Darling Ingredients Beneish M-Score Historical Data
The historical data trend for Darling Ingredients'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.
Darling Ingredients Beneish M-Score Chart
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Darling Ingredients Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-2.99 |
-2.55 |
-2.25 |
-2.64 |
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Darling Ingredients 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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-2.29 |
-2.40 |
-2.65 |
-2.64 |
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Competitive Comparison of Darling Ingredients's Beneish M-Score
For the Packaged Foods subindustry, Darling Ingredients'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.
Darling Ingredients's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Darling Ingredients's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Darling Ingredients's Beneish M-Score falls into.
Darling Ingredients 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 Darling Ingredients 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 * 1.097 | + | 0.528 * 0.9649 | + | 0.404 * 1.0263 | + | 0.892 * 1.0068 | + | 0.115 * 0.9142 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1962 | + | 4.679 * -0.05752 | - | 0.327 * 1.0148 |
| = | -2.71 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was R$4,027 Mil.
Revenue was 7908.684 + 8026.395 + 8530.965 + 9329.498 = R$33,796 Mil.
Gross Profit was 2138.425 + 1908.664 + 1931.379 + 2209.483 = R$8,188 Mil.
Total Current Assets was R$9,092 Mil.
Total Assets was R$54,197 Mil.
Property, Plant and Equipment(Net PPE) was R$15,389 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,495 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,699 Mil.
Total Current Liabilities was R$4,891 Mil.
Long-Term Debt & Capital Lease Obligation was R$22,153 Mil.
Net Income was 414.111 + 617.466 + 1224.991 + 967.763 = R$3,224 Mil.
Non Operating Income was -14.342 + 297.384 + 1101.887 + 491.697 = R$1,877 Mil.
Cash Flow from Operations was 1063.134 + 1365.985 + 1054.583 + 981.436 = R$4,465 Mil.
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Total Receivables was R$3,646 Mil.
Revenue was 9274.303 + 9163.71 + 8329.654 + 6799.425 = R$33,567 Mil.
Gross Profit was 2039.385 + 1973.492 + 2113.376 + 1720.625 = R$7,847 Mil.
Total Current Assets was R$8,592 Mil.
Total Assets was R$48,270 Mil.
Property, Plant and Equipment(Net PPE) was R$13,891 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,031 Mil.
Selling, General, & Admin. Expense(SGA) was R$2,241 Mil.
Total Current Liabilities was R$5,604 Mil.
Long-Term Debt & Capital Lease Obligation was R$18,132 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) |
| = | (4027.097 / 33795.542) | / | (3646.371 / 33567.092) |
| = | 0.119161 | / | 0.108629 |
| | = | 1.097 |
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) |
| = | (7846.878 / 33567.092) | / | (8187.951 / 33795.542) |
| = | 0.233767 | / | 0.242279 |
| | = | 0.9649 |
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 - (9092.392 + 15388.919) / 54197.099) | / | (1 - (8592.474 + 13890.989) / 48270.112) |
| = | 0.548291 | / | 0.534216 |
| | = | 1.0263 |
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 |
| = | 33795.542 | / | 33567.092 |
| | = | 1.0068 |
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)) |
| = | (2030.555 / (2030.555 + 13890.989)) | / | (2494.87 / (2494.87 + 15388.919)) |
| = | 0.127535 | / | 0.139505 |
| | = | 0.9142 |
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) |
| = | (2699.191 / 33795.542) | / | (2241.24 / 33567.092) |
| = | 0.079868 | / | 0.066769 |
| | = | 1.1962 |
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) |
| = | ((22153.333 + 4890.672) / 54197.099) | / | ((18131.627 + 5604.411) / 48270.112) |
| = | 0.498994 | / | 0.491734 |
| | = | 1.0148 |
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 |
| = | (3224.331 - 1876.626 | - | 4465.138) | / | 54197.099 |
| | = | -0.05752 |
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.
Darling Ingredients has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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