Cintas Beneish M-Score Historical Data
The historical data trend for Cintas'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.
Cintas Beneish M-Score Chart
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Cintas Annual Data
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Trend |
May15 |
May16 |
May17 |
May18 |
May19 |
May20 |
May21 |
May22 |
May23 |
May24 |
| Beneish M-Score |
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-2.77 |
-2.58 |
-2.56 |
-2.51 |
-2.68 |
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Cintas Quarterly Data
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Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
May24 |
Aug24 |
| Beneish M-Score |
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-2.50 |
-2.53 |
-2.60 |
-2.68 |
-2.74 |
Competitive Comparison of Cintas's Beneish M-Score
For the Specialty Business Services subindustry, Cintas'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.
Cintas's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Cintas's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cintas's Beneish M-Score falls into.
Cintas 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 Cintas 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 * 0.9959 | + | 0.528 * 0.9696 | + | 0.404 * 1.0009 | + | 0.892 * 1.085 | + | 0.115 * 0.9949 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0145 | + | 4.679 * -0.062967 | - | 0.327 * 1.0563 |
| = | -2.74 |
* 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 (Aug24) TTM: | Last Year (Aug23) TTM: |
Total Receivables was $1,294 Mil.
Revenue was 2501.587 + 2470.935 + 2406.173 + 2377.177 = $9,756 Mil.
Gross Profit was 1252.131 + 1215.449 + 1187.848 + 1141.548 = $4,797 Mil.
Total Current Assets was $3,043 Mil.
Total Assets was $9,069 Mil.
Property, Plant and Equipment(Net PPE) was $1,746 Mil.
Depreciation, Depletion and Amortization(DDA) was $451 Mil.
Selling, General, & Admin. Expense(SGA) was $2,668 Mil.
Total Current Liabilities was $1,985 Mil.
Long-Term Debt & Capital Lease Obligation was $2,176 Mil.
Net Income was 452.033 + 414.315 + 397.579 + 374.613 = $1,639 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 466.732 + 693.04 + 657.11 + 392.686 = $2,210 Mil.
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Total Receivables was $1,197 Mil.
Revenue was 2342.33 + 2284.471 + 2189.986 + 2174.858 = $8,992 Mil.
Gross Profit was 1141.571 + 1088.778 + 1034.031 + 1022.447 = $4,287 Mil.
Total Current Assets was $2,988 Mil.
Total Assets was $8,720 Mil.
Property, Plant and Equipment(Net PPE) was $1,621 Mil.
Depreciation, Depletion and Amortization(DDA) was $416 Mil.
Selling, General, & Admin. Expense(SGA) was $2,424 Mil.
Total Current Liabilities was $1,169 Mil.
Long-Term Debt & Capital Lease Obligation was $2,619 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) |
| = | (1293.791 / 9755.872) | / | (1197.342 / 8991.645) |
| = | 0.132617 | / | 0.133162 |
| | = | 0.9959 |
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) |
| = | (4286.827 / 8991.645) | / | (4796.976 / 9755.872) |
| = | 0.476757 | / | 0.491701 |
| | = | 0.9696 |
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 - (3043.392 + 1745.605) / 9068.707) | / | (1 - (2987.528 + 1620.943) / 8719.681) |
| = | 0.471921 | / | 0.471486 |
| | = | 1.0009 |
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 |
| = | 9755.872 | / | 8991.645 |
| | = | 1.085 |
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)) |
| = | (415.928 / (415.928 + 1620.943)) | / | (450.776 / (450.776 + 1745.605)) |
| = | 0.204199 | / | 0.205236 |
| | = | 0.9949 |
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) |
| = | (2667.868 / 9755.872) | / | (2423.727 / 8991.645) |
| = | 0.273463 | / | 0.269553 |
| | = | 1.0145 |
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) |
| = | ((2175.793 + 1984.889) / 9068.707) | / | ((2618.552 + 1168.839) / 8719.681) |
| = | 0.458796 | / | 0.43435 |
| | = | 1.0563 |
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 |
| = | (1638.54 - 0 | - | 2209.568) | / | 9068.707 |
| | = | -0.062967 |
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.
Cintas has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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