Ball Beneish M-Score Historical Data
The historical data trend for Ball'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.
Ball Beneish M-Score Chart
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Ball Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.80 |
-2.61 |
-2.27 |
-2.28 |
-2.87 |
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Ball 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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-2.53 |
-2.75 |
-2.95 |
-2.87 |
-1.51 |
Competitive Comparison of Ball's Beneish M-Score
For the Packaging & Containers subindustry, Ball'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.
Ball's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Ball's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ball's Beneish M-Score falls into.
Ball 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 Ball 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 * 1.3724 | + | 0.528 * 0.8569 | + | 0.404 * 0.9757 | + | 0.892 * 0.8548 | + | 0.115 * 0.8572 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2569 | + | 4.679 * 0.174667 | - | 0.327 * 0.7407 |
| = | -1.51 |
* 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 €2,806 Mil.
Revenue was 2644.08 + 3120.551 + 3346.027 + 3291.418 = €12,402 Mil.
Gross Profit was 543.72 + 640.983 + 634.349 + 599.95 = €2,419 Mil.
Total Current Assets was €6,002 Mil.
Total Assets was €18,306 Mil.
Property, Plant and Equipment(Net PPE) was €6,103 Mil.
Depreciation, Depletion and Amortization(DDA) was €635 Mil.
Selling, General, & Admin. Expense(SGA) was €589 Mil.
Total Current Liabilities was €4,953 Mil.
Long-Term Debt & Capital Lease Obligation was €5,077 Mil.
Net Income was 3390.2 + 141.218 + 190.211 + 159.679 = €3,881 Mil.
Non Operating Income was -25.76 + -84.364 + -44.039 + 5.538 = €-149 Mil.
Cash Flow from Operations was -1147.24 + 674.912 + 717.742 + 587.028 = €832 Mil.
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Total Receivables was €2,392 Mil.
Revenue was 3258.726 + 3349.312 + 3990.51 + 3910.764 = €14,509 Mil.
Gross Profit was 601.496 + 488.992 + 682.76 + 651.794 = €2,425 Mil.
Total Current Assets was €5,144 Mil.
Total Assets was €18,782 Mil.
Property, Plant and Equipment(Net PPE) was €7,118 Mil.
Depreciation, Depletion and Amortization(DDA) was €625 Mil.
Selling, General, & Admin. Expense(SGA) was €549 Mil.
Total Current Liabilities was €6,743 Mil.
Long-Term Debt & Capital Lease Obligation was €7,150 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) |
| = | (2806 / 12402.076) | / | (2391.974 / 14509.312) |
| = | 0.226252 | / | 0.164858 |
| | = | 1.3724 |
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) |
| = | (2425.042 / 14509.312) | / | (2419.002 / 12402.076) |
| = | 0.167137 | / | 0.195048 |
| | = | 0.8569 |
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 - (6002.08 + 6103.28) / 18306.16) | / | (1 - (5143.538 + 7118.014) / 18781.806) |
| = | 0.338728 | / | 0.347158 |
| | = | 0.9757 |
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 |
| = | 12402.076 | / | 14509.312 |
| | = | 0.8548 |
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)) |
| = | (625.47 / (625.47 + 7118.014)) | / | (634.96 / (634.96 + 6103.28)) |
| = | 0.080774 | / | 0.094232 |
| | = | 0.8572 |
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) |
| = | (589.309 / 12402.076) | / | (548.53 / 14509.312) |
| = | 0.047517 | / | 0.037805 |
| | = | 1.2569 |
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) |
| = | ((5077.48 + 4953.28) / 18306.16) | / | ((7149.77 + 6743.48) / 18781.806) |
| = | 0.547945 | / | 0.739719 |
| | = | 0.7407 |
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 |
| = | (3881.308 - -148.625 | - | 832.442) | / | 18306.16 |
| | = | 0.174667 |
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.
Ball has a M-score of -1.51 signals that the company is likely to be a manipulator.
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