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Pyxus International (Pyxus International) Beneish M-Score : -1.85 (As of May. 04, 2024)


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What is Pyxus International Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -1.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Pyxus International's Beneish M-Score or its related term are showing as below:

PYYX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3   Med: -2.15   Max: -0.44
Current: -1.85

During the past 13 years, the highest Beneish M-Score of Pyxus International was -0.44. The lowest was -3.30. And the median was -2.15.


Pyxus International Beneish M-Score Historical Data

The historical data trend for Pyxus International'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.

* Premium members only.

Pyxus International Beneish M-Score Chart

Pyxus International Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.09 -2.60 -1.66 -1.21 -2.28

Pyxus International Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.87 -2.28 -1.90 -2.08 -1.85

Competitive Comparison of Pyxus International's Beneish M-Score

For the Tobacco subindustry, Pyxus International'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.


Pyxus International's Beneish M-Score Distribution in the Tobacco Products Industry

For the Tobacco Products industry and Consumer Defensive sector, Pyxus International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pyxus International's Beneish M-Score falls into.



Pyxus International 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 Pyxus International 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 * 1.0397+0.528 * 0.8444+0.404 * 0.9111+0.892 * 1.0237+0.115 * 1.0484
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1653+4.679 * 0.153505-0.327 * 1.0037
=-1.85

* 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 $244 Mil.
Revenue was 529.816 + 624.253 + 477.092 + 407.145 = $2,038 Mil.
Gross Profit was 92.548 + 88.666 + 73.145 + 65.142 = $320 Mil.
Total Current Assets was $1,259 Mil.
Total Assets was $1,601 Mil.
Property, Plant and Equipment(Net PPE) was $172 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $173 Mil.
Total Current Liabilities was $765 Mil.
Long-Term Debt & Capital Lease Obligation was $602 Mil.
Net Income was 3.835 + 8.095 + 0.804 + -20.608 = $-8 Mil.
Non Operating Income was -2.408 + -2.343 + -2.664 + -2.222 = $-10 Mil.
Cash Flow from Operations was 38.586 + 30.254 + -285.674 + -27.223 = $-244 Mil.
Total Receivables was $229 Mil.
Revenue was 655.553 + 508.278 + 343.905 + 483.429 = $1,991 Mil.
Gross Profit was 87.801 + 67.319 + 40.755 + 67.657 = $264 Mil.
Total Current Assets was $1,271 Mil.
Total Assets was $1,631 Mil.
Property, Plant and Equipment(Net PPE) was $169 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $145 Mil.
Total Current Liabilities was $867 Mil.
Long-Term Debt & Capital Lease Obligation was $520 Mil.




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)
=(244.121 / 2038.306) / (229.38 / 1991.165)
=0.119767 / 0.115199
=1.0397

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)
=(263.532 / 1991.165) / (319.501 / 2038.306)
=0.132351 / 0.156748
=0.8444

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 - (1259.055 + 172.232) / 1601.38) / (1 - (1271.16 + 169.398) / 1630.657)
=0.106217 / 0.116578
=0.9111

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
=2038.306 / 1991.165
=1.0237

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))
=(19.37 / (19.37 + 169.398)) / (18.687 / (18.687 + 172.232))
=0.102613 / 0.097879
=1.0484

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)
=(173.322 / 2038.306) / (145.298 / 1991.165)
=0.085032 / 0.072971
=1.1653

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)
=((601.6 + 765.451) / 1601.38) / ((520.299 + 866.6) / 1630.657)
=0.853671 / 0.850515
=1.0037

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
=(-7.874 - -9.637 - -244.057) / 1601.38
=0.153505

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.

Pyxus International has a M-score of -1.85 suggests that the company is unlikely to be a manipulator.


Pyxus International Beneish M-Score Related Terms

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Pyxus International (Pyxus International) Business Description

Traded in Other Exchanges
N/A
Address
6001 Hospitality Court, Suite 100, Morrisville, NC, USA, 27560-2009
Pyxus International Inc is a global agricultural company delivering value-added products and services to businesses, customers, and consumers. The company and its subsidiaries and affiliates are providers of responsibly sourced, independently verified, sustainable and traceable agricultural and consumer-driven products and ingredients. The company's products are categorized under leaf, legal cannabis, industrial hemp and CBD, and e-liquids. Its segment comprises Leaf and Other. The company has a presence in North America, South America, Europe, Asia, and Africa.
Executives
Scott Burmeister officer: EVP Chief Operating Officer 6001 HOSPITALITY COURT, SUITE 100, MORRISVILLE NC 27560
Dustin Styons officer: EVP, Business Strategy & Sales 6001 HOSPITALITY COURT, SUITE 100, MORRISVILLE NC 27560
John Alphin director 8001 AERIAL CENTER PARKWAY, MORRISVILLE NC 27560
Bartels Patrick J Jr director C/O WCI COMMUNITIES, INC., 24301 WALDEN CENTER DRIVE, BONITA SPRINGS FL 34134
Fernanda Goncalves officer: SVP Chief HR Officer 8001 AERIAL CENTER PARKWAY, MORRISVILLE NC 25760
Jamie J Ashton director 8001 AERIAL CENTER PKWY, MORRISVILLE NC 27560
Flavia Landsberg officer: EVP Chief Financial Officer 8001 AERIAL CENTER PARKWAY, MORRISVILLE NC 27560
Tomas Grigera officer: VP Corporate Treasurer 8001 AERIAL CENTER PARKWAY, ALLIANCE ONE, MORRISVILLE NC 27560
Cynthia P Moehring director 8001 AERIAL CENTER PARKWAY, MORRISVILLE NC 27560
Richard Topping director 8001 AERIAL CENTER PARKWAY, MORRISVILLE NC 27560
Robert David George director 108000 NE STREET SUITE 600, BELLEVUE WA 98004
Monarch Gp Llc director, 10 percent owner, See Remarks C/O MONARCH ALTERNATIVE CAPITAL LP, 535 MADISON AVENUE, NEW YORK NY 10022
Mdra Gp Lp director, 10 percent owner, See Remarks C/O MONARCH ALTERNATIVE CAPITAL LP, 535 MADISON AVENUE, NEW YORK NY 10022
Glendon Opportunities Fund, L.p. 10 percent owner MAPLES CORPORATE SERVICES LTD., UGLAND HOUSE, SOUTH CHURCH STREET, GRAND CAYMAN E9 KY1-1104
Glendon Capital Management Lp director, 10 percent owner 2425 OLYMPIC BLVD, SUITE 500E, SANTA MONICA CA 90404