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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.
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 * 0.7244||+||0.528 * 1.0033||+||0.404 * 1.0191||+||0.892 * 1.359||+||0.115 * 0.8165|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0033||+||4.679 * -0.1574||-||0.327 * 0.8819|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $113.1 Mil.|
Revenue was 196.225 + 193.475 + 157.212 + 129.728 = $676.6 Mil.
Gross Profit was 164.578 + 166.009 + 137.088 + 110.849 = $578.5 Mil.
Total Current Assets was $145.2 Mil.
Total Assets was $2,440.8 Mil.
Property, Plant and Equipment(Net PPE) was $2,255.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $291.1 Mil.
Selling, General & Admin. Expense(SGA) was $89.3 Mil.
Total Current Liabilities was $373.5 Mil.
Long-Term Debt was $1,019.8 Mil.
Net Income was 83.789 + 2.319 + 5.976 + -23.989 = $68.1 Mil.
Non Operating Income was 71.234 + -40.363 + -21.254 + -1.841 = $7.8 Mil.
Cash Flow from Operations was 192.782 + 92.352 + 102.391 + 56.998 = $444.5 Mil.
|Accounts Receivable was $114.9 Mil.
Revenue was 144.329 + 134.224 + 111.901 + 107.45 = $497.9 Mil.
Gross Profit was 123.68 + 114.98 + 95.333 + 93.137 = $427.1 Mil.
Total Current Assets was $137.2 Mil.
Total Assets was $2,072.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,901.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $195.7 Mil.
Selling, General & Admin. Expense(SGA) was $65.5 Mil.
Total Current Liabilities was $354.1 Mil.
Long-Term Debt was $987.1 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)|
|=||(113.107 / 676.64)||/||(114.901 / 497.904)|
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)|
|=||(166.009 / 497.904)||/||(164.578 / 676.64)|
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 - (145.159 + 2255.147) / 2440.834)||/||(1 - (137.165 + 1901.072) / 2071.995)|
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))|
|=||(195.749 / (195.749 + 1901.072))||/||(291.145 / (291.145 + 2255.147))|
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)|
|=||(89.251 / 676.64)||/||(65.456 / 497.904)|
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)|
|=||((1019.791 + 373.526) / 2440.834)||/||((987.074 + 354.064) / 2071.995)|
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|
|=||(68.095 - 7.776||-||444.523)||/||2440.834|
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 -3.12 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