Caterpillar Beneish M-Score Historical Data
The historical data trend for Caterpillar'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.
Caterpillar Beneish M-Score Chart
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Caterpillar Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.47 |
-2.67 |
-2.58 |
-2.52 |
-2.63 |
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Caterpillar 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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-2.52 |
-2.61 |
-2.54 |
-2.56 |
-2.63 |
Competitive Comparison of Caterpillar's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Caterpillar'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.
Caterpillar's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Caterpillar's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Caterpillar's Beneish M-Score falls into.
Caterpillar 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 Caterpillar 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 * 0.9008 | + | 0.528 * 0.8496 | + | 0.404 * 0.9983 | + | 0.892 * 1.0921 | + | 0.115 * 1.043 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9998 | + | 4.679 * -0.030077 | - | 0.327 * 0.9687 |
| = | -2.69 |
* 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 R$92,214 Mil.
Revenue was 83639.586 + 83019.547 + 84056.377 + 82618.813 = R$333,334 Mil.
Gross Profit was 28252.247 + 29370.449 + 29161.03 + 28866.061 = R$115,650 Mil.
Total Current Assets was R$230,041 Mil.
Total Assets was R$428,615 Mil.
Property, Plant and Equipment(Net PPE) was R$62,129 Mil.
Depreciation, Depletion and Amortization(DDA) was R$10,665 Mil.
Selling, General, & Admin. Expense(SGA) was R$31,661 Mil.
Total Current Liabilities was R$170,160 Mil.
Long-Term Debt & Capital Lease Obligation was R$119,908 Mil.
Net Income was 13111.865 + 13798.728 + 14182.511 + 10120.31 = R$51,213 Mil.
Non Operating Income was 347.886 + 296.322 + 150.465 + -317.725 = R$477 Mil.
Cash Flow from Operations was 19613.899 + 20051.122 + 15769.671 + 8193.128 = R$63,628 Mil.
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Total Receivables was R$93,730 Mil.
Revenue was 87057.904 + 78622.538 + 71914.582 + 67624.3 = R$305,219 Mil.
Gross Profit was 25151.693 + 24335.548 + 20958.05 + 19527.394 = R$89,973 Mil.
Total Current Assets was R$229,670 Mil.
Total Assets was R$429,824 Mil.
Property, Plant and Equipment(Net PPE) was R$63,092 Mil.
Depreciation, Depletion and Amortization(DDA) was R$11,379 Mil.
Selling, General, & Admin. Expense(SGA) was R$28,995 Mil.
Total Current Liabilities was R$165,393 Mil.
Long-Term Debt & Capital Lease Obligation was R$134,880 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) |
| = | (92214.236 / 333334.323) | / | (93730.053 / 305219.324) |
| = | 0.276642 | / | 0.307091 |
| | = | 0.9008 |
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) |
| = | (89972.685 / 305219.324) | / | (115649.787 / 333334.323) |
| = | 0.29478 | / | 0.346948 |
| | = | 0.8496 |
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 - (230040.71 + 62129.464) / 428614.905) | / | (1 - (229669.839 + 63091.671) / 429823.812) |
| = | 0.318339 | / | 0.31888 |
| | = | 0.9983 |
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 |
| = | 333334.323 | / | 305219.324 |
| | = | 1.0921 |
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)) |
| = | (11379.39 / (11379.39 + 63091.671)) | / | (10664.889 / (10664.889 + 62129.464)) |
| = | 0.152803 | / | 0.146507 |
| | = | 1.043 |
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) |
| = | (31661.134 / 333334.323) | / | (28995.438 / 305219.324) |
| = | 0.094983 | / | 0.094999 |
| | = | 0.9998 |
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) |
| = | ((119907.906 + 170160.254) / 428614.905) | / | ((134880.216 + 165392.707) / 429823.812) |
| = | 0.676757 | / | 0.698595 |
| | = | 0.9687 |
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 |
| = | (51213.414 - 476.948 | - | 63627.82) | / | 428614.905 |
| | = | -0.030077 |
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.
Caterpillar has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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