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 Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.47 |
-2.67 |
-2.58 |
-2.52 |
-2.63 |
|
Caterpillar Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.52 |
-2.61 |
-2.54 |
-2.56 |
-2.63 |
Competitive Comparison
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 Beneish M-Score Distribution
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 * 0.9184 | + | 0.528 * 0.8496 | + | 0.404 * 0.9983 | + | 0.892 * 1.0646 | + | 0.115 * 1.0618 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9978 | + | 4.679 * -0.030738 | - | 0.327 * 0.9687 |
| = | -2.70 |
* 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 CHF16,276 Mil.
Revenue was 14762.136 + 15122.276 + 15593.127 + 14680.281 = CHF60,158 Mil.
Gross Profit was 4986.437 + 5349.921 + 5409.603 + 5129.121 = CHF20,875 Mil.
Total Current Assets was CHF40,601 Mil.
Total Assets was CHF75,649 Mil.
Property, Plant and Equipment(Net PPE) was CHF10,966 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF1,924 Mil.
Selling, General, & Admin. Expense(SGA) was CHF5,709 Mil.
Total Current Liabilities was CHF30,033 Mil.
Long-Term Debt & Capital Lease Obligation was CHF21,163 Mil.
Net Income was 2314.205 + 2513.482 + 2630.969 + 1798.247 = CHF9,257 Mil.
Non Operating Income was 61.401 + 53.976 + 27.912 + -56.456 = CHF87 Mil.
Cash Flow from Operations was 3461.794 + 3652.376 + 2925.4 + 1455.812 = CHF11,495 Mil.
|
Total Receivables was CHF16,647 Mil.
Revenue was 15461.765 + 14593.66 + 13822.439 + 12629.617 = CHF56,507 Mil.
Gross Profit was 4467.022 + 4517.085 + 4028.27 + 3646.966 = CHF16,659 Mil.
Total Current Assets was CHF40,790 Mil.
Total Assets was CHF76,338 Mil.
Property, Plant and Equipment(Net PPE) was CHF11,205 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF2,110 Mil.
Selling, General, & Admin. Expense(SGA) was CHF5,375 Mil.
Total Current Liabilities was CHF29,374 Mil.
Long-Term Debt & Capital Lease Obligation was CHF23,955 Mil.
|
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) |
| = | (16275.536 / 60157.82) | / | (16646.76 / 56507.481) |
| = | 0.270547 | / | 0.294594 |
| | = | 0.9184 |
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) |
| = | (16659.343 / 56507.481) | / | (20875.082 / 60157.82) |
| = | 0.294817 | / | 0.347005 |
| | = | 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 - (40601.495 + 10965.664) / 75649.245) | / | (1 - (40790.106 + 11205.285) / 76338.099) |
| = | 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 |
| = | 60157.82 | / | 56507.481 |
| | = | 1.0646 |
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)) |
| = | (2110.318 / (2110.318 + 11205.285)) | / | (1923.989 / (1923.989 + 10965.664)) |
| = | 0.158485 | / | 0.149266 |
| | = | 1.0618 |
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) |
| = | (5709.357 / 60157.82) | / | (5374.936 / 56507.481) |
| = | 0.094906 | / | 0.095119 |
| | = | 0.9978 |
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) |
| = | ((21163.386 + 30032.774) / 75649.245) | / | ((23955.162 + 29374.28) / 76338.099) |
| = | 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 |
| = | (9256.903 - 86.833 | - | 11495.382) | / | 75649.245 |
| | = | -0.030738 |
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 -2.70 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
CHIX:CATZ has been successfully added to your