Avon Products Beneish M-Score Historical Data
The historical data trend for Avon Products'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.
Avon Products Beneish M-Score Chart
|
Avon Products Annual Data
|
|
Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.08 |
-2.50 |
-2.41 |
-2.06 |
-2.28 |
|
Avon Products Quarterly Data
|
|
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.07 |
-1.99 |
-2.33 |
-2.28 |
-2.13 |
Competitive Comparison of Avon Products's Beneish M-Score
For the Household & Personal Products subindustry, Avon Products'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.
Avon Products's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Avon Products's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Avon Products's Beneish M-Score falls into.
Avon Products 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 Avon Products 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 * 1.3759 | + | 0.528 * 1.003 | + | 0.404 * 0.7747 | + | 0.892 * 0.8524 | + | 0.115 * 0.9041 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0244 | + | 4.679 * -0.099981 | - | 0.327 * 1.2532 |
| = | -2.92 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $369 Mil.
Revenue was 590.5 + 728.8 + 663.9 + 713.2 = $2,696 Mil.
Gross Profit was 352.1 + 419.2 + 368.2 + 403.5 = $1,543 Mil.
Total Current Assets was $1,117 Mil.
Total Assets was $2,074 Mil.
Property, Plant and Equipment(Net PPE) was $412 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $1,658 Mil.
Total Current Liabilities was $1,580 Mil.
Long-Term Debt & Capital Lease Obligation was $1,720 Mil.
Net Income was -120 + -131.9 + -124.1 + -74.9 = $-451 Mil.
Non Operating Income was -7.5 + -46.8 + -5.7 + -9.3 = $-69 Mil.
Cash Flow from Operations was -158.4 + 53.2 + 5.5 + -74.5 = $-174 Mil.
|
Total Receivables was $315 Mil.
Revenue was 663.3 + 814.8 + 768.3 + 917 = $3,163 Mil.
Gross Profit was 371.7 + 465 + 447 + 532 = $1,816 Mil.
Total Current Assets was $1,087 Mil.
Total Assets was $2,366 Mil.
Property, Plant and Equipment(Net PPE) was $475 Mil.
Depreciation, Depletion and Amortization(DDA) was $69 Mil.
Selling, General, & Admin. Expense(SGA) was $1,899 Mil.
Total Current Liabilities was $1,986 Mil.
Long-Term Debt & Capital Lease Obligation was $1,017 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) |
| = | (369.3 / 2696.4) | / | (314.9 / 3163.4) |
| = | 0.13696 | / | 0.099545 |
| | = | 1.3759 |
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) |
| = | (1815.7 / 3163.4) | / | (1543 / 2696.4) |
| = | 0.573971 | / | 0.572244 |
| | = | 1.003 |
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 - (1116.8 + 411.6) / 2074.4) | / | (1 - (1087 + 474.8) / 2365.5) |
| = | 0.263209 | / | 0.339759 |
| | = | 0.7747 |
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 |
| = | 2696.4 | / | 3163.4 |
| | = | 0.8524 |
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)) |
| = | (68.6 / (68.6 + 474.8)) | / | (66.8 / (66.8 + 411.6)) |
| = | 0.126242 | / | 0.139632 |
| | = | 0.9041 |
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) |
| = | (1658.3 / 2696.4) | / | (1899.2 / 3163.4) |
| = | 0.615005 | / | 0.600367 |
| | = | 1.0244 |
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) |
| = | ((1719.8 + 1579.6) / 2074.4) | / | ((1016.6 + 1985.6) / 2365.5) |
| = | 1.590532 | / | 1.269161 |
| | = | 1.2532 |
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 |
| = | (-450.9 - -69.3 | - | -174.2) | / | 2074.4 |
| | = | -0.099981 |
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.
Avon Products has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
AVP has been successfully added to your