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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 -2.56.
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 * 1.0728||+||0.528 * 1.0162||+||0.404 * 1.1418||+||0.892 * 1.0764||+||0.115 * 0.9558|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0084||+||4.679 * -0.0216||-||0.327 * 1.0111|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $35 Mil.|
Revenue was 864.662 + 1407.827 + 926.523 + 836.276 = $4,035 Mil.
Gross Profit was 376.517 + 554.822 + 412.029 + 383.282 = $1,727 Mil.
Total Current Assets was $6,096 Mil.
Total Assets was $8,101 Mil.
Property, Plant and Equipment(Net PPE) was $1,841 Mil.
Depreciation, Depletion and Amortization(DDA) was $137 Mil.
Selling, General & Admin. Expense(SGA) was $1,401 Mil.
Total Current Liabilities was $2,480 Mil.
Long-Term Debt was $2,927 Mil.
Net Income was 22.889 + 78.791 + 43.708 + 40.057 = $185 Mil.
Non Operating Income was 0.901 + 4.532 + 1.42 + 2.025 = $9 Mil.
Cash Flow from Operations was 25.39 + 312.21 + -67.096 + 81.362 = $352 Mil.
|Accounts Receivable was $31 Mil.
Revenue was 827.076 + 1274.624 + 886.002 + 761.201 = $3,749 Mil.
Gross Profit was 360.637 + 522.318 + 393.502 + 353.683 = $1,630 Mil.
Total Current Assets was $5,539 Mil.
Total Assets was $7,335 Mil.
Property, Plant and Equipment(Net PPE) was $1,665 Mil.
Depreciation, Depletion and Amortization(DDA) was $118 Mil.
Selling, General & Admin. Expense(SGA) was $1,290 Mil.
Total Current Liabilities was $1,280 Mil.
Long-Term Debt was $3,562 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)|
|=||(35.45 / 4035.288)||/||(30.699 / 3748.903)|
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)|
|=||(1630.14 / 3748.903)||/||(1726.65 / 4035.288)|
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 - (6095.72 + 1840.53) / 8101.209)||/||(1 - (5539.081 + 1665.178) / 7335.065)|
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))|
|=||(118.245 / (118.245 + 1665.178))||/||(137.185 / (137.185 + 1840.53))|
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)|
|=||(1400.732 / 4035.288)||/||(1290.424 / 3748.903)|
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)|
|=||((2926.697 + 2479.84) / 8101.209)||/||((3561.563 + 1279.901) / 7335.065)|
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|
|=||(185.445 - 8.878||-||351.866)||/||8101.209|
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 -2.39 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