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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 -3.19 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Carbo Ceramics Inc was -1.32. The lowest was -10000000.00. And the median was -2.43.
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 * 0.7354||+||0.528 * 0.99||+||0.404 * 0.9904||+||0.892 * 0.9826||+||0.115 * 1.169|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1053||+||4.679 * -0.0947||-||0.327 * 0.992|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $112.8 Mil.|
Revenue was 155.402 + 176.561 + 148.564 + 164.519 = $645.0 Mil.
Gross Profit was 42.15 + 53.648 + 44.364 + 48.518 = $188.7 Mil.
Total Current Assets was $310.8 Mil.
Total Assets was $909.5 Mil.
Property, Plant and Equipment(Net PPE) was $567.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $49.4 Mil.
Selling, General & Admin. Expense(SGA) was $72.0 Mil.
Total Current Liabilities was $69.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 13.744 + 23.017 + 18.427 + 20.855 = $76.0 Mil.
Non Operating Income was 0.048 + -0.2 + -0.079 + -0.694 = $-0.9 Mil.
Cash Flow from Operations was 39.28 + 13.395 + 44.109 + 66.334 = $163.1 Mil.
|Accounts Receivable was $156.1 Mil.
Revenue was 201.477 + 153.744 + 147.657 + 153.622 = $656.5 Mil.
Gross Profit was 62.759 + 39.333 + 42.384 + 45.638 = $190.1 Mil.
Total Current Assets was $378.3 Mil.
Total Assets was $860.6 Mil.
Property, Plant and Equipment(Net PPE) was $452.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $46.7 Mil.
Selling, General & Admin. Expense(SGA) was $66.3 Mil.
Total Current Liabilities was $65.8 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)|
|=||(112.825 / 645.046)||/||(156.138 / 656.5)|
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)|
|=||(53.648 / 656.5)||/||(42.15 / 645.046)|
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 - (310.765 + 567.098) / 909.517)||/||(1 - (378.262 + 452.052) / 860.554)|
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))|
|=||(46.706 / (46.706 + 452.052))||/||(49.385 / (49.385 + 567.098))|
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)|
|=||(71.957 / 645.046)||/||(66.26 / 656.5)|
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 + 68.997) / 909.517)||/||((0 + 65.81) / 860.554)|
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|
|=||(76.043 - -0.925||-||163.118)||/||909.517|
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 -3.19 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