 0.00 (As of Jun. 30, 2025)

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What is Forbidden Spirits Distilling Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Forbidden Spirits Distilling's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of Forbidden Spirits Distilling was 0.00. The lowest was 0.00. And the median was 0.00.

Forbidden Spirits Distilling Beneish M-Score Historical Data

The historical data trend for Forbidden Spirits Distilling'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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Forbidden Spirits Distilling Beneish M-Score Chart

Forbidden Spirits Distilling Annual Data

Trend

Dec19

Dec20

Dec21

Beneish M-Score

Forbidden Spirits Distilling Quarterly Data
	Dec19	Jun20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22
Beneish M-Score	Get a 7-Day Free Trial					-	-	-	-2.86	-

Competitive Comparison of Forbidden Spirits Distilling's Beneish M-Score

For the Beverages - Wineries & Distilleries subindustry, Forbidden Spirits Distilling'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.

Forbidden Spirits Distilling's Beneish M-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Forbidden Spirits Distilling's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Forbidden Spirits Distilling's Beneish M-Score falls into.

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Forbidden Spirits Distilling 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 Forbidden Spirits Distilling for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Sep22) TTM:

Last Year (Sep21) TTM:

Total Receivables was C$0.08 Mil.
Revenue was 0.324 + 0.158 + 0.059 + 0.115 = C$0.66 Mil.
Gross Profit was 0.226 + 0.071 + 0.025 + 0.002 = C$0.32 Mil.
Total Current Assets was C$1.01 Mil.
Total Assets was C$3.59 Mil.
Property, Plant and Equipment(Net PPE) was C$2.47 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.20 Mil.
Selling, General, & Admin. Expense(SGA) was C$2.32 Mil.
Total Current Liabilities was C$0.94 Mil.
Long-Term Debt & Capital Lease Obligation was C$1.23 Mil.
Net Income was -0.247 + -0.586 + -0.6 + -2.54 = C$-3.97 Mil.
Non Operating Income was 0 + 0.001 + 0 + -1.421 = C$-1.42 Mil.
Cash Flow from Operations was -0.113 + -0.367 + -1.065 + -0.882 = C$-2.43 Mil.

Total Receivables was C$0.00 Mil.
Revenue was 0.2 + 0.153 + 0.126 + 0 = C$0.48 Mil.
Gross Profit was 0.139 + 0.082 + 0.079 + 0 = C$0.30 Mil.
Total Current Assets was C$0.00 Mil.
Total Assets was C$0.00 Mil.
Property, Plant and Equipment(Net PPE) was C$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.18 Mil.
Selling, General, & Admin. Expense(SGA) was C$1.00 Mil.
Total Current Liabilities was C$0.00 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.00 Mil.

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)
	=	(0.077 / 0.656)	/	(0 / 0.479)
	=	0.117378	/	0
	=

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)
	=	(0.3 / 0.479)	/	(0.324 / 0.656)
	=	0.626305	/	0.493902
	=

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 - (1.014 + 2.472) / 3.59)	/	(1 - (0 + 0) / 0)
	=	0.028969	/
	=

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
	=	0.656	/	0.479
	=

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))
	=	(0.18 / (0.18 + 0))	/	(0.199 / (0.199 + 2.472))
	=	1	/	0.074504
	=

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)
	=	(2.323 / 0.656)	/	(1.003 / 0.479)
	=	3.541159	/	2.093946
	=

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)
	=	((1.231 + 0.937) / 3.59)	/	((0 + 0) / 0)
	=	0.6039	/
	=

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
	=	(-3.973 - -1.42	-	-2.427)	/	3.59
	=	-0.035097

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.

Forbidden Spirits Distilling Beneish M-Score Related Terms

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Forbidden Spirits Distilling Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Alcoholic » Forbidden Spirits Distilling Corp (TSXV:VDKA.H) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

4400 Wallace Hill Road, Kelowna, BC, CAN, V1W 1C3

Website

https://www.forbiddenspirits.ca

Forbidden Spirits Distilling Corp is engaged in manufacturing, marketing, and selling spirits directly to consumers from its online store, as well as direct to off-premises retail liquor stores and direct to on-premises restaurants, hotels, pubs, bars, golf courses, and yacht clubs. Its brands include REBEL Vodka, Eve's Original Gin, Adam's Apple Brandy, Forbidden Fire, Forbidden Spirits Vodka, and Wallace Hill Whisky. The company's reportable operating segments include the distilling and sale of spirits, the sale of hand sanitizer and merchandise.

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