Cooper Tire & Rubber Co Beneish M-Score Historical Data
The historical data trend for Cooper Tire & Rubber Co's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Cooper Tire & Rubber Co Beneish M-Score Chart
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Cooper Tire & Rubber Co Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.47 |
-2.29 |
-2.65 |
-2.65 |
-3.13 |
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Cooper Tire & Rubber Co Quarterly Data
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Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
| Beneish M-Score |
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-2.75 |
-3.17 |
-3.27 |
-3.13 |
-3.00 |
Competitive Comparison of Cooper Tire & Rubber Co's Beneish M-Score
For the Auto Parts subindustry, Cooper Tire & Rubber Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Cooper Tire & Rubber Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Cooper Tire & Rubber Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cooper Tire & Rubber Co's Beneish M-Score falls into.
Cooper Tire & Rubber Co Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Cooper Tire & Rubber Co 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 * 1.0688 | + | 0.528 * 0.7357 | + | 0.404 * 1.1635 | + | 0.892 * 0.9925 | + | 0.115 * 0.9793 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0906 | + | 4.679 * -0.113051 | - | 0.327 * 0.8786 |
| = | -3.00 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar21) TTM: | Last Year (Mar20) TTM: |
Total Receivables was $555 Mil.
Revenue was 655.827 + 728.271 + 764.85 + 496.259 = $2,645 Mil.
Gross Profit was 108.967 + 128.987 + 237.275 + 65.64 = $541 Mil.
Total Current Assets was $1,505 Mil.
Total Assets was $2,957 Mil.
Property, Plant and Equipment(Net PPE) was $1,185 Mil.
Depreciation, Depletion and Amortization(DDA) was $163 Mil.
Selling, General, & Admin. Expense(SGA) was $265 Mil.
Total Current Liabilities was $617 Mil.
Long-Term Debt & Capital Lease Obligation was $391 Mil.
Net Income was 22.059 + 37.991 + 122.604 + -6.215 = $176 Mil.
Non Operating Income was -2.713 + -9.105 + -3.318 + -7.453 = $-23 Mil.
Cash Flow from Operations was -40.18 + 213.249 + 229.862 + 130.397 = $533 Mil.
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Total Receivables was $523 Mil.
Revenue was 531.694 + 750.211 + 704.134 + 679.13 = $2,665 Mil.
Gross Profit was 55.913 + 131.524 + 114.366 + 99.141 = $401 Mil.
Total Current Assets was $1,504 Mil.
Total Assets was $2,833 Mil.
Property, Plant and Equipment(Net PPE) was $1,109 Mil.
Depreciation, Depletion and Amortization(DDA) was $149 Mil.
Selling, General, & Admin. Expense(SGA) was $244 Mil.
Total Current Liabilities was $735 Mil.
Long-Term Debt & Capital Lease Obligation was $363 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (554.77 / 2645.207) | / | (522.956 / 2665.169) |
| = | 0.209726 | / | 0.196219 |
| | = | 1.0688 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (400.944 / 2665.169) | / | (540.869 / 2645.207) |
| = | 0.150438 | / | 0.204471 |
| | = | 0.7357 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1505.423 + 1185.012) / 2957.082) | / | (1 - (1504.146 + 1109.03) / 2832.717) |
| = | 0.090172 | / | 0.077502 |
| | = | 1.1635 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 2645.207 | / | 2665.169 |
| | = | 0.9925 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (148.563 / (148.563 + 1109.03)) | / | (162.558 / (162.558 + 1185.012)) |
| = | 0.118133 | / | 0.12063 |
| | = | 0.9793 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (264.508 / 2645.207) | / | (244.373 / 2665.169) |
| = | 0.099995 | / | 0.091691 |
| | = | 1.0906 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((390.606 + 616.886) / 2957.082) | / | ((363.169 + 735.248) / 2832.717) |
| = | 0.340705 | / | 0.387761 |
| | = | 0.8786 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (176.439 - -22.589 | - | 533.328) | / | 2957.082 |
| | = | -0.113051 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Cooper Tire & Rubber Co has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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