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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.
Carrizo Oil & Gas, Inc. has a M-score of -3.44 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Carrizo Oil & Gas, Inc. was -0.19. The lowest was -3.44. And the median was -2.50.
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 Carrizo Oil & Gas, 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 * 0.6418||+||0.528 * 0.9952||+||0.404 * 0.175||+||0.892 * 1.4128||+||0.115 * 0.9408|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1261||+||4.679 * -0.1445||-||0.327 * 0.8618|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $111.2 Mil.|
Revenue was 129.728 + 144.329 + 134.224 + 111.901 = $520.2 Mil.
Gross Profit was 110.849 + 123.68 + 114.98 + 95.333 = $444.8 Mil.
Total Current Assets was $279.8 Mil.
Total Assets was $2,110.8 Mil.
Property, Plant and Equipment(Net PPE) was $1,794.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $213.8 Mil.
Selling, General & Admin. Expense(SGA) was $77.5 Mil.
Total Current Liabilities was $322.8 Mil.
Long-Term Debt was $900.2 Mil.
Net Income was -23.989 + 4.521 + 36.969 + 26.182 = $43.7 Mil.
Non Operating Income was -1.841 + -27.63 + 25.753 + -14.514 = $-18.2 Mil.
Cash Flow from Operations was 56.998 + 96.211 + 122.521 + 91.121 = $366.9 Mil.
|Accounts Receivable was $122.6 Mil.
Revenue was 107.45 + 96.197 + 83.818 + 80.715 = $368.2 Mil.
Gross Profit was 93.137 + 83.276 + 71.363 + 65.578 = $313.4 Mil.
Total Current Assets was $208.7 Mil.
Total Assets was $1,884.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,487.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $165.6 Mil.
Selling, General & Admin. Expense(SGA) was $48.7 Mil.
Total Current Liabilities was $298.9 Mil.
Long-Term Debt was $967.8 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)|
|=||(111.195 / 520.182)||/||(122.636 / 368.18)|
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)|
|=||(123.68 / 368.18)||/||(110.849 / 520.182)|
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 - (279.761 + 1794.215) / 2110.76)||/||(1 - (208.705 + 1487.674) / 1883.996)|
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))|
|=||(165.621 / (165.621 + 1487.674))||/||(213.82 / (213.82 + 1794.215))|
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)|
|=||(77.492 / 520.182)||/||(48.708 / 368.18)|
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)|
|=||((900.247 + 322.835) / 2110.76)||/||((967.808 + 298.918) / 1883.996)|
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|
|=||(43.683 - -18.232||-||366.851)||/||2110.76|
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.
Carrizo Oil & Gas, Inc. has a M-score of -3.44 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
Carrizo Oil & Gas, Inc. Annual Data
Carrizo Oil & Gas, Inc. Quarterly Data