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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Cabela's Inc was -2.14. The lowest was -3.07. And the median was -2.59.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Cabela's Inc 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 * 0.9292||+||0.528 * 1.038||+||0.404 * 0.7187||+||0.892 * 1.0329||+||0.115 * 0.8898|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9867||+||4.679 * -0.0361||-||0.327 * 0.9426|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $76 Mil.|
Revenue was 1338.305 + 996.495 + 929.897 + 864.662 = $4,129 Mil.
Gross Profit was 520.482 + 407.025 + 398.35 + 376.517 = $1,702 Mil.
Total Current Assets was $7,037 Mil.
Total Assets was $8,971 Mil.
Property, Plant and Equipment(Net PPE) was $1,807 Mil.
Depreciation, Depletion and Amortization(DDA) was $150 Mil.
Selling, General & Admin. Expense(SGA) was $1,414 Mil.
Total Current Liabilities was $2,690 Mil.
Long-Term Debt was $3,138 Mil.
Net Income was 58.059 + 28.24 + 37.759 + 22.889 = $147 Mil.
Non Operating Income was 0.58 + 0.88 + 2.78 + 0.901 = $5 Mil.
Cash Flow from Operations was 222.808 + 65.369 + 151.833 + 25.39 = $465 Mil.
|Accounts Receivable was $79 Mil.
Revenue was 1407.827 + 926.523 + 836.276 + 827.076 = $3,998 Mil.
Gross Profit was 554.822 + 412.029 + 383.282 + 360.637 = $1,711 Mil.
Total Current Assets was $6,485 Mil.
Total Assets was $8,463 Mil.
Property, Plant and Equipment(Net PPE) was $1,811 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General & Admin. Expense(SGA) was $1,388 Mil.
Total Current Liabilities was $2,476 Mil.
Long-Term Debt was $3,357 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(76.14 / 4129.359)||/||(79.33 / 3997.702)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(1710.77 / 3997.702)||/||(1702.374 / 4129.359)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (7036.578 + 1807.209) / 8970.824)||/||(1 - (6484.945 + 1811.302) / 8463.004)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(132.696 / (132.696 + 1811.302))||/||(150.163 / (150.163 + 1807.209))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(1414.312 / 4129.359)||/||(1387.647 / 3997.702)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((3138.085 + 2689.77) / 8970.824)||/||((3357.157 + 2475.576) / 8463.004)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(146.947 - 5.141||-||465.4)||/||8970.824|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Cabela's Inc has a M-score of -2.77 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Cabela's Inc Annual Data
Cabela's Inc Quarterly Data