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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.
Carlisle Companies Inc has a M-score of -2.71 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Carlisle Companies Inc was -1.10. The lowest was -3.38. And the median was -2.52.
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 Carlisle Companies 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 * 0.8262||+||0.528 * 1.0146||+||0.404 * 0.9094||+||0.892 * 1.0833||+||0.115 * 0.911|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9354||+||4.679 * -0.0296||-||0.327 * 0.9192|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $535 Mil.|
Revenue was 859.5 + 650.4 + 121.1 + 968.8 = $2,600 Mil.
Gross Profit was 224.6 + 162.1 + 83 + 234.8 = $705 Mil.
Total Current Assets was $1,689 Mil.
Total Assets was $3,657 Mil.
Property, Plant and Equipment(Net PPE) was $528 Mil.
Depreciation, Depletion and Amortization(DDA) was $104 Mil.
Selling, General & Admin. Expense(SGA) was $326 Mil.
Total Current Liabilities was $431 Mil.
Long-Term Debt was $751 Mil.
Net Income was 75.2 + 35.8 + 69.7 + 76.6 = $257 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 19.1 + 51.3 + 99.2 + 196 = $366 Mil.
|Accounts Receivable was $598 Mil.
Revenue was 792.6 + 629.6 + 67.4 + 910.2 = $2,400 Mil.
Gross Profit was 207.1 + 152.4 + 74.4 + 225.9 = $660 Mil.
Total Current Assets was $1,328 Mil.
Total Assets was $3,462 Mil.
Property, Plant and Equipment(Net PPE) was $635 Mil.
Depreciation, Depletion and Amortization(DDA) was $112 Mil.
Selling, General & Admin. Expense(SGA) was $322 Mil.
Total Current Liabilities was $465 Mil.
Long-Term Debt was $753 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)|
|=||(534.8 / 2599.8)||/||(597.5 / 2399.8)|
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)|
|=||(162.1 / 2399.8)||/||(224.6 / 2599.8)|
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 - (1689 + 527.6) / 3656.9)||/||(1 - (1328.3 + 634.5) / 3462.4)|
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))|
|=||(112.3 / (112.3 + 634.5))||/||(104.3 / (104.3 + 527.6))|
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)|
|=||(325.9 / 2599.8)||/||(321.6 / 2399.8)|
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)|
|=||((751.2 + 431.1) / 3656.9)||/||((752.6 + 465.2) / 3462.4)|
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|
|=||(257.3 - 0||-||365.6)||/||3656.9|
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.
Carlisle Companies Inc has a M-score of -2.71 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
Carlisle Companies Inc Annual Data
Carlisle Companies Inc Quarterly Data