BellRing Brands Beneish M-Score Historical Data
The historical data trend for BellRing Brands'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.
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BellRing Brands Annual Data
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Trend |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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- |
-5.01 |
-3.57 |
-1.55 |
-2.83 |
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BellRing Brands 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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-1.84 |
-1.43 |
-2.31 |
-2.83 |
-3.07 |
Competitive Comparison
For the Packaged Foods subindustry, BellRing Brands'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.
BellRing Brands Beneish M-Score Distribution
For the Consumer Packaged Goods industry and Consumer Defensive sector, BellRing Brands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BellRing Brands's Beneish M-Score falls into.
BellRing Brands 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 BellRing Brands 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 * 0.8077 | + | 0.528 * 0.9854 | + | 0.404 * 0.9127 | + | 0.892 * 1.2149 | + | 0.115 * 0.8496 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9619 | + | 4.679 * -0.12341 | - | 0.327 * 0.934 |
| = | -3.07 |
* 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 $179 Mil.
Revenue was 430.4 + 472.6 + 445.9 + 385.6 = $1,735 Mil.
Gross Profit was 148 + 155.3 + 136 + 117.1 = $556 Mil.
Total Current Assets was $465 Mil.
Total Assets was $716 Mil.
Property, Plant and Equipment(Net PPE) was $9 Mil.
Depreciation, Depletion and Amortization(DDA) was $46 Mil.
Selling, General, & Admin. Expense(SGA) was $227 Mil.
Total Current Liabilities was $163 Mil.
Long-Term Debt & Capital Lease Obligation was $832 Mil.
Net Income was 43.9 + 46.1 + 44.3 + 30.9 = $165 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 74.2 + 84.9 + 110.4 + -16 = $254 Mil.
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Total Receivables was $182 Mil.
Revenue was 362.7 + 379.2 + 370.6 + 315.2 = $1,428 Mil.
Gross Profit was 121.8 + 122.3 + 120.2 + 87 = $451 Mil.
Total Current Assets was $454 Mil.
Total Assets was $735 Mil.
Property, Plant and Equipment(Net PPE) was $9 Mil.
Depreciation, Depletion and Amortization(DDA) was $21 Mil.
Selling, General, & Admin. Expense(SGA) was $195 Mil.
Total Current Liabilities was $149 Mil.
Long-Term Debt & Capital Lease Obligation was $945 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) |
| = | (178.6 / 1734.5) | / | (182 / 1427.7) |
| = | 0.102969 | / | 0.127478 |
| | = | 0.8077 |
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) |
| = | (451.3 / 1427.7) | / | (556.4 / 1734.5) |
| = | 0.316103 | / | 0.320784 |
| | = | 0.9854 |
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 - (464.8 + 8.6) / 715.5) | / | (1 - (454 + 8.5) / 735) |
| = | 0.338365 | / | 0.370748 |
| | = | 0.9127 |
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 |
| = | 1734.5 | / | 1427.7 |
| | = | 1.2149 |
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)) |
| = | (21.3 / (21.3 + 8.5)) | / | (45.6 / (45.6 + 8.6)) |
| = | 0.714765 | / | 0.841328 |
| | = | 0.8496 |
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) |
| = | (227.4 / 1734.5) | / | (194.6 / 1427.7) |
| = | 0.131104 | / | 0.136303 |
| | = | 0.9619 |
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) |
| = | ((832.1 + 162.5) / 715.5) | / | ((944.8 + 149.1) / 735) |
| = | 1.390077 | / | 1.488299 |
| | = | 0.934 |
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 |
| = | (165.2 - 0 | - | 253.5) | / | 715.5 |
| | = | -0.12341 |
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.
BellRing Brands has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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