Diageo Beneish M-Score Historical Data
The historical data trend for Diageo'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.
Diageo Beneish M-Score Chart
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Diageo Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.51 |
-3.02 |
-2.26 |
-2.42 |
-2.46 |
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Diageo Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
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Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.42 |
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-2.46 |
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Competitive Comparison of Diageo's Beneish M-Score
For the Beverages - Wineries & Distilleries subindustry, Diageo'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.
Diageo's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Diageo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Diageo's Beneish M-Score falls into.
Diageo 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 Diageo 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 * 0.8519 | + | 0.528 * 1.0278 | + | 0.404 * 0.9873 | + | 0.892 * 1.1517 | + | 0.115 * 0.5218 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0124 | + | 4.679 * 0.019932 | - | 0.327 * 1.0013 |
| = | -2.44 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $2,800 Mil.
Revenue was $21,585 Mil.
Gross Profit was $12,883 Mil.
Total Current Assets was $15,639 Mil.
Total Assets was $44,929 Mil.
Property, Plant and Equipment(Net PPE) was $7,747 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,345 Mil.
Selling, General, & Admin. Expense(SGA) was $3,848 Mil.
Total Current Liabilities was $9,604 Mil.
Long-Term Debt & Capital Lease Obligation was $19,139 Mil.
Net Income was $4,710 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $3,814 Mil.
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Total Receivables was $2,854 Mil.
Revenue was $18,742 Mil.
Gross Profit was $11,497 Mil.
Total Current Assets was $15,687 Mil.
Total Assets was $44,290 Mil.
Property, Plant and Equipment(Net PPE) was $7,093 Mil.
Depreciation, Depletion and Amortization(DDA) was $593 Mil.
Selling, General, & Admin. Expense(SGA) was $3,300 Mil.
Total Current Liabilities was $10,239 Mil.
Long-Term Debt & Capital Lease Obligation was $18,057 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) |
| = | (2800.096 / 21584.703) | / | (2853.92 / 18741.51) |
| = | 0.129726 | / | 0.152278 |
| | = | 0.8519 |
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) |
| = | (11496.944 / 18741.51) | / | (12882.964 / 21584.703) |
| = | 0.613448 | / | 0.596856 |
| | = | 1.0278 |
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 - (15638.914 + 7746.932) / 44928.925) | / | (1 - (15687.464 + 7092.956) / 44289.734) |
| = | 0.479492 | / | 0.48565 |
| | = | 0.9873 |
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 |
| = | 21584.703 | / | 18741.51 |
| | = | 1.1517 |
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)) |
| = | (593.101 / (593.101 + 7092.956)) | / | (1344.551 / (1344.551 + 7746.932)) |
| = | 0.077166 | / | 0.147891 |
| | = | 0.5218 |
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) |
| = | (3848.24 / 21584.703) | / | (3300.262 / 18741.51) |
| = | 0.178286 | / | 0.176094 |
| | = | 1.0124 |
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) |
| = | ((19139.034 + 9603.572) / 44928.925) | / | ((18057.442 + 10239.181) / 44289.734) |
| = | 0.639735 | / | 0.638898 |
| | = | 1.0013 |
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 |
| = | (4709.711 - 0 | - | 3814.185) | / | 44928.925 |
| | = | 0.019932 |
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.
Diageo has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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