Essity AB Beneish M-Score Historical Data
The historical data trend for Essity AB'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.
Essity AB Beneish M-Score Chart
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Essity AB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.87 |
-2.37 |
-2.22 |
-3.00 |
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Essity AB 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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-2.58 |
-2.56 |
-2.85 |
-3.00 |
-2.73 |
Competitive Comparison of Essity AB's Beneish M-Score
For the Household & Personal Products subindustry, Essity AB'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.
Essity AB's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Essity AB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Essity AB's Beneish M-Score falls into.
Essity AB 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 Essity AB 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 * 0.8625 | + | 0.528 * 0.8442 | + | 0.404 * 1.0674 | + | 0.892 * 1.0183 | + | 0.115 * 0.7678 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0933 | + | 4.679 * -0.021652 | - | 0.327 * 0.795 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $2,589 Mil.
Revenue was 3347.325 + 1635.373 + 3925.736 + 4079.264 = $12,988 Mil.
Gross Profit was 1075.85 + 765.676 + 1083.195 + 1088.67 = $4,013 Mil.
Total Current Assets was $6,114 Mil.
Total Assets was $17,873 Mil.
Property, Plant and Equipment(Net PPE) was $4,936 Mil.
Depreciation, Depletion and Amortization(DDA) was $775 Mil.
Selling, General, & Admin. Expense(SGA) was $2,365 Mil.
Total Current Liabilities was $5,037 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 1102.552 + 275.503 + 143.079 + 230.196 = $1,751 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 352.021 + 797.555 + 773.852 + 214.874 = $2,138 Mil.
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Total Receivables was $2,948 Mil.
Revenue was 3469.927 + 1828.965 + 3676.318 + 3779.709 = $12,755 Mil.
Gross Profit was 988.803 + 561.862 + 857.279 + 919.292 = $3,327 Mil.
Total Current Assets was $7,160 Mil.
Total Assets was $20,594 Mil.
Property, Plant and Equipment(Net PPE) was $6,069 Mil.
Depreciation, Depletion and Amortization(DDA) was $706 Mil.
Selling, General, & Admin. Expense(SGA) was $2,124 Mil.
Total Current Liabilities was $7,300 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (2588.822 / 12987.698) | / | (2947.796 / 12754.919) |
| = | 0.199329 | / | 0.231111 |
| | = | 0.8625 |
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) |
| = | (3327.236 / 12754.919) | / | (4013.391 / 12987.698) |
| = | 0.260859 | / | 0.309015 |
| | = | 0.8442 |
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 - (6113.934 + 4936.367) / 17872.504) | / | (1 - (7159.971 + 6069.223) / 20594.294) |
| = | 0.381715 | / | 0.357628 |
| | = | 1.0674 |
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 |
| = | 12987.698 | / | 12754.919 |
| | = | 1.0183 |
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)) |
| = | (706.03 / (706.03 + 6069.223)) | / | (775.173 / (775.173 + 4936.367)) |
| = | 0.104207 | / | 0.13572 |
| | = | 0.7678 |
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) |
| = | (2364.919 / 12987.698) | / | (2124.343 / 12754.919) |
| = | 0.182089 | / | 0.166551 |
| | = | 1.0933 |
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) |
| = | ((0 + 5036.739) / 17872.504) | / | ((0 + 7300.287) / 20594.294) |
| = | 0.281815 | / | 0.354481 |
| | = | 0.795 |
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 |
| = | (1751.33 - 0 | - | 2138.302) | / | 17872.504 |
| | = | -0.021652 |
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.
Essity AB has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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