Copart Beneish M-Score Historical Data
The historical data trend for Copart'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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Copart Annual Data
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Trend |
Jul14 |
Jul15 |
Jul16 |
Jul17 |
Jul18 |
Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
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-2.54 |
-2.87 |
-2.32 |
-2.09 |
-2.47 |
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Copart Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-2.20 |
-2.25 |
-2.47 |
-2.38 |
-2.37 |
Competitive Comparison
For the Specialty Business Services subindustry, Copart'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.
Copart Beneish M-Score Distribution
For the Business Services industry and Industrials sector, Copart's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Copart's Beneish M-Score falls into.
Copart 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 Copart 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 * 1.003 | + | 0.528 * 0.9527 | + | 0.404 * 1.0217 | + | 0.892 * 1.0649 | + | 0.115 * 0.9996 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0758 | + | 4.679 * -0.006513 | - | 0.327 * 0.8394 |
| = | -2.43 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was R$4,246 Mil.
Revenue was 5017.297 + 5159.121 + 4788.936 + 5131.124 = R$20,096 Mil.
Gross Profit was 2282.792 + 2346.034 + 2196.603 + 2427.544 = R$9,253 Mil.
Total Current Assets was R$18,436 Mil.
Total Assets was R$37,371 Mil.
Property, Plant and Equipment(Net PPE) was R$15,520 Mil.
Depreciation, Depletion and Amortization(DDA) was R$841 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,407 Mil.
Total Current Liabilities was R$2,587 Mil.
Long-Term Debt & Capital Lease Obligation was R$464 Mil.
Net Income was 1601.538 + 1681.223 + 1669.542 + 1759.689 = R$6,712 Mil.
Non Operating Income was -15.261 + -20.588 + 18.852 + 18.218 = R$1 Mil.
Cash Flow from Operations was 795.73 + 1897.206 + 1721.349 + 2539.875 = R$6,954 Mil.
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Total Receivables was R$3,975 Mil.
Revenue was 4967.502 + 4692.079 + 4742.203 + 4469.137 = R$18,871 Mil.
Gross Profit was 2214.473 + 1940.562 + 2048.355 + 2074.366 = R$8,278 Mil.
Total Current Assets was R$13,701 Mil.
Total Assets was R$30,802 Mil.
Property, Plant and Equipment(Net PPE) was R$14,346 Mil.
Depreciation, Depletion and Amortization(DDA) was R$777 Mil.
Selling, General, & Admin. Expense(SGA) was R$1,228 Mil.
Total Current Liabilities was R$2,532 Mil.
Long-Term Debt & Capital Lease Obligation was R$464 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) |
| = | (4246.31 / 20096.478) | / | (3975.294 / 18870.921) |
| = | 0.211296 | / | 0.210657 |
| | = | 1.003 |
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) |
| = | (8277.756 / 18870.921) | / | (9252.973 / 20096.478) |
| = | 0.438651 | / | 0.460428 |
| | = | 0.9527 |
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 - (18435.804 + 15519.621) / 37371.041) | / | (1 - (13701.079 + 14345.68) / 30802.249) |
| = | 0.091397 | / | 0.089457 |
| | = | 1.0217 |
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 |
| = | 20096.478 | / | 18870.921 |
| | = | 1.0649 |
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)) |
| = | (777.076 / (777.076 + 14345.68)) | / | (841.055 / (841.055 + 15519.621)) |
| = | 0.051385 | / | 0.051407 |
| | = | 0.9996 |
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) |
| = | (1406.783 / 20096.478) | / | (1227.94 / 18870.921) |
| = | 0.070001 | / | 0.06507 |
| | = | 1.0758 |
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) |
| = | ((463.929 + 2587.086) / 37371.041) | / | ((463.871 + 2531.836) / 30802.249) |
| = | 0.081641 | / | 0.097256 |
| | = | 0.8394 |
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 |
| = | (6711.992 - 1.221 | - | 6954.16) | / | 37371.041 |
| | = | -0.006513 |
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.
Copart has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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