Campbell Soup Co Beneish M-Score Historical Data
The historical data trend for Campbell Soup Co'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.
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Campbell Soup Co Annual Data
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Trend |
Jul14 |
Jul15 |
Jul16 |
Jul17 |
Jul18 |
Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
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-2.84 |
-2.28 |
-2.47 |
-2.70 |
-2.61 |
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Campbell Soup Co Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.59 |
-2.51 |
-2.61 |
-2.60 |
-2.55 |
Competitive Comparison
For the Packaged Foods subindustry, Campbell Soup Co'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.
Campbell Soup Co Beneish M-Score Distribution
For the Consumer Packaged Goods industry and Consumer Defensive sector, Campbell Soup Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Campbell Soup Co's Beneish M-Score falls into.
Campbell Soup Co 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 Campbell Soup Co 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 * 1.0529 | + | 0.528 * 0.9896 | + | 0.404 * 0.989 | + | 0.892 * 1.0102 | + | 0.115 * 0.9282 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0588 | + | 4.679 * -0.024451 | - | 0.327 * 0.9695 |
| = | -2.55 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $635 Mil.
Revenue was 2456 + 2518 + 2068 + 2229 = $9,271 Mil.
Gross Profit was 776 + 788 + 656 + 668 = $2,888 Mil.
Total Current Assets was $2,070 Mil.
Total Assets was $12,106 Mil.
Property, Plant and Equipment(Net PPE) was $2,470 Mil.
Depreciation, Depletion and Amortization(DDA) was $403 Mil.
Selling, General, & Admin. Expense(SGA) was $1,521 Mil.
Total Current Liabilities was $2,056 Mil.
Long-Term Debt & Capital Lease Obligation was $4,506 Mil.
Net Income was 203 + 234 + 169 + 160 = $766 Mil.
Non Operating Income was -11 + -11 + 8 + -19 = $-33 Mil.
Cash Flow from Operations was 510 + 174 + 225 + 186 = $1,095 Mil.
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Total Receivables was $597 Mil.
Revenue was 2485 + 2575 + 1987 + 2130 = $9,177 Mil.
Gross Profit was 759 + 834 + 571 + 665 = $2,829 Mil.
Total Current Assets was $2,087 Mil.
Total Assets was $11,967 Mil.
Property, Plant and Equipment(Net PPE) was $2,318 Mil.
Depreciation, Depletion and Amortization(DDA) was $347 Mil.
Selling, General, & Admin. Expense(SGA) was $1,422 Mil.
Total Current Liabilities was $2,699 Mil.
Long-Term Debt & Capital Lease Obligation was $3,992 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) |
| = | (635 / 9271) | / | (597 / 9177) |
| = | 0.068493 | / | 0.065054 |
| | = | 1.0529 |
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) |
| = | (2829 / 9177) | / | (2888 / 9271) |
| = | 0.308271 | / | 0.311509 |
| | = | 0.9896 |
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 - (2070 + 2470) / 12106) | / | (1 - (2087 + 2318) / 11967) |
| = | 0.624979 | / | 0.631904 |
| | = | 0.989 |
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 |
| = | 9271 | / | 9177 |
| | = | 1.0102 |
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)) |
| = | (347 / (347 + 2318)) | / | (403 / (403 + 2470)) |
| = | 0.130206 | / | 0.140271 |
| | = | 0.9282 |
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) |
| = | (1521 / 9271) | / | (1422 / 9177) |
| = | 0.16406 | / | 0.154953 |
| | = | 1.0588 |
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) |
| = | ((4506 + 2056) / 12106) | / | ((3992 + 2699) / 11967) |
| = | 0.542045 | / | 0.559121 |
| | = | 0.9695 |
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 |
| = | (766 - -33 | - | 1095) | / | 12106 |
| | = | -0.024451 |
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.
Campbell Soup Co has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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