CAI International Beneish M-Score Historical Data
The historical data trend for CAI International's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
CAI International Beneish M-Score Chart
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CAI International Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.20 |
-2.28 |
-2.14 |
-2.89 |
-3.00 |
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CAI International Quarterly Data
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Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
| Beneish M-Score |
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-3.21 |
-3.00 |
-3.14 |
-2.89 |
-2.56 |
Competitive Comparison of CAI International's Beneish M-Score
For the Rental & Leasing Services subindustry, CAI International's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
CAI International's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, CAI International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CAI International's Beneish M-Score falls into.
CAI International Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 CAI International 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 * 0.9677 | + | 0.528 * 0.6772 | + | 0.404 * 1.4955 | + | 0.892 * 1.3128 | + | 0.115 * 0.9523 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0766 | + | 4.679 * -0.070636 | - | 0.327 * 0.9805 |
| = | -2.54 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Sep21) TTM: | Last Year (Sep20) TTM: |
Total Receivables was $190.8 Mil.
Revenue was 100.827 + 85.695 + 80.8 + 81.567 = $348.9 Mil.
Gross Profit was 54.087 + 42.867 + 38.588 + 38.154 = $173.7 Mil.
Total Current Assets was $242.6 Mil.
Total Assets was $3,266.3 Mil.
Property, Plant and Equipment(Net PPE) was $2,171.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $119.1 Mil.
Selling, General, & Admin. Expense(SGA) was $38.2 Mil.
Total Current Liabilities was $338.5 Mil.
Long-Term Debt & Capital Lease Obligation was $2,097.9 Mil.
Net Income was 51.155 + 37.943 + 35.74 + 14.246 = $139.1 Mil.
Non Operating Income was 13.04 + 7.1 + 6.333 + 4.844 = $31.3 Mil.
Cash Flow from Operations was 97.613 + 86.275 + 75.789 + 78.812 = $338.5 Mil.
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Total Receivables was $150.2 Mil.
Revenue was 73.89 + 69.443 + 69.113 + 53.307 = $265.8 Mil.
Gross Profit was 25.49 + 21.828 + 19.362 + 22.921 = $89.6 Mil.
Total Current Assets was $515.8 Mil.
Total Assets was $3,069.2 Mil.
Property, Plant and Equipment(Net PPE) was $2,018.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $105.1 Mil.
Selling, General, & Admin. Expense(SGA) was $27.0 Mil.
Total Current Liabilities was $628.8 Mil.
Long-Term Debt & Capital Lease Obligation was $1,706.2 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (190.814 / 348.889) | / | (150.191 / 265.753) |
| = | 0.546919 | / | 0.565153 |
| | = | 0.9677 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (89.601 / 265.753) | / | (173.696 / 348.889) |
| = | 0.337159 | / | 0.497855 |
| | = | 0.6772 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (242.593 + 2171.846) / 3266.342) | / | (1 - (515.775 + 2018.142) / 3069.194) |
| = | 0.260813 | / | 0.174403 |
| | = | 1.4955 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 348.889 | / | 265.753 |
| | = | 1.3128 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (105.125 / (105.125 + 2018.142)) | / | (119.111 / (119.111 + 2171.846)) |
| = | 0.049511 | / | 0.051992 |
| | = | 0.9523 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (38.184 / 348.889) | / | (27.017 / 265.753) |
| = | 0.109445 | / | 0.101662 |
| | = | 1.0766 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((2097.881 + 338.486) / 3266.342) | / | ((1706.17 + 628.789) / 3069.194) |
| = | 0.745901 | / | 0.760773 |
| | = | 0.9805 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (139.084 - 31.317 | - | 338.489) | / | 3266.342 |
| | = | -0.070636 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
CAI International has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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