Costamare Beneish M-Score Historical Data
The historical data trend for Costamare'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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Costamare Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-3.13 |
-1.58 |
-2.03 |
-1.20 |
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Costamare 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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-2.03 |
-1.67 |
-1.53 |
-1.37 |
-1.20 |
Competitive Comparison
For the Marine Shipping subindustry, Costamare'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.
Costamare Beneish M-Score Distribution
For the Transportation industry and Industrials sector, Costamare's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Costamare's Beneish M-Score falls into.
Costamare 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 Costamare 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 * 1.2995 | + | 0.528 * 1.8675 | + | 0.404 * 1.7205 | + | 0.892 * 1.3569 | + | 0.115 * 1.0273 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9138 | + | 4.679 * -0.019963 | - | 0.327 * 0.9648 |
| = | -1.20 |
* 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 $83 Mil.
Revenue was 494.847 + 400.37 + 367.42 + 248.769 = $1,511 Mil.
Gross Profit was 123.793 + 113.522 + 98.698 + 100.408 = $436 Mil.
Total Current Assets was $1,118 Mil.
Total Assets was $5,287 Mil.
Property, Plant and Equipment(Net PPE) was $3,770 Mil.
Depreciation, Depletion and Amortization(DDA) was $166 Mil.
Selling, General, & Admin. Expense(SGA) was $24 Mil.
Total Current Liabilities was $663 Mil.
Long-Term Debt & Capital Lease Obligation was $2,137 Mil.
Net Income was 104.353 + 61.141 + 71.1 + 149.155 = $386 Mil.
Non Operating Income was 49.028 + -12.765 + 20.409 + 103.254 = $160 Mil.
Cash Flow from Operations was 152.9 + 74.835 + 66.289 + 37.344 = $331 Mil.
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Total Receivables was $47 Mil.
Revenue was 265.431 + 289.491 + 290.927 + 268.01 = $1,114 Mil.
Gross Profit was 129.994 + 160.772 + 163.801 + 146.09 = $601 Mil.
Total Current Assets was $1,015 Mil.
Total Assets was $4,896 Mil.
Property, Plant and Equipment(Net PPE) was $3,667 Mil.
Depreciation, Depletion and Amortization(DDA) was $166 Mil.
Selling, General, & Admin. Expense(SGA) was $20 Mil.
Total Current Liabilities was $423 Mil.
Long-Term Debt & Capital Lease Obligation was $2,265 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) |
| = | (83.013 / 1511.406) | / | (47.076 / 1113.859) |
| = | 0.054924 | / | 0.042264 |
| | = | 1.2995 |
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) |
| = | (600.657 / 1113.859) | / | (436.421 / 1511.406) |
| = | 0.539258 | / | 0.288752 |
| | = | 1.8675 |
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 - (1117.661 + 3770.406) / 5287.022) | / | (1 - (1014.622 + 3666.861) / 4896.229) |
| = | 0.075459 | / | 0.043859 |
| | = | 1.7205 |
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 |
| = | 1511.406 | / | 1113.859 |
| | = | 1.3569 |
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)) |
| = | (166.196 / (166.196 + 3666.861)) | / | (166.143 / (166.143 + 3770.406)) |
| = | 0.043359 | / | 0.042205 |
| | = | 1.0273 |
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) |
| = | (24.216 / 1511.406) | / | (19.529 / 1113.859) |
| = | 0.016022 | / | 0.017533 |
| | = | 0.9138 |
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) |
| = | ((2137.133 + 662.77) / 5287.022) | / | ((2264.507 + 423.09) / 4896.229) |
| = | 0.52958 | / | 0.548912 |
| | = | 0.9648 |
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 |
| = | (385.749 - 159.926 | - | 331.368) | / | 5287.022 |
| | = | -0.019963 |
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.
Costamare has a M-score of -1.20 signals that the company is likely to be a manipulator.
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