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Casey's General Stores (FRA:CS2) Beneish M-Score : -2.71 (As of Jun. 19, 2025)


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What is Casey's General Stores Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Casey's General Stores's Beneish M-Score or its related term are showing as below:

FRA:CS2' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09   Med: -2.7   Max: -1.5
Current: -2.71

During the past 13 years, the highest Beneish M-Score of Casey's General Stores was -1.50. The lowest was -3.09. And the median was -2.70.


Casey's General Stores Beneish M-Score Historical Data

The historical data trend for Casey's General Stores'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.

* Premium members only.

Casey's General Stores Beneish M-Score Chart

Casey's General Stores Annual Data
Trend Apr16 Apr17 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Apr25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.69 -1.50 -2.82 -2.64 -2.71

Casey's General Stores Quarterly Data
Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.64 - - - -2.71

Competitive Comparison of Casey's General Stores's Beneish M-Score

For the Specialty Retail subindustry, Casey's General Stores'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.


Casey's General Stores's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Casey's General Stores's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Casey's General Stores's Beneish M-Score falls into.


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Casey's General Stores 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 Casey's General Stores 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 * 1.0023+0.528 * 0.9569+0.404 * 1.2444+0.892 * 1.0242+0.115 * 1.0763
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.066317-0.327 * 1.2044
=-2.75

* 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 (Apr25) TTM:Last Year (Apr24) TTM:
Total Receivables was €162 Mil.
Revenue was €14,187 Mil.
Gross Profit was €3,340 Mil.
Total Current Assets was €901 Mil.
Total Assets was €7,305 Mil.
Property, Plant and Equipment(Net PPE) was €5,189 Mil.
Depreciation, Depletion and Amortization(DDA) was €359 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €981 Mil.
Long-Term Debt & Capital Lease Obligation was €2,535 Mil.
Net Income was €486 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €971 Mil.
Total Receivables was €157 Mil.
Revenue was €13,852 Mil.
Gross Profit was €3,120 Mil.
Total Current Assets was €773 Mil.
Total Assets was €5,916 Mil.
Property, Plant and Equipment(Net PPE) was €4,352 Mil.
Depreciation, Depletion and Amortization(DDA) was €326 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €889 Mil.
Long-Term Debt & Capital Lease Obligation was €1,475 Mil.




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)
=(161.549 / 14187.4) / (157.377 / 13852.235)
=0.011387 / 0.011361
=1.0023

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)
=(3120.253 / 13852.235) / (3339.639 / 14187.4)
=0.225253 / 0.235395
=0.9569

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 - (901.439 + 5188.958) / 7305.225) / (1 - (773.424 + 4351.841) / 5915.808)
=0.166296 / 0.133632
=1.2444

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
=14187.4 / 13852.235
=1.0242

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))
=(326.011 / (326.011 + 4351.841)) / (359.246 / (359.246 + 5188.958))
=0.069692 / 0.06475
=1.0763

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)
=(0 / 14187.4) / (0 / 13852.235)
=0 / 0
=1

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)
=((2535.011 + 980.507) / 7305.225) / ((1475.13 + 888.63) / 5915.808)
=0.481233 / 0.399567
=1.2044

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
=(486.403 - 0 - 970.86) / 7305.225
=-0.066317

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.

Casey's General Stores has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.


Casey's General Stores Beneish M-Score Related Terms

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Casey's General Stores Business Description

Traded in Other Exchanges
Address
One Se Convenience Boulevard, Ankeny, IA, USA, 50021
Casey's serves as the nation's third-largest convenience store chain with its 2,900 locations primarily positioned in the Midwest United States. About half of Casey's stores are located in rural towns with populations under 5,000. While fueling stations serve as a key traffic driver, about two thirds of the company's gross profit stems from in-store sales of grocery items, prepared meals, and general merchandise. Casey's owns more than 90% of its stores and operates most of its warehousing and distribution processes internally.

Casey's General Stores Headlines

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