MerryMart Consumer Beneish M-Score Historical Data
The historical data trend for MerryMart Consumer'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.
MerryMart Consumer Beneish M-Score Chart
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MerryMart Consumer Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-0.41 |
-5.83 |
-0.92 |
-0.55 |
-1.19 |
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MerryMart Consumer Quarterly Data
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Dec17 |
Dec18 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-1.19 |
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Competitive Comparison of MerryMart Consumer's Beneish M-Score
For the Grocery Stores subindustry, MerryMart Consumer'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.
MerryMart Consumer's Beneish M-Score Distribution in the Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, MerryMart Consumer's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where MerryMart Consumer's Beneish M-Score falls into.
MerryMart Consumer 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 MerryMart Consumer 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 * 1.0036 | + | 0.528 * 0.783 | + | 0.404 * 1.7031 | + | 0.892 * 1.7091 | + | 0.115 * 0.8476 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.5516 | + | 4.679 * 0.164118 | - | 0.327 * 0.985 |
| = | -1.19 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was ₱128 Mil.
Revenue was ₱6,716 Mil.
Gross Profit was ₱1,423 Mil.
Total Current Assets was ₱4,092 Mil.
Total Assets was ₱8,435 Mil.
Property, Plant and Equipment(Net PPE) was ₱3,141 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱209 Mil.
Selling, General, & Admin. Expense(SGA) was ₱125 Mil.
Total Current Liabilities was ₱3,132 Mil.
Long-Term Debt & Capital Lease Obligation was ₱2,655 Mil.
Net Income was ₱305 Mil.
Gross Profit was ₱0 Mil.
Cash Flow from Operations was ₱-1,080 Mil.
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Total Receivables was ₱75 Mil.
Revenue was ₱3,929 Mil.
Gross Profit was ₱652 Mil.
Total Current Assets was ₱3,782 Mil.
Total Assets was ₱6,492 Mil.
Property, Plant and Equipment(Net PPE) was ₱2,168 Mil.
Depreciation, Depletion and Amortization(DDA) was ₱121 Mil.
Selling, General, & Admin. Expense(SGA) was ₱29 Mil.
Total Current Liabilities was ₱2,117 Mil.
Long-Term Debt & Capital Lease Obligation was ₱2,405 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) |
| = | (128.393 / 6715.575) | / | (74.86 / 3929.387) |
| = | 0.019119 | / | 0.019051 |
| | = | 1.0036 |
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) |
| = | (652.129 / 3929.387) | / | (1423.364 / 6715.575) |
| = | 0.165962 | / | 0.21195 |
| | = | 0.783 |
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 - (4091.794 + 3141.409) / 8434.608) | / | (1 - (3781.756 + 2167.711) / 6492.458) |
| = | 0.142438 | / | 0.083634 |
| | = | 1.7031 |
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 |
| = | 6715.575 | / | 3929.387 |
| | = | 1.7091 |
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)) |
| = | (120.89 / (120.89 + 2167.711)) | / | (208.786 / (208.786 + 3141.409)) |
| = | 0.052823 | / | 0.062321 |
| | = | 0.8476 |
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) |
| = | (124.697 / 6715.575) | / | (28.593 / 3929.387) |
| = | 0.018568 | / | 0.007277 |
| | = | 2.5516 |
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) |
| = | ((2655.262 + 3131.625) / 8434.608) | / | ((2404.589 + 2117.473) / 6492.458) |
| = | 0.686088 | / | 0.69651 |
| | = | 0.985 |
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 |
| = | (304.709 - 0 | - | -1079.56) | / | 8434.608 |
| | = | 0.164118 |
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.
MerryMart Consumer has a M-score of -1.19 signals that the company is likely to be a manipulator.
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