Kenvue Beneish M-Score Historical Data
The historical data trend for Kenvue'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.
Kenvue Beneish M-Score Chart
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Kenvue Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-3.34 |
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Kenvue Quarterly Data
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Dec19 |
Dec20 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-3.30 |
-3.34 |
-2.67 |
Competitive Comparison of Kenvue's Beneish M-Score
For the Household & Personal Products subindustry, Kenvue'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.
Kenvue's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Kenvue's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kenvue's Beneish M-Score falls into.
Kenvue 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 Kenvue 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 * 1.172 | + | 0.528 * 0.9825 | + | 0.404 * 0.916 | + | 0.892 * 1.018 | + | 0.115 * 1.0776 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0548 | + | 4.679 * -0.036616 | - | 0.327 * 1.4492 |
| = | -2.67 |
* 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 $2,805 Mil.
Revenue was 3894 + 3666 + 3915 + 4011 = $15,486 Mil.
Gross Profit was 2242 + 2043 + 2250 + 2225 = $8,760 Mil.
Total Current Assets was $6,097 Mil.
Total Assets was $27,283 Mil.
Property, Plant and Equipment(Net PPE) was $2,005 Mil.
Depreciation, Depletion and Amortization(DDA) was $624 Mil.
Selling, General, & Admin. Expense(SGA) was $6,212 Mil.
Total Current Liabilities was $6,166 Mil.
Long-Term Debt & Capital Lease Obligation was $7,131 Mil.
Net Income was 296 + 327 + 438 + 430 = $1,491 Mil.
Non Operating Income was -139 + -13 + -23 + 12 = $-163 Mil.
Cash Flow from Operations was 287 + 950 + 674 + 742 = $2,653 Mil.
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Total Receivables was $2,351 Mil.
Revenue was 3852 + 3767 + 3789 + 3804 = $15,212 Mil.
Gross Profit was 2125 + 2046 + 2125 + 2158 = $8,454 Mil.
Total Current Assets was $6,439 Mil.
Total Assets was $35,595 Mil.
Property, Plant and Equipment(Net PPE) was $1,836 Mil.
Depreciation, Depletion and Amortization(DDA) was $631 Mil.
Selling, General, & Admin. Expense(SGA) was $5,785 Mil.
Total Current Liabilities was $4,210 Mil.
Long-Term Debt & Capital Lease Obligation was $7,761 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) |
| = | (2805 / 15486) | / | (2351 / 15212) |
| = | 0.181131 | / | 0.154549 |
| | = | 1.172 |
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) |
| = | (8454 / 15212) | / | (8760 / 15486) |
| = | 0.555745 | / | 0.565672 |
| | = | 0.9825 |
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 - (6097 + 2005) / 27283) | / | (1 - (6439 + 1836) / 35595) |
| = | 0.703039 | / | 0.767524 |
| | = | 0.916 |
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 |
| = | 15486 | / | 15212 |
| | = | 1.018 |
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)) |
| = | (631 / (631 + 1836)) | / | (624 / (624 + 2005)) |
| = | 0.255776 | / | 0.237353 |
| | = | 1.0776 |
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) |
| = | (6212 / 15486) | / | (5785 / 15212) |
| = | 0.401137 | / | 0.380292 |
| | = | 1.0548 |
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) |
| = | ((7131 + 6166) / 27283) | / | ((7761 + 4210) / 35595) |
| = | 0.487373 | / | 0.336311 |
| | = | 1.4492 |
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 |
| = | (1491 - -163 | - | 2653) | / | 27283 |
| | = | -0.036616 |
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.
Kenvue has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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