Ambev Beneish M-Score Historical Data
The historical data trend for Ambev'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.
Ambev Beneish M-Score Chart
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Ambev Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.72 |
-2.71 |
-2.52 |
-2.65 |
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Ambev 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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-2.52 |
-2.43 |
-2.61 |
-2.71 |
-2.65 |
Competitive Comparison of Ambev's Beneish M-Score
For the Beverages - Brewers subindustry, Ambev'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.
Ambev's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Ambev's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ambev's Beneish M-Score falls into.
Ambev 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 Ambev 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 * 1.1598 | + | 0.528 * 0.9714 | + | 0.404 * 1.0306 | + | 0.892 * 1.0327 | + | 0.115 * 0.8771 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.974 | + | 4.679 * -0.055145 | - | 0.327 * 1.0372 |
| = | -2.59 |
* 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 $1,873 Mil.
Revenue was 4079.611 + 4113.991 + 3893.548 + 3941.893 = $16,029 Mil.
Gross Profit was 2181.311 + 2044.009 + 1908.339 + 1996.709 = $8,130 Mil.
Total Current Assets was $7,462 Mil.
Total Assets was $27,071 Mil.
Property, Plant and Equipment(Net PPE) was $5,435 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,291 Mil.
Selling, General, & Admin. Expense(SGA) was $4,694 Mil.
Total Current Liabilities was $8,369 Mil.
Long-Term Debt & Capital Lease Obligation was $450 Mil.
Net Income was 895.467 + 792.059 + 515.684 + 710.282 = $2,913 Mil.
Non Operating Income was -412.482 + -58.431 + -97.119 + -69.825 = $-638 Mil.
Cash Flow from Operations was 2846.847 + 1604.264 + 703.732 + -110.638 = $5,044 Mil.
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Total Receivables was $1,564 Mil.
Revenue was 4326.269 + 3926.242 + 3563.8 + 3705.32 = $15,522 Mil.
Gross Profit was 2231.998 + 1895.562 + 1706.667 + 1813.493 = $7,648 Mil.
Total Current Assets was $7,209 Mil.
Total Assets was $26,301 Mil.
Property, Plant and Equipment(Net PPE) was $5,730 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,160 Mil.
Selling, General, & Admin. Expense(SGA) was $4,667 Mil.
Total Current Liabilities was $7,729 Mil.
Long-Term Debt & Capital Lease Obligation was $532 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) |
| = | (1872.974 / 16029.043) | / | (1563.77 / 15521.631) |
| = | 0.116849 | / | 0.100748 |
| | = | 1.1598 |
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) |
| = | (7647.72 / 15521.631) | / | (8130.368 / 16029.043) |
| = | 0.492714 | / | 0.507227 |
| | = | 0.9714 |
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 - (7462.162 + 5434.957) / 27071.37) | / | (1 - (7209.498 + 5729.916) / 26300.759) |
| = | 0.523588 | / | 0.508021 |
| | = | 1.0306 |
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 |
| = | 16029.043 | / | 15521.631 |
| | = | 1.0327 |
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)) |
| = | (1160.315 / (1160.315 + 5729.916)) | / | (1291.42 / (1291.42 + 5434.957)) |
| = | 0.1684 | / | 0.191993 |
| | = | 0.8771 |
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) |
| = | (4694.445 / 16029.043) | / | (4667.017 / 15521.631) |
| = | 0.292871 | / | 0.300678 |
| | = | 0.974 |
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) |
| = | ((449.61 + 8368.729) / 27071.37) | / | ((531.532 + 7728.753) / 26300.759) |
| = | 0.325744 | / | 0.31407 |
| | = | 1.0372 |
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 |
| = | (2913.492 - -637.857 | - | 5044.205) | / | 27071.37 |
| | = | -0.055145 |
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.
Ambev has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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