Casella Waste Systems Beneish M-Score Historical Data
The historical data trend for Casella Waste Systems'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.
Casella Waste Systems Beneish M-Score Chart
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Casella Waste Systems Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.72 |
-2.80 |
-2.83 |
-2.17 |
-2.67 |
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Casella Waste Systems Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.17 |
-2.19 |
-2.49 |
-2.60 |
-2.67 |
Competitive Comparison of Casella Waste Systems's Beneish M-Score
For the Waste Management subindustry, Casella Waste Systems'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.
Casella Waste Systems's Beneish M-Score Distribution in the Waste Management Industry
For the Waste Management industry and Industrials sector, Casella Waste Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Casella Waste Systems's Beneish M-Score falls into.
Casella Waste Systems 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 Casella Waste Systems 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 * 0.8869 | + | 0.528 * 1.0053 | + | 0.404 * 1.0341 | + | 0.892 * 1.2315 | + | 0.115 * 0.8693 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9944 | + | 4.679 * -0.072701 | - | 0.327 * 0.8487 |
| = | -2.67 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $175 Mil.
Revenue was 427.486 + 411.627 + 377.163 + 341.008 = $1,557 Mil.
Gross Profit was 141.85 + 144.527 + 133.363 + 110.208 = $530 Mil.
Total Current Assets was $613 Mil.
Total Assets was $3,230 Mil.
Property, Plant and Equipment(Net PPE) was $1,263 Mil.
Depreciation, Depletion and Amortization(DDA) was $235 Mil.
Selling, General, & Admin. Expense(SGA) was $191 Mil.
Total Current Liabilities was $307 Mil.
Long-Term Debt & Capital Lease Obligation was $1,155 Mil.
Net Income was 4.876 + 5.771 + 7.006 + -4.117 = $14 Mil.
Non Operating Income was -7.459 + -13.515 + -7.359 + -4.658 = $-33 Mil.
Cash Flow from Operations was 109.761 + 91.813 + 72.102 + 7.679 = $281 Mil.
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Total Receivables was $160 Mil.
Revenue was 359.567 + 352.735 + 289.645 + 262.595 = $1,265 Mil.
Gross Profit was 120.429 + 126.435 + 103.345 + 82.395 = $433 Mil.
Total Current Assets was $426 Mil.
Total Assets was $2,535 Mil.
Property, Plant and Equipment(Net PPE) was $1,081 Mil.
Depreciation, Depletion and Amortization(DDA) was $171 Mil.
Selling, General, & Admin. Expense(SGA) was $156 Mil.
Total Current Liabilities was $279 Mil.
Long-Term Debt & Capital Lease Obligation was $1,074 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) |
| = | (175.203 / 1557.284) | / | (160.413 / 1264.542) |
| = | 0.112505 | / | 0.126855 |
| | = | 0.8869 |
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) |
| = | (432.604 / 1264.542) | / | (529.948 / 1557.284) |
| = | 0.342103 | / | 0.340303 |
| | = | 1.0053 |
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 - (613.305 + 1262.865) / 3230.068) | / | (1 - (426.325 + 1081.397) / 2535.47) |
| = | 0.419155 | / | 0.405348 |
| | = | 1.0341 |
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 |
| = | 1557.284 | / | 1264.542 |
| | = | 1.2315 |
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)) |
| = | (170.705 / (170.705 + 1081.397)) | / | (234.907 / (234.907 + 1262.865)) |
| = | 0.136335 | / | 0.156838 |
| | = | 0.8693 |
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) |
| = | (190.854 / 1557.284) | / | (155.847 / 1264.542) |
| = | 0.122556 | / | 0.123244 |
| | = | 0.9944 |
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) |
| = | ((1155.081 + 307.317) / 3230.068) | / | ((1073.736 + 278.858) / 2535.47) |
| = | 0.452745 | / | 0.533469 |
| | = | 0.8487 |
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 |
| = | (13.536 - -32.991 | - | 281.355) | / | 3230.068 |
| | = | -0.072701 |
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.
Casella Waste Systems has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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