The Scotts Miracle Gro Co Beneish M-Score Historical Data
The historical data trend for The Scotts Miracle Gro Co'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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The Scotts Miracle Gro Co Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.51 |
-1.93 |
-2.17 |
-2.42 |
-3.09 |
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The Scotts Miracle Gro Co 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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-2.34 |
-2.50 |
-2.79 |
-3.09 |
-3.23 |
Competitive Comparison
For the Agricultural Inputs subindustry, The Scotts Miracle Gro Co'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.
The Scotts Miracle Gro Co Beneish M-Score Distribution
For the Agriculture industry and Basic Materials sector, The Scotts Miracle Gro Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Scotts Miracle Gro Co's Beneish M-Score falls into.
The Scotts Miracle Gro Co 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 The Scotts Miracle Gro Co 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 * 1.0445 | + | 0.528 * 1.2047 | + | 0.404 * 1.0584 | + | 0.892 * 0.8842 | + | 0.115 * 1.2062 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0617 | + | 4.679 * -0.171013 | - | 0.327 * 1.1052 |
| = | -3.23 |
* 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 $288 Mil.
Revenue was 410.4 + 374.5 + 1118.7 + 1531.5 = $3,435 Mil.
Gross Profit was 62.2 + -57 + 205.9 + 412.7 = $624 Mil.
Total Current Assets was $1,681 Mil.
Total Assets was $3,716 Mil.
Property, Plant and Equipment(Net PPE) was $610 Mil.
Depreciation, Depletion and Amortization(DDA) was $87 Mil.
Selling, General, & Admin. Expense(SGA) was $484 Mil.
Total Current Liabilities was $764 Mil.
Long-Term Debt & Capital Lease Obligation was $2,969 Mil.
Net Income was -80.5 + -468.4 + 43.7 + 109.4 = $-396 Mil.
Non Operating Income was -17 + -352.9 + 20.1 + -29.9 = $-380 Mil.
Cash Flow from Operations was -343.2 + 535.3 + 562.6 + -135.3 = $619 Mil.
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Total Receivables was $311 Mil.
Revenue was 526.6 + 493.7 + 1186.1 + 1678.4 = $3,885 Mil.
Gross Profit was 95.7 + -70.8 + 236.6 + 588.4 = $850 Mil.
Total Current Assets was $2,299 Mil.
Total Assets was $4,534 Mil.
Property, Plant and Equipment(Net PPE) was $593 Mil.
Depreciation, Depletion and Amortization(DDA) was $106 Mil.
Selling, General, & Admin. Expense(SGA) was $515 Mil.
Total Current Liabilities was $932 Mil.
Long-Term Debt & Capital Lease Obligation was $3,190 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) |
| = | (287.6 / 3435.1) | / | (311.4 / 3884.8) |
| = | 0.083724 | / | 0.080159 |
| | = | 1.0445 |
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) |
| = | (849.9 / 3884.8) | / | (623.8 / 3435.1) |
| = | 0.218776 | / | 0.181596 |
| | = | 1.2047 |
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 - (1681.4 + 610.4) / 3716.1) | / | (1 - (2299.3 + 592.8) / 4534) |
| = | 0.383278 | / | 0.362131 |
| | = | 1.0584 |
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 |
| = | 3435.1 | / | 3884.8 |
| | = | 0.8842 |
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)) |
| = | (105.5 / (105.5 + 592.8)) | / | (87.4 / (87.4 + 610.4)) |
| = | 0.151081 | / | 0.125251 |
| | = | 1.2062 |
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) |
| = | (483.5 / 3435.1) | / | (515 / 3884.8) |
| = | 0.140753 | / | 0.132568 |
| | = | 1.0617 |
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) |
| = | ((2969 + 764.1) / 3716.1) | / | ((3189.6 + 931.7) / 4534) |
| = | 1.004575 | / | 0.908977 |
| | = | 1.1052 |
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 |
| = | (-395.8 - -379.7 | - | 619.4) | / | 3716.1 |
| | = | -0.171013 |
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.
The Scotts Miracle Gro Co has a M-score of -3.23 suggests that the company is unlikely to be a manipulator.
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