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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 -3.18 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Carrizo Oil & Gas Inc was 1.52. The lowest was -4.97. And the median was -2.72.
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 * 0.6777||+||0.528 * 0.9984||+||0.404 * 0.8594||+||0.892 * 1.416||+||0.115 * 0.9057|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1859||+||4.679 * -0.152||-||0.327 * 0.8747|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $123.8 Mil.|
Revenue was 157.212 + 129.728 + 144.329 + 134.224 = $565.5 Mil.
Gross Profit was 137.088 + 110.849 + 123.68 + 114.98 = $486.6 Mil.
Total Current Assets was $197.9 Mil.
Total Assets was $2,169.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,938.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $232.7 Mil.
Selling, General & Admin. Expense(SGA) was $89.6 Mil.
Total Current Liabilities was $363.1 Mil.
Long-Term Debt was $900.4 Mil.
Net Income was 5.976 + -23.989 + 4.521 + 36.969 = $23.5 Mil.
Non Operating Income was -21.254 + -1.841 + -27.63 + 25.753 = $-25.0 Mil.
Cash Flow from Operations was 102.391 + 56.998 + 96.211 + 122.521 = $378.1 Mil.
|Accounts Receivable was $129.0 Mil.
Revenue was 111.901 + 107.45 + 96.197 + 83.818 = $399.4 Mil.
Gross Profit was 95.333 + 93.137 + 83.276 + 71.363 = $343.1 Mil.
Total Current Assets was $231.1 Mil.
Total Assets was $1,937.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,671.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $179.8 Mil.
Selling, General & Admin. Expense(SGA) was $53.3 Mil.
Total Current Liabilities was $321.5 Mil.
Long-Term Debt was $968.7 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)|
|=||(123.754 / 565.493)||/||(128.962 / 399.366)|
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)|
|=||(110.849 / 399.366)||/||(137.088 / 565.493)|
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 - (197.853 + 1938.193) / 2169.064)||/||(1 - (231.136 + 1671.725) / 1937.172)|
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))|
|=||(179.757 / (179.757 + 1671.725))||/||(232.717 / (232.717 + 1938.193))|
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)|
|=||(89.58 / 565.493)||/||(53.346 / 399.366)|
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)|
|=||((900.425 + 363.148) / 2169.064)||/||((968.663 + 321.548) / 1937.172)|
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|
|=||(23.477 - -24.972||-||378.121)||/||2169.064|
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 -3.18 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