Copart Beneish M-Score Historical Data
The historical data trend for Copart'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.
Copart Beneish M-Score Chart
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Copart Annual Data
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Jul14 |
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Jul19 |
Jul20 |
Jul21 |
Jul22 |
Jul23 |
| Beneish M-Score |
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-2.54 |
-2.87 |
-2.32 |
-2.09 |
-2.47 |
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Copart Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
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Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
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Jan23 |
Apr23 |
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Oct23 |
Jan24 |
| Beneish M-Score |
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-2.20 |
-2.25 |
-2.47 |
-2.38 |
-2.37 |
Competitive Comparison of Copart's Beneish M-Score
For the Specialty Business Services subindustry, Copart'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.
Copart's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Copart's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Copart's Beneish M-Score falls into.
Copart 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 Copart 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 * 1.0549 | + | 0.528 * 0.9529 | + | 0.404 * 1.0217 | + | 0.892 * 1.0575 | + | 0.115 * 1.0477 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0757 | + | 4.679 * -0.005972 | - | 0.327 * 0.8394 |
| = | -2.38 |
* 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 €793 Mil.
Revenue was 936.497 + 966.334 + 901.822 + 931.91 = €3,737 Mil.
Gross Profit was 426.092 + 439.426 + 413.651 + 440.888 = €1,720 Mil.
Total Current Assets was €3,441 Mil.
Total Assets was €6,975 Mil.
Property, Plant and Equipment(Net PPE) was €2,897 Mil.
Depreciation, Depletion and Amortization(DDA) was €157 Mil.
Selling, General, & Admin. Expense(SGA) was €262 Mil.
Total Current Liabilities was €483 Mil.
Long-Term Debt & Capital Lease Obligation was €87 Mil.
Net Income was 298.933 + 314.903 + 314.398 + 319.593 = €1,248 Mil.
Non Operating Income was -2.849 + -3.856 + 3.55 + 3.309 = €0 Mil.
Cash Flow from Operations was 148.526 + 355.358 + 324.154 + 461.29 = €1,289 Mil.
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Total Receivables was €711 Mil.
Revenue was 887.84 + 906.773 + 868.37 + 870.385 = €3,533 Mil.
Gross Profit was 395.792 + 375.025 + 375.085 + 403.993 = €1,550 Mil.
Total Current Assets was €2,449 Mil.
Total Assets was €5,505 Mil.
Property, Plant and Equipment(Net PPE) was €2,564 Mil.
Depreciation, Depletion and Amortization(DDA) was €146 Mil.
Selling, General, & Admin. Expense(SGA) was €230 Mil.
Total Current Liabilities was €453 Mil.
Long-Term Debt & Capital Lease Obligation was €83 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) |
| = | (792.589 / 3736.563) | / | (710.503 / 3533.368) |
| = | 0.212117 | / | 0.201084 |
| | = | 1.0549 |
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) |
| = | (1549.895 / 3533.368) | / | (1720.057 / 3736.563) |
| = | 0.438645 | / | 0.460331 |
| | = | 0.9529 |
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 - (3441.11 + 2896.794) / 6975.441) | / | (1 - (2448.789 + 2563.998) / 5505.275) |
| = | 0.091397 | / | 0.089457 |
| | = | 1.0217 |
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 |
| = | 3736.563 | / | 3533.368 |
| | = | 1.0575 |
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)) |
| = | (145.538 / (145.538 + 2563.998)) | / | (156.541 / (156.541 + 2896.794)) |
| = | 0.053713 | / | 0.051269 |
| | = | 1.0477 |
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) |
| = | (261.71 / 3736.563) | / | (230.07 / 3533.368) |
| = | 0.07004 | / | 0.065114 |
| | = | 1.0757 |
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) |
| = | ((86.594 + 482.889) / 6975.441) | / | ((82.908 + 452.514) / 5505.275) |
| = | 0.081641 | / | 0.097256 |
| | = | 0.8394 |
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 |
| = | (1247.827 - 0.154 | - | 1289.328) | / | 6975.441 |
| | = | -0.005972 |
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.
Copart has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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