Monsanto Co Beneish M-Score Historical Data
The historical data trend for Monsanto 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.
Monsanto Co Beneish M-Score Chart
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Monsanto Co Annual Data
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Aug08 |
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| Beneish M-Score |
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-2.62 |
-2.65 |
-2.92 |
-2.59 |
-2.56 |
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Monsanto Co Quarterly Data
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May13 |
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Feb14 |
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Feb18 |
| Beneish M-Score |
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-2.32 |
-2.48 |
-2.56 |
-2.62 |
-2.65 |
Competitive Comparison of Monsanto Co's Beneish M-Score
For the Agricultural Inputs subindustry, Monsanto 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.
Monsanto Co's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, Monsanto Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Monsanto Co's Beneish M-Score falls into.
Monsanto 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 Monsanto 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 * 0.9173 | + | 0.528 * 0.9752 | + | 0.404 * 0.9981 | + | 0.892 * 0.9856 | + | 0.115 * 1.0508 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0328 | + | 4.679 * -0.038916 | - | 0.327 * 0.8745 |
| = | -2.72 |
* 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 (Feb18) TTM: | Last Year (Feb17) TTM: |
Total Receivables was CHF2,357 Mil.
Revenue was 4695.275 + 2635.407 + 2592.796 + 4173.741 = CHF14,097 Mil.
Gross Profit was 2774.693 + 1300.848 + 1293.502 + 2354.266 = CHF7,723 Mil.
Total Current Assets was CHF9,407 Mil.
Total Assets was CHF21,224 Mil.
Property, Plant and Equipment(Net PPE) was CHF5,715 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF734 Mil.
Selling, General, & Admin. Expense(SGA) was CHF2,952 Mil.
Total Current Liabilities was CHF6,688 Mil.
Long-Term Debt & Capital Lease Obligation was CHF6,207 Mil.
Net Income was 1364.895 + 167.563 + 19.306 + 831.788 = CHF2,384 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = CHF0 Mil.
Cash Flow from Operations was 316.199 + 1281.018 + 2448.001 + -835.735 = CHF3,209 Mil.
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Total Receivables was CHF2,608 Mil.
Revenue was 5079.074 + 2640.195 + 2487.958 + 4095.585 = CHF14,303 Mil.
Gross Profit was 2954.952 + 1254.342 + 1105.112 + 2326.926 = CHF7,641 Mil.
Total Current Assets was CHF9,892 Mil.
Total Assets was CHF21,394 Mil.
Property, Plant and Equipment(Net PPE) was CHF5,340 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF725 Mil.
Selling, General, & Admin. Expense(SGA) was CHF2,900 Mil.
Total Current Liabilities was CHF7,296 Mil.
Long-Term Debt & Capital Lease Obligation was CHF7,568 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) |
| = | (2357.46 / 14097.219) | / | (2607.605 / 14302.812) |
| = | 0.167229 | / | 0.182314 |
| | = | 0.9173 |
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) |
| = | (7641.332 / 14302.812) | / | (7723.309 / 14097.219) |
| = | 0.534254 | / | 0.54786 |
| | = | 0.9752 |
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 - (9407.388 + 5714.97) / 21223.689) | / | (1 - (9891.882 + 5340.335) / 21394.373) |
| = | 0.287477 | / | 0.288027 |
| | = | 0.9981 |
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 |
| = | 14097.219 | / | 14302.812 |
| | = | 0.9856 |
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)) |
| = | (725.169 / (725.169 + 5340.335)) | / | (733.695 / (733.695 + 5714.97)) |
| = | 0.119556 | / | 0.113775 |
| | = | 1.0508 |
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) |
| = | (2952.259 / 14097.219) | / | (2900.059 / 14302.812) |
| = | 0.209421 | / | 0.202761 |
| | = | 1.0328 |
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) |
| = | ((6207.043 + 6687.89) / 21223.689) | / | ((7567.56 + 7296.289) / 21394.373) |
| = | 0.607573 | / | 0.694755 |
| | = | 0.8745 |
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 |
| = | (2383.552 - 0 | - | 3209.483) | / | 21223.689 |
| | = | -0.038916 |
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.
Monsanto Co has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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