Mondelez International Beneish M-Score Historical Data
The historical data trend for Mondelez International'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.
Mondelez International Beneish M-Score Chart
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Mondelez International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.49 |
-2.38 |
-2.33 |
-2.40 |
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Mondelez International Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
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Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.39 |
-2.36 |
-2.35 |
-2.40 |
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Competitive Comparison of Mondelez International's Beneish M-Score
For the Confectioners subindustry, Mondelez International'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.
Mondelez International's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Mondelez International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mondelez International's Beneish M-Score falls into.
Mondelez International 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 Mondelez International 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 * 1.0368 | + | 0.528 * 0.8578 | + | 0.404 * 0.894 | + | 0.892 * 1.0606 | + | 0.115 * 0.9839 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.974 | + | 4.679 * -0.006621 | - | 0.327 * 1.0618 |
| = | -2.56 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €4,429 Mil.
Revenue was 8546.8 + 8540.938 + 8460.173 + 7851.961 = €33,400 Mil.
Gross Profit was 4370 + 3181.99 + 3273.878 + 3095.742 = €13,922 Mil.
Total Current Assets was €17,872 Mil.
Total Assets was €71,414 Mil.
Property, Plant and Equipment(Net PPE) was €9,397 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,138 Mil.
Selling, General, & Admin. Expense(SGA) was €7,471 Mil.
Total Current Liabilities was €23,265 Mil.
Long-Term Debt & Capital Lease Obligation was €15,902 Mil.
Net Income was 1299.04 + 871.15 + 922.008 + 871.312 = €3,964 Mil.
Non Operating Income was 27.6 + 37.597 + -37.48 + -131.066 = €-103 Mil.
Cash Flow from Operations was 1218.08 + 1434.188 + 1102.849 + 784.55 = €4,540 Mil.
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Total Receivables was €4,027 Mil.
Revenue was 8561.044 + 8208.08 + 7840.63 + 6881.204 = €31,491 Mil.
Gross Profit was 3218.564 + 2902.8 + 2639.13 + 2498.386 = €11,259 Mil.
Total Current Assets was €11,835 Mil.
Total Assets was €67,982 Mil.
Property, Plant and Equipment(Net PPE) was €9,142 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,087 Mil.
Selling, General, & Admin. Expense(SGA) was €7,233 Mil.
Total Current Liabilities was €17,308 Mil.
Long-Term Debt & Capital Lease Obligation was €17,806 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) |
| = | (4428.88 / 33399.872) | / | (4027.408 / 31490.958) |
| = | 0.132602 | / | 0.127891 |
| | = | 1.0368 |
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) |
| = | (11258.88 / 31490.958) | / | (13921.61 / 33399.872) |
| = | 0.357527 | / | 0.416816 |
| | = | 0.8578 |
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 - (17871.92 + 9396.88) / 71414.08) | / | (1 - (11834.714 + 9141.992) / 67982.124) |
| = | 0.618159 | / | 0.691438 |
| | = | 0.894 |
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 |
| = | 33399.872 | / | 31490.958 |
| | = | 1.0606 |
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)) |
| = | (1086.842 / (1086.842 + 9141.992)) | / | (1137.704 / (1137.704 + 9396.88)) |
| = | 0.106253 | / | 0.107997 |
| | = | 0.9839 |
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) |
| = | (7471.353 / 33399.872) | / | (7232.57 / 31490.958) |
| = | 0.223694 | / | 0.229671 |
| | = | 0.974 |
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) |
| = | ((15902.2 + 23264.96) / 71414.08) | / | ((17805.776 + 17307.954) / 67982.124) |
| = | 0.548452 | / | 0.516514 |
| | = | 1.0618 |
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 |
| = | (3963.51 - -103.349 | - | 4539.667) | / | 71414.08 |
| | = | -0.006621 |
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.
Mondelez International has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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