Tyson Foods Beneish M-Score Historical Data
The historical data trend for Tyson Foods'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.
Tyson Foods Beneish M-Score Chart
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Tyson Foods Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.33 |
-2.86 |
-2.42 |
-2.24 |
-1.97 |
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Tyson Foods Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.02 |
-1.97 |
-2.22 |
-2.56 |
-2.75 |
Competitive Comparison of Tyson Foods's Beneish M-Score
For the Farm Products subindustry, Tyson Foods'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.
Tyson Foods's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Tyson Foods's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tyson Foods's Beneish M-Score falls into.
Tyson Foods 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 Tyson Foods 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 * 0.978 | + | 0.528 * 1.1459 | + | 0.404 * 0.949 | + | 0.892 * 0.9967 | + | 0.115 * 0.8463 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0376 | + | 4.679 * -0.052634 | - | 0.327 * 1.0942 |
| = | -2.75 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $2,389 Mil.
Revenue was 13353 + 13072 + 13319 + 13348 = $53,092 Mil.
Gross Profit was 878 + 866 + 823 + 459 = $3,026 Mil.
Total Current Assets was $10,572 Mil.
Total Assets was $37,732 Mil.
Property, Plant and Equipment(Net PPE) was $9,368 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,478 Mil.
Selling, General, & Admin. Expense(SGA) was $2,272 Mil.
Total Current Liabilities was $5,810 Mil.
Long-Term Debt & Capital Lease Obligation was $9,701 Mil.
Net Income was 191 + 145 + 107 + -450 = $-7 Mil.
Non Operating Income was 11 + -12 + 25 + -341 = $-317 Mil.
Cash Flow from Operations was 796 + -123 + 1300 + 323 = $2,296 Mil.
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Total Receivables was $2,451 Mil.
Revenue was 13140 + 13133 + 13260 + 13737 = $53,270 Mil.
Gross Profit was 677 + 527 + 968 + 1307 = $3,479 Mil.
Total Current Assets was $8,883 Mil.
Total Assets was $36,761 Mil.
Property, Plant and Equipment(Net PPE) was $9,612 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,253 Mil.
Selling, General, & Admin. Expense(SGA) was $2,197 Mil.
Total Current Liabilities was $4,948 Mil.
Long-Term Debt & Capital Lease Obligation was $8,863 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) |
| = | (2389 / 53092) | / | (2451 / 53270) |
| = | 0.044997 | / | 0.046011 |
| | = | 0.978 |
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) |
| = | (3479 / 53270) | / | (3026 / 53092) |
| = | 0.065309 | / | 0.056995 |
| | = | 1.1459 |
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 - (10572 + 9368) / 37732) | / | (1 - (8883 + 9612) / 36761) |
| = | 0.471536 | / | 0.496885 |
| | = | 0.949 |
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 |
| = | 53092 | / | 53270 |
| | = | 0.9967 |
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)) |
| = | (1253 / (1253 + 9612)) | / | (1478 / (1478 + 9368)) |
| = | 0.115324 | / | 0.136271 |
| | = | 0.8463 |
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) |
| = | (2272 / 53092) | / | (2197 / 53270) |
| = | 0.042794 | / | 0.041243 |
| | = | 1.0376 |
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) |
| = | ((9701 + 5810) / 37732) | / | ((8863 + 4948) / 36761) |
| = | 0.411083 | / | 0.375697 |
| | = | 1.0942 |
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 |
| = | (-7 - -317 | - | 2296) | / | 37732 |
| | = | -0.052634 |
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.
Tyson Foods has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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