CCC Beneish M-Score Historical Data
The historical data trend for CCC'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.
CCC Beneish M-Score Chart
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CCC Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Jan22 |
Jan23 |
| Beneish M-Score |
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-2.10 |
-3.04 |
-2.88 |
-2.77 |
-3.21 |
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CCC Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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-3.21 |
-3.65 |
-3.50 |
-3.12 |
-2.80 |
Competitive Comparison of CCC's Beneish M-Score
For the Apparel Retail subindustry, CCC'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.
CCC's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, CCC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CCC's Beneish M-Score falls into.
CCC 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 CCC 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 * 1.0762 | + | 0.528 * 1.0044 | + | 0.404 * 1.104 | + | 0.892 * 1.0348 | + | 0.115 * 1.5306 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9258 | + | 4.679 * -0.119384 | - | 0.327 * 0.9534 |
| = | -2.80 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was €70 Mil.
Revenue was 598.875 + 577.283 + 575.882 + 490.278 = €2,242 Mil.
Gross Profit was 275.364 + 278.856 + 261.778 + 227.74 = €1,044 Mil.
Total Current Assets was €856 Mil.
Total Assets was €1,745 Mil.
Property, Plant and Equipment(Net PPE) was €676 Mil.
Depreciation, Depletion and Amortization(DDA) was €141 Mil.
Selling, General, & Admin. Expense(SGA) was €480 Mil.
Total Current Liabilities was €1,053 Mil.
Long-Term Debt & Capital Lease Obligation was €449 Mil.
Net Income was 10.784 + 1.211 + 8.005 + -33.325 = €-13 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was -0.048 + 68.122 + 50.071 + 76.84 = €195 Mil.
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Total Receivables was €63 Mil.
Revenue was 579.968 + 575.312 + 564.695 + 447.024 = €2,167 Mil.
Gross Profit was 249.426 + 276.267 + 268.262 + 219.189 = €1,013 Mil.
Total Current Assets was €823 Mil.
Total Assets was €1,678 Mil.
Property, Plant and Equipment(Net PPE) was €670 Mil.
Depreciation, Depletion and Amortization(DDA) was €241 Mil.
Selling, General, & Admin. Expense(SGA) was €501 Mil.
Total Current Liabilities was €888 Mil.
Long-Term Debt & Capital Lease Obligation was €626 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) |
| = | (69.619 / 2242.318) | / | (62.517 / 2166.999) |
| = | 0.031048 | / | 0.02885 |
| | = | 1.0762 |
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) |
| = | (1013.144 / 2166.999) | / | (1043.738 / 2242.318) |
| = | 0.467533 | / | 0.465473 |
| | = | 1.0044 |
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 - (856.4 + 675.904) / 1744.867) | / | (1 - (822.505 + 670.251) / 1677.908) |
| = | 0.121822 | / | 0.110347 |
| | = | 1.104 |
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 |
| = | 2242.318 | / | 2166.999 |
| | = | 1.0348 |
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)) |
| = | (241.041 / (241.041 + 670.251)) | / | (141.21 / (141.21 + 675.904)) |
| = | 0.264505 | / | 0.172816 |
| | = | 1.5306 |
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) |
| = | (479.78 / 2242.318) | / | (500.848 / 2166.999) |
| = | 0.213966 | / | 0.231125 |
| | = | 0.9258 |
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) |
| = | ((448.877 + 1053.001) / 1744.867) | / | ((626.428 + 888.348) / 1677.908) |
| = | 0.860741 | / | 0.902777 |
| | = | 0.9534 |
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 |
| = | (-13.325 - 0 | - | 194.985) | / | 1744.867 |
| | = | -0.119384 |
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.
CCC has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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