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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.
Carbo Ceramics, Inc. has a M-score of -2.55 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Carbo Ceramics, Inc. was -1.33. The lowest was -3.03. And the median was -2.35.
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 Carbo Ceramics, 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 * 1.1726||+||0.528 * 1.1973||+||0.404 * 0.8164||+||0.892 * 1.0339||+||0.115 * 1.0558|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0328||+||4.679 * -0.0597||-||0.327 * 1.0263|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $125.2 Mil.|
Revenue was 164.519 + 201.477 + 153.744 + 147.657 = $667.4 Mil.
Gross Profit was 48.518 + 62.759 + 39.333 + 42.384 = $193.0 Mil.
Total Current Assets was $371.4 Mil.
Total Assets was $879.0 Mil.
Property, Plant and Equipment(Net PPE) was $478.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $47.5 Mil.
Selling, General & Admin. Expense(SGA) was $68.4 Mil.
Total Current Liabilities was $56.7 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 20.855 + 30.148 + 16.307 + 17.577 = $84.9 Mil.
Non Operating Income was -0.078 + 0.013 + -0.03 + -0.073 = $-0.2 Mil.
Cash Flow from Operations was 66.334 + 34.524 + 19.686 + 17.027 = $137.6 Mil.
|Accounts Receivable was $103.3 Mil.
Revenue was 153.622 + 151.134 + 177.614 + 163.166 = $645.5 Mil.
Gross Profit was 45.638 + 50.15 + 64.253 + 63.464 = $223.5 Mil.
Total Current Assets was $349.9 Mil.
Total Assets was $808.9 Mil.
Property, Plant and Equipment(Net PPE) was $426.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $44.9 Mil.
Selling, General & Admin. Expense(SGA) was $64.1 Mil.
Total Current Liabilities was $50.8 Mil.
Long-Term Debt was $0.0 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)|
|=||(125.179 / 667.397)||/||(103.258 / 645.536)|
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)|
|=||(62.759 / 645.536)||/||(48.518 / 667.397)|
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 - (371.382 + 478.535) / 878.951)||/||(1 - (349.917 + 426.232) / 808.878)|
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))|
|=||(44.893 / (44.893 + 426.232))||/||(47.472 / (47.472 + 478.535))|
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)|
|=||(68.446 / 667.397)||/||(64.101 / 645.536)|
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)|
|=||((0 + 56.688) / 878.951)||/||((0 + 50.83) / 808.878)|
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|
|=||(84.887 - -0.168||-||137.571)||/||878.951|
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.
Carbo Ceramics, Inc. has a M-score of -2.55 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
Carbo Ceramics, Inc. Annual Data
Carbo Ceramics, Inc. Quarterly Data