Cargotec Oyj Beneish M-Score Historical Data
The historical data trend for Cargotec Oyj'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.
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Cargotec Oyj Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.96 |
-2.05 |
-2.58 |
-2.64 |
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Cargotec Oyj Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.83 |
-2.74 |
-2.76 |
-2.64 |
Competitive Comparison
For the Farm & Heavy Construction Machinery subindustry, Cargotec Oyj'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.
Cargotec Oyj Beneish M-Score Distribution
For the Farm & Heavy Construction Machinery industry and Industrials sector, Cargotec Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cargotec Oyj's Beneish M-Score falls into.
Cargotec Oyj 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 Cargotec Oyj 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 * 0.8254 | + | 0.528 * 0.8684 | + | 0.404 * 0.9325 | + | 0.892 * 1.1478 | + | 0.115 * 1.6086 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9753 | + | 4.679 * -0.020449 | - | 0.327 * 0.9386 |
| = | -2.61 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $847 Mil.
Revenue was 1301.309 + 1175.56 + 1300 + 1150 = $4,927 Mil.
Gross Profit was 309.487 + 282.818 + 326.544 + 273.126 = $1,192 Mil.
Total Current Assets was $2,978 Mil.
Total Assets was $4,773 Mil.
Property, Plant and Equipment(Net PPE) was $485 Mil.
Depreciation, Depletion and Amortization(DDA) was $123 Mil.
Selling, General, & Admin. Expense(SGA) was $564 Mil.
Total Current Liabilities was $1,866 Mil.
Long-Term Debt & Capital Lease Obligation was $772 Mil.
Net Income was 64.558 + 114.408 + 116.685 + 77.837 = $373 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 270.556 + 170.011 + 0.108 + 30.407 = $471 Mil.
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Total Receivables was $894 Mil.
Revenue was 1311.97 + 1030.198 + 1013.319 + 937.115 = $4,293 Mil.
Gross Profit was 256.462 + 209.01 + 227.378 + 209.031 = $902 Mil.
Total Current Assets was $2,687 Mil.
Total Assets was $4,438 Mil.
Property, Plant and Equipment(Net PPE) was $445 Mil.
Depreciation, Depletion and Amortization(DDA) was $215 Mil.
Selling, General, & Admin. Expense(SGA) was $504 Mil.
Total Current Liabilities was $1,818 Mil.
Long-Term Debt & Capital Lease Obligation was $795 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) |
| = | (847.001 / 4926.869) | / | (894.068 / 4292.602) |
| = | 0.171915 | / | 0.208281 |
| | = | 0.8254 |
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) |
| = | (901.881 / 4292.602) | / | (1191.975 / 4926.869) |
| = | 0.210101 | / | 0.241934 |
| | = | 0.8684 |
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 - (2977.535 + 485.169) / 4772.628) | / | (1 - (2686.864 + 444.809) / 4437.818) |
| = | 0.274466 | / | 0.294321 |
| | = | 0.9325 |
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 |
| = | 4926.869 | / | 4292.602 |
| | = | 1.1478 |
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)) |
| = | (215.338 / (215.338 + 444.809)) | / | (123.408 / (123.408 + 485.169)) |
| = | 0.326197 | / | 0.202781 |
| | = | 1.6086 |
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) |
| = | (564.242 / 4926.869) | / | (504.066 / 4292.602) |
| = | 0.114523 | / | 0.117427 |
| | = | 0.9753 |
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) |
| = | ((772.301 + 1865.649) / 4772.628) | / | ((795.445 + 1817.903) / 4437.818) |
| = | 0.552725 | / | 0.588881 |
| | = | 0.9386 |
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 |
| = | (373.488 - 0 | - | 471.082) | / | 4772.628 |
| | = | -0.020449 |
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.
Cargotec Oyj has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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