Liberty Flour Mills Beneish M-Score Historical Data
The historical data trend for Liberty Flour Mills'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.
Liberty Flour Mills Beneish M-Score Chart
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Liberty Flour Mills Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.79 |
-2.24 |
-1.73 |
-2.37 |
-3.06 |
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Liberty Flour Mills Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.34 |
-2.74 |
-2.92 |
-3.06 |
-3.08 |
Competitive Comparison of Liberty Flour Mills's Beneish M-Score
For the Packaged Foods subindustry, Liberty Flour Mills'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.
Liberty Flour Mills's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Liberty Flour Mills's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Liberty Flour Mills's Beneish M-Score falls into.
Liberty Flour Mills 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 Liberty Flour Mills 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 * 1.0374 | + | 0.528 * 0.5607 | + | 0.404 * 1.1433 | + | 0.892 * 0.8653 | + | 0.115 * 0.92 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2966 | + | 4.679 * -0.047653 | - | 0.327 * 1.1785 |
| = | -3.08 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₱1,136 Mil.
Revenue was 365.913 + 431.76 + 405.523 + 427.281 = ₱1,630 Mil.
Gross Profit was 90.644 + 83.396 + 87.053 + 35.928 = ₱297 Mil.
Total Current Assets was ₱1,721 Mil.
Total Assets was ₱4,580 Mil.
Property, Plant and Equipment(Net PPE) was ₱321 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱73 Mil.
Selling, General, & Admin. Expense(SGA) was ₱81 Mil.
Total Current Liabilities was ₱1,700 Mil.
Long-Term Debt & Capital Lease Obligation was ₱137 Mil.
Net Income was 13.582 + 21.461 + 57.72 + -25.496 = ₱67 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₱0 Mil.
Cash Flow from Operations was 40.274 + -69.162 + 22.008 + 292.379 = ₱285 Mil.
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Total Receivables was ₱1,265 Mil.
Revenue was 473.938 + 565.08 + 409.314 + 435.923 = ₱1,884 Mil.
Gross Profit was 7.242 + 68.291 + 61.87 + 55.068 = ₱192 Mil.
Total Current Assets was ₱1,862 Mil.
Total Assets was ₱4,260 Mil.
Property, Plant and Equipment(Net PPE) was ₱333 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱68 Mil.
Selling, General, & Admin. Expense(SGA) was ₱72 Mil.
Total Current Liabilities was ₱1,176 Mil.
Long-Term Debt & Capital Lease Obligation was ₱273 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) |
| = | (1135.907 / 1630.477) | / | (1265.333 / 1884.255) |
| = | 0.696672 | / | 0.67153 |
| | = | 1.0374 |
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) |
| = | (192.471 / 1884.255) | / | (297.021 / 1630.477) |
| = | 0.102147 | / | 0.182168 |
| | = | 0.5607 |
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 - (1720.927 + 320.941) / 4579.578) | / | (1 - (1862.494 + 332.508) / 4259.554) |
| = | 0.554136 | / | 0.484687 |
| | = | 1.1433 |
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 |
| = | 1630.477 | / | 1884.255 |
| | = | 0.8653 |
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)) |
| = | (68.08 / (68.08 + 332.508)) | / | (72.718 / (72.718 + 320.941)) |
| = | 0.16995 | / | 0.184723 |
| | = | 0.92 |
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) |
| = | (80.508 / 1630.477) | / | (71.757 / 1884.255) |
| = | 0.049377 | / | 0.038082 |
| | = | 1.2966 |
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) |
| = | ((136.603 + 1699.923) / 4579.578) | / | ((273.074 + 1176.336) / 4259.554) |
| = | 0.401025 | / | 0.340273 |
| | = | 1.1785 |
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 |
| = | (67.267 - 0 | - | 285.499) | / | 4579.578 |
| | = | -0.047653 |
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.
Liberty Flour Mills has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
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