Packaging of America Beneish M-Score Historical Data
The historical data trend for Packaging of America'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.
Packaging of America Beneish M-Score Chart
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Packaging of America Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.85 |
-2.78 |
-2.41 |
-2.75 |
-2.76 |
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Packaging of America 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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-2.80 |
-2.91 |
-2.82 |
-2.76 |
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Competitive Comparison of Packaging of America's Beneish M-Score
For the Packaging & Containers subindustry, Packaging of America'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.
Packaging of America's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Packaging of America's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Packaging of America's Beneish M-Score falls into.
Packaging of America 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 Packaging of America 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 * 1.0561 | + | 0.528 * 1.1325 | + | 0.404 * 0.9121 | + | 0.892 * 0.9203 | + | 0.115 * 0.8835 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0368 | + | 4.679 * -0.057516 | - | 0.327 * 1.0154 |
| = | -2.76 |
* 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 $1,038 Mil.
Revenue was 1937.9 + 1936 + 1952.1 + 1976.3 = $7,802 Mil.
Gross Profit was 410.1 + 412.7 + 444.7 + 431.4 = $1,699 Mil.
Total Current Assets was $3,254 Mil.
Total Assets was $8,681 Mil.
Property, Plant and Equipment(Net PPE) was $4,143 Mil.
Depreciation, Depletion and Amortization(DDA) was $518 Mil.
Selling, General, & Admin. Expense(SGA) was $581 Mil.
Total Current Liabilities was $1,266 Mil.
Long-Term Debt & Capital Lease Obligation was $2,693 Mil.
Net Income was 189.2 + 183.2 + 202.7 + 190.1 = $765 Mil.
Non Operating Income was -7.7 + -11.7 + -16.7 + -14.5 = $-51 Mil.
Cash Flow from Operations was 335.3 + 339.5 + 359.9 + 280.4 = $1,315 Mil.
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Total Receivables was $1,068 Mil.
Revenue was 1978.4 + 2125.9 + 2237.3 + 2136.4 = $8,478 Mil.
Gross Profit was 450.3 + 518.4 + 588.8 + 533.2 = $2,091 Mil.
Total Current Assets was $2,508 Mil.
Total Assets was $8,004 Mil.
Property, Plant and Equipment(Net PPE) was $4,198 Mil.
Depreciation, Depletion and Amortization(DDA) was $457 Mil.
Selling, General, & Admin. Expense(SGA) was $609 Mil.
Total Current Liabilities was $876 Mil.
Long-Term Debt & Capital Lease Obligation was $2,719 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) |
| = | (1037.5 / 7802.3) | / | (1067.5 / 8478) |
| = | 0.132974 | / | 0.125914 |
| | = | 1.0561 |
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) |
| = | (2090.7 / 8478) | / | (1698.9 / 7802.3) |
| = | 0.246603 | / | 0.217743 |
| | = | 1.1325 |
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 - (3254.4 + 4143.4) / 8681.1) | / | (1 - (2508.3 + 4198.3) / 8003.8) |
| = | 0.147827 | / | 0.162073 |
| | = | 0.9121 |
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 |
| = | 7802.3 | / | 8478 |
| | = | 0.9203 |
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)) |
| = | (456.8 / (456.8 + 4198.3)) | / | (517.7 / (517.7 + 4143.4)) |
| = | 0.098129 | / | 0.111068 |
| | = | 0.8835 |
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) |
| = | (580.8 / 7802.3) | / | (608.7 / 8478) |
| = | 0.07444 | / | 0.071798 |
| | = | 1.0368 |
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) |
| = | ((2693 + 1265.7) / 8681.1) | / | ((2719 + 875.5) / 8003.8) |
| = | 0.456014 | / | 0.449099 |
| | = | 1.0154 |
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 |
| = | (765.2 - -50.6 | - | 1315.1) | / | 8681.1 |
| | = | -0.057516 |
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.
Packaging of America has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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