Beyond Meat Beneish M-Score Historical Data
The historical data trend for Beyond Meat'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.
Beyond Meat Beneish M-Score Chart
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Beyond Meat Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-0.30 |
-2.85 |
-5.35 |
-4.65 |
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Beyond Meat Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-5.35 |
-5.48 |
-4.73 |
-1.78 |
-4.65 |
Competitive Comparison of Beyond Meat's Beneish M-Score
For the Packaged Foods subindustry, Beyond Meat'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.
Beyond Meat's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Beyond Meat's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Beyond Meat's Beneish M-Score falls into.
Beyond Meat 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 Beyond Meat 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 * 1.132 | + | 0.528 * 0.2354 | + | 0.404 * 0.8255 | + | 0.892 * 0.8196 | + | 0.115 * 0.6359 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1224 | + | 4.679 * -0.313211 | - | 0.327 * 1.3955 |
| = | -4.65 |
* 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 $31.7 Mil.
Revenue was 73.679 + 75.312 + 102.149 + 92.236 = $343.4 Mil.
Gross Profit was -83.859 + -7.254 + 2.273 + 6.185 = $-82.7 Mil.
Total Current Assets was $372.8 Mil.
Total Assets was $774.5 Mil.
Property, Plant and Equipment(Net PPE) was $386.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $48.1 Mil.
Selling, General, & Admin. Expense(SGA) was $220.3 Mil.
Total Current Liabilities was $74.4 Mil.
Long-Term Debt & Capital Lease Obligation was $1,213.5 Mil.
Net Income was -155.11 + -70.492 + -53.505 + -59.037 = $-338.1 Mil.
Non Operating Income was 6.719 + 0.247 + 1.947 + 3.334 = $12.2 Mil.
Cash Flow from Operations was -28.543 + 9.054 + -46.159 + -42.177 = $-107.8 Mil.
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Total Receivables was $34.2 Mil.
Revenue was 79.938 + 82.5 + 147.04 + 109.455 = $418.9 Mil.
Gross Profit was -2.931 + -14.84 + -6.162 + 0.19 = $-23.7 Mil.
Total Current Assets was $606.5 Mil.
Total Assets was $1,062.2 Mil.
Property, Plant and Equipment(Net PPE) was $430.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.6 Mil.
Selling, General, & Admin. Expense(SGA) was $239.5 Mil.
Total Current Liabilities was $75.8 Mil.
Long-Term Debt & Capital Lease Obligation was $1,189.9 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) |
| = | (31.73 / 343.376) | / | (34.198 / 418.933) |
| = | 0.092406 | / | 0.081631 |
| | = | 1.132 |
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) |
| = | (-23.743 / 418.933) | / | (-82.655 / 343.376) |
| = | -0.056675 | / | -0.240713 |
| | = | 0.2354 |
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 - (372.844 + 386.141) / 774.45) | / | (1 - (606.459 + 430.069) / 1062.224) |
| = | 0.019969 | / | 0.024191 |
| | = | 0.8255 |
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 |
| = | 343.376 | / | 418.933 |
| | = | 0.8196 |
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)) |
| = | (32.582 / (32.582 + 430.069)) | / | (48.094 / (48.094 + 386.141)) |
| = | 0.070425 | / | 0.110756 |
| | = | 0.6359 |
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) |
| = | (220.344 / 343.376) | / | (239.505 / 418.933) |
| = | 0.641699 | / | 0.571702 |
| | = | 1.1224 |
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) |
| = | ((1213.464 + 74.354) / 774.45) | / | ((1189.931 + 75.841) / 1062.224) |
| = | 1.662881 | / | 1.191624 |
| | = | 1.3955 |
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 |
| = | (-338.144 - 12.247 | - | -107.825) | / | 774.45 |
| | = | -0.313211 |
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.
Beyond Meat has a M-score of -4.65 suggests that the company is unlikely to be a manipulator.
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