Carnival Beneish M-Score Historical Data
The historical data trend for Carnival'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.
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Carnival Annual Data
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Trend |
Nov14 |
Nov15 |
Nov16 |
Nov17 |
Nov18 |
Nov19 |
Nov20 |
Nov21 |
Nov22 |
Nov23 |
| Beneish M-Score |
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-2.50 |
-3.62 |
-2.69 |
-21.58 |
-2.95 |
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Carnival Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-3.95 |
-2.97 |
-2.81 |
-2.95 |
-3.09 |
Competitive Comparison
For the Travel Services subindustry, Carnival'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.
Carnival Beneish M-Score Distribution
For the Travel & Leisure industry and Consumer Cyclical sector, Carnival's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carnival's Beneish M-Score falls into.
Carnival 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 Carnival 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 * 0.8316 | + | 0.528 * 0.3722 | + | 0.404 * 0.6225 | + | 0.892 * 1.5066 | + | 0.115 * 1.0094 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7506 | + | 4.679 * -0.101485 | - | 0.327 * 0.9789 |
| = | -3.09 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $644 Mil.
Revenue was 5407 + 5396 + 6854 + 4911 = $22,568 Mil.
Gross Profit was 1702 + 1767 + 2933 + 1454 = $7,856 Mil.
Total Current Assets was $4,484 Mil.
Total Assets was $49,761 Mil.
Property, Plant and Equipment(Net PPE) was $42,753 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,401 Mil.
Selling, General, & Admin. Expense(SGA) was $3,050 Mil.
Total Current Liabilities was $12,396 Mil.
Long-Term Debt & Capital Lease Obligation was $29,682 Mil.
Net Income was -214 + -48 + 1074 + -407 = $405 Mil.
Non Operating Income was -51 + -7 + -100 + -48 = $-206 Mil.
Cash Flow from Operations was 1768 + 922 + 1834 + 1137 = $5,661 Mil.
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Total Receivables was $514 Mil.
Revenue was 4433 + 3839 + 4306 + 2401 = $14,979 Mil.
Gross Profit was 1122 + 174 + 927 + -282 = $1,941 Mil.
Total Current Assets was $7,144 Mil.
Total Assets was $51,985 Mil.
Property, Plant and Equipment(Net PPE) was $40,605 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,303 Mil.
Selling, General, & Admin. Expense(SGA) was $2,697 Mil.
Total Current Liabilities was $11,088 Mil.
Long-Term Debt & Capital Lease Obligation was $33,820 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) |
| = | (644 / 22568) | / | (514 / 14979) |
| = | 0.028536 | / | 0.034315 |
| | = | 0.8316 |
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) |
| = | (1941 / 14979) | / | (7856 / 22568) |
| = | 0.129581 | / | 0.348104 |
| | = | 0.3722 |
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 - (4484 + 42753) / 49761) | / | (1 - (7144 + 40605) / 51985) |
| = | 0.050722 | / | 0.081485 |
| | = | 0.6225 |
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 |
| = | 22568 | / | 14979 |
| | = | 1.5066 |
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)) |
| = | (2303 / (2303 + 40605)) | / | (2401 / (2401 + 42753)) |
| = | 0.053673 | / | 0.053174 |
| | = | 1.0094 |
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) |
| = | (3050 / 22568) | / | (2697 / 14979) |
| = | 0.135147 | / | 0.180052 |
| | = | 0.7506 |
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) |
| = | ((29682 + 12396) / 49761) | / | ((33820 + 11088) / 51985) |
| = | 0.845602 | / | 0.863865 |
| | = | 0.9789 |
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 |
| = | (405 - -206 | - | 5661) | / | 49761 |
| | = | -0.101485 |
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.
Carnival has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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