Vector Group Beneish M-Score Historical Data
The historical data trend for Vector Group'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.
Vector Group Beneish M-Score Chart
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Vector Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.16 |
-3.50 |
-2.35 |
-1.67 |
-2.99 |
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Vector Group 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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-1.67 |
-2.64 |
-2.21 |
-2.60 |
-2.99 |
Competitive Comparison of Vector Group's Beneish M-Score
For the Tobacco subindustry, Vector Group'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.
Vector Group's Beneish M-Score Distribution in the Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, Vector Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vector Group's Beneish M-Score falls into.
Vector Group 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 Vector Group 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 * 0.5445 | + | 0.528 * 0.9527 | + | 0.404 * 0.9758 | + | 0.892 * 0.9884 | + | 0.115 * 1.1695 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0999 | + | 4.679 * -0.014133 | - | 0.327 * 0.9439 |
| = | -2.99 |
* 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 $26 Mil.
Revenue was 360.35 + 364.111 + 365.662 + 334.145 = $1,424 Mil.
Gross Profit was 121.952 + 118.431 + 116.678 + 101.859 = $459 Mil.
Total Current Assets was $510 Mil.
Total Assets was $934 Mil.
Property, Plant and Equipment(Net PPE) was $54 Mil.
Depreciation, Depletion and Amortization(DDA) was $7 Mil.
Selling, General, & Admin. Expense(SGA) was $112 Mil.
Total Current Liabilities was $145 Mil.
Long-Term Debt & Capital Lease Obligation was $1,380 Mil.
Net Income was 57.997 + 52.699 + 38.089 + 34.741 = $184 Mil.
Non Operating Income was 1.196 + 2.683 + -14.357 + -2.778 = $-13 Mil.
Cash Flow from Operations was -130.987 + 122.753 + 97.436 + 120.782 = $210 Mil.
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Total Receivables was $49 Mil.
Revenue was 363.77 + 377.995 + 387.202 + 312.042 = $1,441 Mil.
Gross Profit was 116.188 + 110.972 + 115.964 + 99.227 = $442 Mil.
Total Current Assets was $492 Mil.
Total Assets was $909 Mil.
Property, Plant and Equipment(Net PPE) was $47 Mil.
Depreciation, Depletion and Amortization(DDA) was $7 Mil.
Selling, General, & Admin. Expense(SGA) was $103 Mil.
Total Current Liabilities was $176 Mil.
Long-Term Debt & Capital Lease Obligation was $1,396 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) |
| = | (26.442 / 1424.268) | / | (49.131 / 1441.009) |
| = | 0.018565 | / | 0.034095 |
| | = | 0.5445 |
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) |
| = | (442.351 / 1441.009) | / | (458.92 / 1424.268) |
| = | 0.306973 | / | 0.322215 |
| | = | 0.9527 |
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 - (509.601 + 54.397) / 934.095) | / | (1 - (492.365 + 47.322) / 908.591) |
| = | 0.396209 | / | 0.406018 |
| | = | 0.9758 |
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 |
| = | 1424.268 | / | 1441.009 |
| | = | 0.9884 |
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)) |
| = | (7.218 / (7.218 + 47.322)) | / | (6.941 / (6.941 + 54.397)) |
| = | 0.132343 | / | 0.11316 |
| | = | 1.1695 |
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) |
| = | (112.086 / 1424.268) | / | (103.102 / 1441.009) |
| = | 0.078697 | / | 0.071548 |
| | = | 1.0999 |
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) |
| = | ((1379.988 + 144.923) / 934.095) | / | ((1395.73 + 175.624) / 908.591) |
| = | 1.632501 | / | 1.72944 |
| | = | 0.9439 |
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 |
| = | (183.526 - -13.256 | - | 209.984) | / | 934.095 |
| | = | -0.014133 |
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.
Vector Group has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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