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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.
Cabela's Inc has a M-score of -2.45 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Cabela's Inc was 10.98. The lowest was -3.26. And the median was -2.49.
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 * 1.0375||+||0.528 * 0.9809||+||0.404 * 0.8057||+||0.892 * 1.0702||+||0.115 * 1.0548|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0449||+||4.679 * 0.0044||-||0.327 * 0.9953|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $3,785 Mil.|
Revenue was 725.823 + 1189.447 + 850.828 + 756.805 = $3,523 Mil.
Gross Profit was 317.858 + 500.71 + 380.896 + 343.34 = $1,543 Mil.
Total Current Assets was $5,129 Mil.
Total Assets was $6,619 Mil.
Property, Plant and Equipment(Net PPE) was $1,366 Mil.
Depreciation, Depletion and Amortization(DDA) was $98 Mil.
Selling, General & Admin. Expense(SGA) was $1,214 Mil.
Total Current Liabilities was $1,127 Mil.
Long-Term Debt was $2,993 Mil.
Net Income was 25.749 + 80.112 + 49.886 + 44.545 = $200 Mil.
Non Operating Income was 2.102 + 0.346 + 1.028 + 1.108 = $5 Mil.
Cash Flow from Operations was -56.058 + 250.811 + -88.519 + 60.2 = $166 Mil.
|Accounts Receivable was $3,408 Mil.
Revenue was 802.497 + 1120.746 + 741.178 + 627.254 = $3,292 Mil.
Gross Profit was 343.802 + 452.013 + 331.249 + 286.877 = $1,414 Mil.
Total Current Assets was $4,552 Mil.
Total Assets was $5,760 Mil.
Property, Plant and Equipment(Net PPE) was $1,074 Mil.
Depreciation, Depletion and Amortization(DDA) was $82 Mil.
Selling, General & Admin. Expense(SGA) was $1,085 Mil.
Total Current Liabilities was $1,128 Mil.
Long-Term Debt was $2,475 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)|
|=||(3784.717 / 3522.903)||/||(3408.399 / 3291.675)|
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)|
|=||(500.71 / 3291.675)||/||(317.858 / 3522.903)|
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 - (5128.583 + 1366.298) / 6618.626)||/||(1 - (4552.394 + 1074.169) / 5760.237)|
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))|
|=||(81.913 / (81.913 + 1074.169))||/||(98.388 / (98.388 + 1366.298))|
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)|
|=||(1213.837 / 3522.903)||/||(1085.379 / 3291.675)|
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)|
|=||((2992.837 + 1127.409) / 6618.626)||/||((2474.673 + 1128.215) / 5760.237)|
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|
|=||(200.292 - 4.584||-||166.434)||/||6618.626|
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 -2.45 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