CMI Beneish M-Score Historical Data
The historical data trend for CMI'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.
CMI Beneish M-Score Chart
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CMI Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.95 |
-3.08 |
-10.80 |
-5.26 |
-4.75 |
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CMI Quarterly Data
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Sep18 |
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Jun23 |
| Beneish M-Score |
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-4.75 |
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Competitive Comparison of CMI's Beneish M-Score
For the Electrical Equipment & Parts subindustry, CMI'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.
CMI's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, CMI's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CMI's Beneish M-Score falls into.
CMI 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 CMI 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 * 1.3914 | + | 0.528 * 0.3012 | + | 0.404 * 1.3853 | + | 0.892 * 0.3253 | + | 0.115 * 1.0507 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2256 | + | 4.679 * -0.392499 | - | 0.327 * 1.3518 |
| = | -4.75 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹503.6 Mil.
Revenue was ₹220.4 Mil.
Gross Profit was ₹-111.3 Mil.
Total Current Assets was ₹925.6 Mil.
Total Assets was ₹3,149.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,323.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹92.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹35.6 Mil.
Total Current Liabilities was ₹4,066.6 Mil.
Long-Term Debt & Capital Lease Obligation was ₹353.3 Mil.
Net Income was ₹-1,100.9 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹135.4 Mil.
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Total Receivables was ₹1,112.8 Mil.
Revenue was ₹677.5 Mil.
Gross Profit was ₹-103.1 Mil.
Total Current Assets was ₹2,038.3 Mil.
Total Assets was ₹4,361.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,422.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹104.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹485.8 Mil.
Total Current Liabilities was ₹3,972.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹555.0 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) |
| = | (503.609 / 220.357) | / | (1112.761 / 677.48) |
| = | 2.285423 | / | 1.6425 |
| | = | 1.3914 |
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) |
| = | (-103.061 / 677.48) | / | (-111.28 / 220.357) |
| = | -0.152124 | / | -0.504999 |
| | = | 0.3012 |
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 - (925.606 + 1323.339) / 3149.794) | / | (1 - (2038.291 + 1422.442) / 4361.091) |
| = | 0.286003 | / | 0.206452 |
| | = | 1.3853 |
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 |
| = | 220.357 | / | 677.48 |
| | = | 0.3253 |
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)) |
| = | (104.451 / (104.451 + 1422.442)) | / | (92.156 / (92.156 + 1323.339)) |
| = | 0.068408 | / | 0.065105 |
| | = | 1.0507 |
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) |
| = | (35.648 / 220.357) | / | (485.789 / 677.48) |
| = | 0.161774 | / | 0.717053 |
| | = | 0.2256 |
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) |
| = | ((353.319 + 4066.594) / 3149.794) | / | ((554.961 + 3971.997) / 4361.091) |
| = | 1.403239 | / | 1.038033 |
| | = | 1.3518 |
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 |
| = | (-1100.902 - 0 | - | 135.389) | / | 3149.794 |
| | = | -0.392499 |
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.
CMI has a M-score of -4.75 suggests that the company is unlikely to be a manipulator.
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