Cardtronics Beneish M-Score Historical Data
The historical data trend for Cardtronics'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.
Cardtronics Beneish M-Score Chart
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Cardtronics Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.84 |
-2.66 |
-3.52 |
-2.66 |
-3.35 |
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Cardtronics Quarterly Data
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Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
| Beneish M-Score |
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-2.90 |
-3.14 |
-3.12 |
-3.35 |
-3.26 |
Competitive Comparison of Cardtronics's Beneish M-Score
For the Business Equipment & Supplies subindustry, Cardtronics'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.
Cardtronics's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Cardtronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cardtronics's Beneish M-Score falls into.
Cardtronics 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 Cardtronics 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 * 1.2804 | + | 0.528 * 0.8977 | + | 0.404 * 1.2316 | + | 0.892 * 0.7888 | + | 0.115 * 1.0007 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1554 | + | 4.679 * -0.176836 | - | 0.327 * 0.896 |
| = | -3.19 |
* 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 (Mar21) TTM: | Last Year (Mar20) TTM: |
Total Receivables was $88 Mil.
Revenue was 267.834 + 274.807 + 279.398 + 233.192 = $1,055 Mil.
Gross Profit was 108.235 + 119.692 + 106.291 + 74.485 = $409 Mil.
Total Current Assets was $484 Mil.
Total Assets was $1,830 Mil.
Property, Plant and Equipment(Net PPE) was $469 Mil.
Depreciation, Depletion and Amortization(DDA) was $163 Mil.
Selling, General, & Admin. Expense(SGA) was $161 Mil.
Total Current Liabilities was $476 Mil.
Long-Term Debt & Capital Lease Obligation was $826 Mil.
Net Income was 5.876 + 9.579 + 5.732 + -1.922 = $19 Mil.
Non Operating Income was -6.327 + -5.593 + 4.294 + -0.106 = $-8 Mil.
Cash Flow from Operations was 69.352 + 94.148 + 98.35 + 88.731 = $351 Mil.
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Total Receivables was $87 Mil.
Revenue was 306.602 + 338.807 + 351.507 + 340.821 = $1,338 Mil.
Gross Profit was 100.88 + 118.075 + 127.725 + 118.439 = $465 Mil.
Total Current Assets was $850 Mil.
Total Assets was $2,217 Mil.
Property, Plant and Equipment(Net PPE) was $504 Mil.
Depreciation, Depletion and Amortization(DDA) was $175 Mil.
Selling, General, & Admin. Expense(SGA) was $176 Mil.
Total Current Liabilities was $654 Mil.
Long-Term Debt & Capital Lease Obligation was $1,107 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) |
| = | (87.77 / 1055.231) | / | (86.9 / 1337.737) |
| = | 0.083176 | / | 0.06496 |
| | = | 1.2804 |
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) |
| = | (465.119 / 1337.737) | / | (408.703 / 1055.231) |
| = | 0.347691 | / | 0.387311 |
| | = | 0.8977 |
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 - (483.54 + 469.295) / 1829.858) | / | (1 - (849.98 + 504.382) / 2217.221) |
| = | 0.479285 | / | 0.389162 |
| | = | 1.2316 |
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 |
| = | 1055.231 | / | 1337.737 |
| | = | 0.7888 |
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)) |
| = | (175.176 / (175.176 + 504.382)) | / | (162.831 / (162.831 + 469.295)) |
| = | 0.257779 | / | 0.257593 |
| | = | 1.0007 |
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) |
| = | (160.584 / 1055.231) | / | (176.192 / 1337.737) |
| = | 0.152179 | / | 0.131709 |
| | = | 1.1554 |
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) |
| = | ((826.374 + 475.812) / 1829.858) | / | ((1107.154 + 653.888) / 2217.221) |
| = | 0.711632 | / | 0.794256 |
| | = | 0.896 |
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 |
| = | (19.265 - -7.732 | - | 350.581) | / | 1829.858 |
| | = | -0.176836 |
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.
Cardtronics has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
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