Cocoa Processing Co (XGHA:CPC) Beneish M-Score: 0.00 (As of Jul. 30, 2026)

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What is Cocoa Processing Co Beneish M-Score?

Cocoa Processing Co XGHA:CPC Beneish M-Score is 0.00 as of Jul. 30, 2026.

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 Cocoa Processing Co's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of Cocoa Processing Co was 0.00. The lowest was 0.00. And the median was 0.00.

Cocoa Processing Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Cocoa Processing Co'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.

Cocoa Processing Co Beneish M-Score Chart

Cocoa Processing Co Annual Data
Trend Sep10 Sep11 Sep12 Sep13 Sep14 Sep21 Sep22
Beneish M-Score
Get a 7-Day Free Trial -2.99 -2.42 0.00 -1.41 0.00

Cocoa Processing Co Semi-Annual Data
Sep10 Sep11 Sep12 Sep13 Sep14 Sep21 Sep22
Beneish M-Score Get a 7-Day Free Trial -2.99 -2.42 0.00 -1.41 0.00

XGHA:CPC vs MDLZ, HSY, TR: Beneish M-Score Comparison

For the Confectioners subindustry, Cocoa Processing Co'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.

Cocoa Processing Co Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Cocoa Processing Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Cocoa Processing Co's Beneish M-Score falls into.


Cocoa Processing Co 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 Cocoa Processing Co 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 * 0.5327+0.528 * 1.3399+0.404 * -7+0.892 * 1.0396+0.115 * 0.9472
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0537+4.679 * -0.082595-0.327 * 0.5961
=-6.20

* 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 (Sep22) TTM:Last Year (Sep21) TTM:
Total Receivables was GHS57.7 Mil.
Revenue was GHS508.3 Mil.
Gross Profit was GHS-45.3 Mil.
Total Current Assets was GHS311.7 Mil.
Total Assets was GHS1,647.4 Mil.
Property, Plant and Equipment(Net PPE) was GHS1,335.7 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS70.4 Mil.
Selling, General, & Admin. Expense(SGA) was GHS62.8 Mil.
Total Current Liabilities was GHS1,122.1 Mil.
Long-Term Debt & Capital Lease Obligation was GHS23.2 Mil.
Net Income was GHS-140.9 Mil.
Gross Profit was GHS0.0 Mil.
Cash Flow from Operations was GHS-4.9 Mil.
 Total Receivables was GHS104.1 Mil.
Revenue was GHS488.9 Mil.
Gross Profit was GHS-58.4 Mil.
Total Current Assets was GHS466.8 Mil.
Total Assets was GHS1,870.3 Mil.
Property, Plant and Equipment(Net PPE) was GHS1,403.5 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS69.9 Mil.
Selling, General, & Admin. Expense(SGA) was GHS57.3 Mil.
Total Current Liabilities was GHS1,789.2 Mil.
Long-Term Debt & Capital Lease Obligation was GHS392.2 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)
=(57.663 / 508.266) / (104.131 / 488.924)
=0.11345 / 0.21298
=0.5327

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)
=(-58.353 / 488.924) / (-45.275 / 508.266)
=-0.11935 / -0.089077
=1.3399

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 - (311.738 + 1335.714) / 1647.441) / (1 - (466.847 + 1403.475) / 1870.323)
=-7.0E-6 / 1.0E-6
=-7

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
=508.266 / 488.924
=1.0396

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))
=(69.853 / (69.853 + 1403.475)) / (70.379 / (70.379 + 1335.714))
=0.047412 / 0.050053
=0.9472

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)
=(62.806 / 508.266) / (57.336 / 488.924)
=0.123569 / 0.11727
=1.0537

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)
=((23.199 + 1122.1) / 1647.441) / ((392.168 + 1789.227) / 1870.323)
=0.695199 / 1.16632
=0.5961

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
=(-140.933 - 0 - -4.862) / 1647.441
=-0.082595

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.

Cocoa Processing Co has a M-score of -6.20 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Cocoa Processing Co (XGHA:CPC) has a Beneish M-Score of 0.00 as of Jul. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cocoa Processing Co and its competitors.
Is Cocoa Processing Co's Beneish M-Score too high?
Cocoa Processing Co's current Beneish M-Score is 0.00.
How does Cocoa Processing Co's Beneish M-Score compare to MDLZ and HSY?
Cocoa Processing Co's Beneish M-Score of 0.00 can be compared against companies in the Consumer Packaged Goods industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Cocoa Processing Co and its competitors. Cocoa Processing Co's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cocoa Processing Co stock overvalued right now?
Cocoa Processing Co (XGHA:CPC) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Cocoa Processing Co (XGHA:CPC), the current Beneish M-Score is 0.00 as of Jul. 30, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Cocoa Processing Co Business Description

Address Heavy Industrial Area, Private Mail Bag, Tema, GHA
Cocoa Processing Co Ltd manufactures chocolates, confectionery and semi-finished cocoa products such as cocoa butter, cocoa liquor, cocoa cake and cocoa powder from premium cocoa beans grown in Ghana.