Carrier Global Beneish M-Score Historical Data
The historical data trend for Carrier Global'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.
Carrier Global Beneish M-Score Chart
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Carrier Global Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-3.24 |
-2.79 |
-2.25 |
-3.06 |
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Carrier Global Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.41 |
-2.54 |
-2.72 |
-3.06 |
-2.67 |
Competitive Comparison of Carrier Global's Beneish M-Score
For the Building Products & Equipment subindustry, Carrier Global'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.
Carrier Global's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Carrier Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carrier Global's Beneish M-Score falls into.
Carrier Global 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 Carrier Global 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 * 0.8902 | + | 0.528 * 0.9039 | + | 0.404 * 1.2256 | + | 0.892 * 1.037 | + | 0.115 * 0.829 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2362 | + | 4.679 * -0.025983 | - | 0.327 * 1.0574 |
| = | -2.71 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was R$17,310 Mil.
Revenue was 30785.124 + 24998.78 + 28303.69 + 29083.37 = R$113,171 Mil.
Gross Profit was 8490.559 + 7026.313 + 8968.679 + 8518.244 = R$33,004 Mil.
Total Current Assets was R$58,338 Mil.
Total Assets was R$203,226 Mil.
Property, Plant and Equipment(Net PPE) was R$18,983 Mil.
Depreciation, Depletion and Amortization(DDA) was R$3,552 Mil.
Selling, General, & Admin. Expense(SGA) was R$17,528 Mil.
Total Current Liabilities was R$43,011 Mil.
Long-Term Debt & Capital Lease Obligation was R$80,434 Mil.
Net Income was 1339.566 + 2057.916 + 1763.116 + 965.886 = R$6,126 Mil.
Non Operating Income was 19.919 + 1489.539 + -903.782 + -1606.575 = R$-1,001 Mil.
Cash Flow from Operations was 199.192 + 5203.588 + 5141.187 + 1863.821 = R$12,408 Mil.
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Total Receivables was R$18,751 Mil.
Revenue was 27464.948 + 26777.767 + 28582.864 + 26303.565 = R$109,129 Mil.
Gross Profit was 7177.451 + 6541.014 + 7744.797 + 7304.022 = R$28,767 Mil.
Total Current Assets was R$52,909 Mil.
Total Assets was R$137,564 Mil.
Property, Plant and Equipment(Net PPE) was R$15,115 Mil.
Depreciation, Depletion and Amortization(DDA) was R$2,272 Mil.
Selling, General, & Admin. Expense(SGA) was R$13,672 Mil.
Total Current Liabilities was R$31,033 Mil.
Long-Term Debt & Capital Lease Obligation was R$47,992 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) |
| = | (17309.785 / 113170.964) | / | (18750.96 / 109129.144) |
| = | 0.152953 | / | 0.171824 |
| | = | 0.8902 |
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) |
| = | (28767.284 / 109129.144) | / | (33003.795 / 113170.964) |
| = | 0.263608 | / | 0.291628 |
| | = | 0.9039 |
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 - (58338.357 + 18982.998) / 203225.638) | / | (1 - (52908.959 + 15115.357) / 137564.335) |
| = | 0.61953 | / | 0.505509 |
| | = | 1.2256 |
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 |
| = | 113170.964 | / | 109129.144 |
| | = | 1.037 |
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)) |
| = | (2272.026 / (2272.026 + 15115.357)) | / | (3551.873 / (3551.873 + 18982.998)) |
| = | 0.130671 | / | 0.157617 |
| | = | 0.829 |
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) |
| = | (17528.072 / 113170.964) | / | (13672.388 / 109129.144) |
| = | 0.154881 | / | 0.125286 |
| | = | 1.2362 |
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) |
| = | ((80433.73 + 43010.533) / 203225.638) | / | ((47992.04 + 31032.839) / 137564.335) |
| = | 0.607425 | / | 0.574458 |
| | = | 1.0574 |
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 |
| = | (6126.484 - -1000.899 | - | 12407.788) | / | 203225.638 |
| | = | -0.025983 |
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.
Carrier Global has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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