Cargotec Oyj Beneish M-Score Historical Data
The historical data trend for Cargotec Oyj'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.
Cargotec Oyj Beneish M-Score Chart
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Cargotec Oyj Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.96 |
-2.05 |
-2.58 |
-2.62 |
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Cargotec Oyj Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.81 |
-2.62 |
-3.23 |
-1.37 |
-1.30 |
Competitive Comparison of Cargotec Oyj's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Cargotec Oyj'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.
Cargotec Oyj's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Cargotec Oyj's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cargotec Oyj's Beneish M-Score falls into.
Cargotec Oyj 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 Cargotec Oyj 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 * 0.3245 | + | 0.528 * 0.8904 | + | 0.404 * 1.1469 | + | 0.892 * 1.5167 | + | 0.115 * 0.9701 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9628 | + | 4.679 * 0.273882 | - | 0.327 * 0.8735 |
| = | -1.31 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $441 Mil.
Revenue was 655.161 + 672.659 + 670.978 + 2980.807 = $4,980 Mil.
Gross Profit was 174.251 + 185.899 + 171.739 + 719.847 = $1,252 Mil.
Total Current Assets was $1,702 Mil.
Total Assets was $2,788 Mil.
Property, Plant and Equipment(Net PPE) was $185 Mil.
Depreciation, Depletion and Amortization(DDA) was $82 Mil.
Selling, General, & Admin. Expense(SGA) was $579 Mil.
Total Current Liabilities was $1,105 Mil.
Long-Term Debt & Capital Lease Obligation was $271 Mil.
Net Income was 49.501 + 1184.607 + 88.152 + 64.558 = $1,387 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 153.052 + 26.157 + 173.587 + 270.556 = $623 Mil.
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Total Receivables was $895 Mil.
Revenue was 638.634 + 702.275 + 630.407 + 1311.97 = $3,283 Mil.
Gross Profit was 152.935 + 183.207 + 142.291 + 256.462 = $735 Mil.
Total Current Assets was $2,838 Mil.
Total Assets was $4,602 Mil.
Property, Plant and Equipment(Net PPE) was $468 Mil.
Depreciation, Depletion and Amortization(DDA) was $200 Mil.
Selling, General, & Admin. Expense(SGA) was $397 Mil.
Total Current Liabilities was $2,057 Mil.
Long-Term Debt & Capital Lease Obligation was $544 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) |
| = | (440.622 / 4979.605) | / | (895.304 / 3283.286) |
| = | 0.088485 | / | 0.272685 |
| | = | 0.3245 |
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) |
| = | (734.895 / 3283.286) | / | (1251.736 / 4979.605) |
| = | 0.223829 | / | 0.251373 |
| | = | 0.8904 |
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 - (1702.109 + 184.684) / 2787.569) | / | (1 - (2837.673 + 467.876) / 4602.241) |
| = | 0.32314 | / | 0.281752 |
| | = | 1.1469 |
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 |
| = | 4979.605 | / | 3283.286 |
| | = | 1.5167 |
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)) |
| = | (199.594 / (199.594 + 467.876)) | / | (82.299 / (82.299 + 184.684)) |
| = | 0.299031 | / | 0.308256 |
| | = | 0.9701 |
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) |
| = | (579.135 / 4979.605) | / | (396.588 / 3283.286) |
| = | 0.116301 | / | 0.12079 |
| | = | 0.9628 |
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) |
| = | ((271.032 + 1104.661) / 2787.569) | / | ((543.543 + 2056.564) / 4602.241) |
| = | 0.49351 | / | 0.564965 |
| | = | 0.8735 |
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 |
| = | (1386.818 - 0 | - | 623.352) | / | 2787.569 |
| | = | 0.273882 |
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.
Cargotec Oyj has a M-score of -1.31 signals that the company is likely to be a manipulator.
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