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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 -2.45.
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 * 1.0972||+||0.528 * 0.9761||+||0.404 * 0.8788||+||0.892 * 1.031||+||0.115 * 1.0675|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.045||+||4.679 * -0.0022||-||0.327 * 1.054|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $3,967 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.
Net Income was 43.517 + 25.749 + 80.112 + 49.886 = $199 Mil.
Non Operating Income was 1.039 + 2.102 + 0.346 + 1.028 = $5 Mil.
Cash Flow from Operations was 102.972 + -56.058 + 250.811 + -88.519 = $209 Mil.
|Accounts Receivable was $3,507 Mil.
Revenue was 756.805 + 802.497 + 1120.746 + 741.178 = $3,421 Mil.
Gross Profit was 343.34 + 343.802 + 452.013 + 331.249 = $1,470 Mil.
Total Current Assets was $4,789 Mil.
Total Assets was $6,043 Mil.
Property, Plant and Equipment(Net PPE) was $1,126 Mil.
Depreciation, Depletion and Amortization(DDA) was $85 Mil.
Selling, General & Admin. Expense(SGA) was $1,132 Mil.
Total Current Liabilities was $1,103 Mil.
Long-Term Debt was $2,530 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)|
|=||(3967.285 / 3527.299)||/||(3507.018 / 3421.226)|
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)|
|=||(317.858 / 3421.226)||/||(353.683 / 3527.299)|
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 - (5020.233 + 1454.13) / 6598.185)||/||(1 - (4788.582 + 1125.591) / 6043.22)|
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))|
|=||(85.316 / (85.316 + 1125.591))||/||(102.756 / (102.756 + 1454.13))|
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)|
|=||(1219.42 / 3527.299)||/||(1131.798 / 3421.226)|
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)|
|=||((2999.924 + 1180.341) / 6598.185)||/||((2529.604 + 1102.805) / 6043.22)|
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|
|=||(199.264 - 4.515||-||209.206)||/||6598.185|
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