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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 0.84. The lowest was -3.71. And the median was -2.57.
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 * 1.0829||+||0.528 * 1.0145||+||0.404 * 0.8769||+||0.892 * 1.0841||+||0.115 * 1.013|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0055||+||4.679 * -0.013||-||0.327 * 1.057|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|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 $7,642 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 $3,243 Mil.
Net Income was 40.057 + 26.774 + 78.61 + 53.839 = $199 Mil.
Non Operating Income was 2.025 + 1.74 + 0.867 + 0.916 = $6 Mil.
Cash Flow from Operations was 81.362 + 0.515 + 297.02 + -85.955 = $293 Mil.
|Accounts Receivable was $25 Mil.
Revenue was 761.201 + 725.823 + 1189.447 + 850.828 = $3,527 Mil.
Gross Profit was 353.683 + 317.858 + 500.71 + 380.896 = $1,553 Mil.
Total Current Assets was $5,020 Mil.
Total Assets was $6,598 Mil.
Property, Plant and Equipment(Net PPE) was $1,454 Mil.
Depreciation, Depletion and Amortization(DDA) was $103 Mil.
Selling, General & Admin. Expense(SGA) was $1,219 Mil.
Total Current Liabilities was $1,180 Mil.
Long-Term Debt was $3,000 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)|
|=||(29.469 / 3823.978)||/||(25.102 / 3527.299)|
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)|
|=||(360.637 / 3527.299)||/||(383.282 / 3823.978)|
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 - (5752.427 + 1763.483) / 7641.655)||/||(1 - (5020.233 + 1454.13) / 6598.185)|
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))|
|=||(102.756 / (102.756 + 1454.13))||/||(122.901 / (122.901 + 1763.483))|
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)|
|=||(1329.265 / 3823.978)||/||(1219.42 / 3527.299)|
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)|
|=||((3243.117 + 1874.298) / 7641.655)||/||((2999.924 + 1180.341) / 6598.185)|
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|
|=||(199.28 - 5.548||-||292.942)||/||7641.655|
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