PepsiCo Beneish M-Score Historical Data
The historical data trend for PepsiCo'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.
PepsiCo Beneish M-Score Chart
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PepsiCo Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-2.62 |
-2.65 |
-2.45 |
-2.64 |
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PepsiCo Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.47 |
-2.52 |
-2.57 |
-2.64 |
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Competitive Comparison of PepsiCo's Beneish M-Score
For the Beverages - Non-Alcoholic subindustry, PepsiCo'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.
PepsiCo's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, PepsiCo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PepsiCo's Beneish M-Score falls into.
PepsiCo 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 PepsiCo 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 * 1.0232 | + | 0.528 * 0.9841 | + | 0.404 * 0.9472 | + | 0.892 * 1.0058 | + | 0.115 * 1.0438 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0031 | + | 4.679 * -0.029626 | - | 0.327 * 0.9979 |
| = | -2.62 |
* 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 €10,063 Mil.
Revenue was 16790 + 25538.45 + 21975.461 + 20603.206 = €84,907 Mil.
Gross Profit was 9201.84 + 13528.501 + 11972.986 + 11261.523 = €45,965 Mil.
Total Current Assets was €23,925 Mil.
Total Assets was €92,037 Mil.
Property, Plant and Equipment(Net PPE) was €24,649 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,307 Mil.
Selling, General, & Admin. Expense(SGA) was €33,932 Mil.
Total Current Liabilities was €27,815 Mil.
Long-Term Debt & Capital Lease Obligation was €34,690 Mil.
Net Income was 1878.64 + 1193.934 + 2897.204 + 2536.404 = €8,506 Mil.
Non Operating Income was 53.36 + -783.118 + 52.472 + 55.38 = €-622 Mil.
Cash Flow from Operations was -957.72 + 5329.604 + 5257.507 + 2225.353 = €11,855 Mil.
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Total Receivables was €9,778 Mil.
Revenue was 16668.164 + 26428.224 + 22190.71 + 19132.85 = €84,420 Mil.
Gross Profit was 9207.372 + 13759.744 + 11779.63 + 10226.26 = €44,973 Mil.
Total Current Assets was €20,947 Mil.
Total Assets was €86,901 Mil.
Property, Plant and Equipment(Net PPE) was €22,629 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,188 Mil.
Selling, General, & Admin. Expense(SGA) was €33,632 Mil.
Total Current Liabilities was €24,132 Mil.
Long-Term Debt & Capital Lease Obligation was €35,012 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) |
| = | (10062.96 / 84907.117) | / | (9778.046 / 84419.948) |
| = | 0.118517 | / | 0.115826 |
| | = | 1.0232 |
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) |
| = | (44973.006 / 84419.948) | / | (45964.85 / 84907.117) |
| = | 0.53273 | / | 0.541355 |
| | = | 0.9841 |
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 - (23924.6 + 24648.64) / 92036.8) | / | (1 - (20946.818 + 22628.952) / 86901.228) |
| = | 0.472241 | / | 0.49856 |
| | = | 0.9472 |
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 |
| = | 84907.117 | / | 84419.948 |
| | = | 1.0058 |
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)) |
| = | (3187.704 / (3187.704 + 22628.952)) | / | (3306.844 / (3306.844 + 24648.64)) |
| = | 0.123475 | / | 0.11829 |
| | = | 1.0438 |
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) |
| = | (33932.408 / 84907.117) | / | (33631.906 / 84419.948) |
| = | 0.399642 | / | 0.398388 |
| | = | 1.0031 |
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) |
| = | ((34690.44 + 27815.28) / 92036.8) | / | ((35011.924 + 24131.758) / 86901.228) |
| = | 0.679138 | / | 0.680585 |
| | = | 0.9979 |
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 |
| = | (8506.182 - -621.906 | - | 11854.744) | / | 92036.8 |
| | = | -0.029626 |
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.
PepsiCo has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
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