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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.
Good Sign:
Beneish M-Score -3.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Calavo Growers's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Calavo Growers was -1.91. The lowest was -3.43. And the median was -2.70.
The historical data trend for Calavo Growers'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.
Calavo Growers Annual Data | |||||||||||||||||||||
Trend | Oct14 | Oct15 | Oct16 | Oct17 | Oct18 | Oct19 | Oct20 | Oct21 | Oct22 | Oct23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.80 | -2.89 | -2.26 | -3.36 | -2.50 |
Calavo Growers Quarterly Data | ||||||||||||||||||||
Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | Apr23 | Jul23 | Oct23 | Jan24 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.43 | -3.41 | -2.66 | -2.50 | -3.25 |
For the Food Distribution subindustry, Calavo Growers'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.
For the Retail - Defensive industry and Consumer Defensive sector, Calavo Growers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Calavo Growers's Beneish M-Score falls into.
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 Calavo Growers 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 * 0.6531 | + | 0.528 * 0.9018 | + | 0.404 * 0.7675 | + | 0.892 * 0.832 | + | 0.115 * 0.474 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.2326 | + | 4.679 * -0.008039 | - | 0.327 * 1.0592 | |||||||
= | -3.25 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $36.1 Mil. Revenue was 127.606 + 241.18 + 259.875 + 244.689 = $873.4 Mil. Gross Profit was 12.468 + 15.462 + 25.025 + 15.037 = $68.0 Mil. Total Current Assets was $245.6 Mil. Total Assets was $394.7 Mil. Property, Plant and Equipment(Net PPE) was $76.7 Mil. Depreciation, Depletion and Amortization(DDA) was $17.7 Mil. Selling, General, & Admin. Expense(SGA) was $63.5 Mil. Total Current Liabilities was $120.9 Mil. Long-Term Debt & Capital Lease Obligation was $65.9 Mil. Net Income was -6.267 + -7.907 + 6.626 + -3.995 = $-11.5 Mil. Non Operating Income was 0.2 + -0.546 + 0.23 + 0.278 = $0.2 Mil. Cash Flow from Operations was 0.058 + 4.732 + -15.42 + 2.098 = $-8.5 Mil. |
Total Receivables was $66.4 Mil. Revenue was 132.763 + 243.572 + 341.991 + 331.418 = $1,049.7 Mil. Gross Profit was 13.085 + 20.361 + 18.514 + 21.741 = $73.7 Mil. Total Current Assets was $132.9 Mil. Total Assets was $396.5 Mil. Property, Plant and Equipment(Net PPE) was $168.9 Mil. Depreciation, Depletion and Amortization(DDA) was $16.4 Mil. Selling, General, & Admin. Expense(SGA) was $61.9 Mil. Total Current Liabilities was $105.1 Mil. Long-Term Debt & Capital Lease Obligation was $72.0 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) |
= | (36.052 / 873.35) | / | (66.35 / 1049.744) | |
= | 0.04128 | / | 0.063206 | |
= | 0.6531 |
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) | |
= | (73.701 / 1049.744) | / | (67.992 / 873.35) | |
= | 0.070209 | / | 0.077852 | |
= | 0.9018 |
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 - (245.597 + 76.713) / 394.683) | / | (1 - (132.911 + 168.86) / 396.496) | |
= | 0.18337 | / | 0.238905 | |
= | 0.7675 |
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 | |
= | 873.35 | / | 1049.744 | |
= | 0.832 |
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)) |
= | (16.443 / (16.443 + 168.86)) | / | (17.671 / (17.671 + 76.713)) | |
= | 0.088736 | / | 0.187225 | |
= | 0.474 |
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) |
= | (63.51 / 873.35) | / | (61.93 / 1049.744) | |
= | 0.07272 | / | 0.058995 | |
= | 1.2326 |
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) |
= | ((65.856 + 120.895) / 394.683) | / | ((71.997 + 105.122) / 396.496) | |
= | 0.473167 | / | 0.446711 | |
= | 1.0592 |
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 | |
= | (-11.543 - 0.162 | - | -8.532) | / | 394.683 | |
= | -0.008039 |
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.
Calavo Growers has a M-score of -3.25 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Calavo Growers's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Michael A Browne | officer: VP-Fresh Operations | C/O MISSION PRODUCE, INC., 2500 E. VINEYARD AVENUE, SUITE 300, OXNARD CA 93036 |
Paul Alan Harrison | officer: Executive Vice President | C/O CALAVO GROWERS, INC., 1141-A CUMMINGS RD., SANTA PAULA CA 93060 |
Steve Hollister | director | 751 BEAR CANYON LANE, ARROYO GRANDE CA 93420 |
Lecil E Cole | director, 10 percent owner, officer: Chairman of Board, CEO & Pres | |
James D Helin | director | 1141A CUMMINGS RD, SANTA PAULA CA 93036 |
Helen Kurtz | officer: SVP and GM - Prepared | C/O CALAVO GROWERS, INC., 1141-A CUMMINGS RD., SANTA PAULA CA 93060 |
Danny Dumas | officer: SVP & GM Grown | C/O CALAVO GROWERS, INC., 1141-A CUMMINGS RD., SANTA PAULA CA 93060 |
Shawn Munsell | officer: Chief Financial Officer | C/O CALAVO GROWERS, INC., 1141-A CUMMINGS RD., SANTA PAULA CA 93060 |
Graciela Montgomery | officer: Chief Human Resources Officer | C/O CALAVO GROWERS, INC., 1141-A CUMMINGS RD, SANTA PAULA CA 93060 |
Brian W Kocher | officer: Chief Executive Officer | 1141-A CUMMINGS ROAD, SANTA PAULA CA 93060 |
Adriana Mendizabal | director | C/O CALAVO GROWERS, INC., 1141-A CUMMINGS RD., SANTA PAULA CA 93060 |
Mariela Irene Matute | officer: Chief Financial Officer | 1141-A CUMMINGS RD., SANTA PAULA CA 93060 |
Donald M Sanders | director | 2530 RED HILL AVE, SANTA ANA CA 92705 |
Michael Anthony Digregorio | director | C/O IRONCLAD PERFORMANCE WEAR CORP., 2201 PARK PLACE, SUITE 101, EL SEGUNDO CA 90245 |
Robert J Wedin | officer: VP Sales & Fresh Marketing | 1141A CUMMINGS ROAD, SANTA PAULA CA 93060 |
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