IMC Beneish M-Score Historical Data
The historical data trend for IMC'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.
IMC Beneish M-Score Chart
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IMC Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.54 |
-2.99 |
-2.31 |
15.66 |
-2.42 |
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IMC Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-3.55 |
-2.50 |
-2.42 |
1.26 |
-2.56 |
Competitive Comparison of IMC's Beneish M-Score
For the Farm Products subindustry, IMC'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.
IMC's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, IMC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IMC's Beneish M-Score falls into.
IMC 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 IMC 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 * 0.9737 | + | 0.528 * 1.6075 | + | 0.404 * 0.7232 | + | 0.892 * 1.2429 | + | 0.115 * 1.0868 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9134 | + | 4.679 * -0.110754 | - | 0.327 * 0.9793 |
| = | -2.57 |
* 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 zł11.0 Mil.
Revenue was 188.301 + 226.938 + 155.901 + 102.858 = zł674.0 Mil.
Gross Profit was 154.855 + 48.876 + -30.311 + -10.147 = zł163.3 Mil.
Total Current Assets was zł522.5 Mil.
Total Assets was zł1,227.2 Mil.
Property, Plant and Equipment(Net PPE) was zł703.6 Mil.
Depreciation, Depletion and Amortization(DDA) was zł67.4 Mil.
Selling, General, & Admin. Expense(SGA) was zł119.6 Mil.
Total Current Liabilities was zł178.1 Mil.
Long-Term Debt & Capital Lease Obligation was zł450.0 Mil.
Net Income was 97.541 + -14.352 + -72.018 + -32.484 = zł-21.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = zł0.0 Mil.
Cash Flow from Operations was 34.681 + 62.699 + 26.857 + -9.637 = zł114.6 Mil.
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Total Receivables was zł9.1 Mil.
Revenue was 114.972 + 160.85 + 200.1 + 66.353 = zł542.3 Mil.
Gross Profit was 91.78 + 32.956 + 29.536 + 56.899 = zł211.2 Mil.
Total Current Assets was zł651.6 Mil.
Total Assets was zł1,272.5 Mil.
Property, Plant and Equipment(Net PPE) was zł619.4 Mil.
Depreciation, Depletion and Amortization(DDA) was zł65.0 Mil.
Selling, General, & Admin. Expense(SGA) was zł105.4 Mil.
Total Current Liabilities was zł219.4 Mil.
Long-Term Debt & Capital Lease Obligation was zł445.7 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) |
| = | (10.987 / 673.998) | / | (9.078 / 542.275) |
| = | 0.016301 | / | 0.016741 |
| | = | 0.9737 |
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) |
| = | (211.171 / 542.275) | / | (163.273 / 673.998) |
| = | 0.389417 | / | 0.242246 |
| | = | 1.6075 |
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 - (522.525 + 703.573) / 1227.16) | / | (1 - (651.634 + 619.369) / 1272.525) |
| = | 0.000865 | / | 0.001196 |
| | = | 0.7232 |
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 |
| = | 673.998 | / | 542.275 |
| | = | 1.2429 |
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)) |
| = | (64.996 / (64.996 + 619.369)) | / | (67.372 / (67.372 + 703.573)) |
| = | 0.094973 | / | 0.087389 |
| | = | 1.0868 |
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) |
| = | (119.614 / 673.998) | / | (105.365 / 542.275) |
| = | 0.177469 | / | 0.194302 |
| | = | 0.9134 |
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) |
| = | ((449.958 + 178.1) / 1227.16) | / | ((445.654 + 219.356) / 1272.525) |
| = | 0.511798 | / | 0.522591 |
| | = | 0.9793 |
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 |
| = | (-21.313 - 0 | - | 114.6) | / | 1227.16 |
| | = | -0.110754 |
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.
IMC has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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