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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 -1.76. The lowest was -3.71. And the median was -2.54.
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 * 1.2344||+||0.528 * 1.0289||+||0.404 * 1.2597||+||0.892 * 1.0797||+||0.115 * 0.8954|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9828||+||4.679 * -0.0284||-||0.327 * 0.9709|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $39 Mil.|
Revenue was 929.897 + 864.662 + 1407.827 + 926.523 = $4,129 Mil.
Gross Profit was 398.35 + 376.517 + 554.822 + 412.029 = $1,742 Mil.
Total Current Assets was $6,755 Mil.
Total Assets was $8,765 Mil.
Property, Plant and Equipment(Net PPE) was $1,839 Mil.
Depreciation, Depletion and Amortization(DDA) was $144 Mil.
Selling, General & Admin. Expense(SGA) was $1,411 Mil.
Total Current Liabilities was $2,387 Mil.
Long-Term Debt was $3,309 Mil.
Net Income was 37.759 + 22.889 + 78.791 + 43.708 = $183 Mil.
Non Operating Income was 2.78 + 0.901 + 4.532 + 1.42 = $10 Mil.
Cash Flow from Operations was 151.833 + 25.39 + 312.21 + -67.096 = $422 Mil.
|Accounts Receivable was $29 Mil.
Revenue was 836.276 + 827.076 + 1274.624 + 886.002 = $3,824 Mil.
Gross Profit was 383.282 + 360.637 + 522.318 + 393.502 = $1,660 Mil.
Total Current Assets was $5,752 Mil.
Total Assets was $7,634 Mil.
Property, Plant and Equipment(Net PPE) was $1,763 Mil.
Depreciation, Depletion and Amortization(DDA) was $123 Mil.
Selling, General & Admin. Expense(SGA) was $1,329 Mil.
Total Current Liabilities was $1,874 Mil.
Long-Term Debt was $3,236 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)|
|=||(39.278 / 4128.909)||/||(29.469 / 3823.978)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(1659.739 / 3823.978)||/||(1741.718 / 4128.909)|
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 - (6755.077 + 1839.451) / 8765.259)||/||(1 - (5752.427 + 1763.483) / 7633.954)|
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))|
|=||(122.901 / (122.901 + 1763.483))||/||(144.343 / (144.343 + 1839.451))|
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)|
|=||(1410.522 / 4128.909)||/||(1329.265 / 3823.978)|
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)|
|=||((3308.782 + 2387.485) / 8765.259)||/||((3235.711 + 1874.003) / 7633.954)|
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|
|=||(183.147 - 9.633||-||422.337)||/||8765.259|
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 -2.21 signals that the company is likely to 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