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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 -2.71 suggests that the company is not a 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 -2.62.
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 * 0.8273||+||0.528 * 0.9795||+||0.404 * 0.8913||+||0.892 * 1.0089||+||0.115 * 1.0448|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0273||+||4.679 * -0.0018||-||0.327 * 1.0631|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $25 Mil.|
Revenue was 886.002 + 761.201 + 725.823 + 1189.447 = $3,562 Mil.
Gross Profit was 393.502 + 353.683 + 317.858 + 500.71 = $1,566 Mil.
Total Current Assets was $5,565 Mil.
Total Assets was $7,215 Mil.
Property, Plant and Equipment(Net PPE) was $1,523 Mil.
Depreciation, Depletion and Amortization(DDA) was $108 Mil.
Selling, General & Admin. Expense(SGA) was $1,215 Mil.
Total Current Liabilities was $1,545 Mil.
Long-Term Debt was $3,237 Mil.
Net Income was 53.839 + 43.517 + 25.749 + 80.112 = $203 Mil.
Non Operating Income was 0.916 + 1.039 + 2.102 + 0.346 = $4 Mil.
Cash Flow from Operations was -85.955 + 102.972 + -56.058 + 250.811 = $212 Mil.
|Accounts Receivable was $29 Mil.
Revenue was 850.828 + 756.805 + 802.497 + 1120.746 = $3,531 Mil.
Gross Profit was 380.896 + 343.34 + 343.802 + 452.013 = $1,520 Mil.
Total Current Assets was $5,132 Mil.
Total Assets was $6,462 Mil.
Property, Plant and Equipment(Net PPE) was $1,202 Mil.
Depreciation, Depletion and Amortization(DDA) was $89 Mil.
Selling, General & Admin. Expense(SGA) was $1,172 Mil.
Total Current Liabilities was $1,053 Mil.
Long-Term Debt was $2,976 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)|
|=||(24.512 / 3562.473)||/||(29.367 / 3530.876)|
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)|
|=||(353.683 / 3530.876)||/||(393.502 / 3562.473)|
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 - (5564.97 + 1522.91) / 7215.464)||/||(1 - (5132.201 + 1201.662) / 6462.065)|
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))|
|=||(89.223 / (89.223 + 1201.662))||/||(107.888 / (107.888 + 1522.91))|
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)|
|=||(1214.714 / 3562.473)||/||(1171.955 / 3530.876)|
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)|
|=||((3237.398 + 1545.195) / 7215.464)||/||((2976.399 + 1052.66) / 6462.065)|
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|
|=||(203.217 - 4.403||-||211.77)||/||7215.464|
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 -2.71 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