CarMax Beneish M-Score Historical Data
The historical data trend for CarMax'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.
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CarMax Annual Data
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Trend |
Feb15 |
Feb16 |
Feb17 |
Feb18 |
Feb19 |
Feb20 |
Feb21 |
Feb22 |
Feb23 |
Feb24 |
| Beneish M-Score |
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-1.90 |
-2.19 |
-0.74 |
-3.01 |
-2.77 |
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CarMax Quarterly Data
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May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
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-3.01 |
-2.98 |
-2.87 |
-2.53 |
-2.77 |
Competitive Comparison
For the Auto & Truck Dealerships subindustry, CarMax'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.
CarMax Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, CarMax's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CarMax's Beneish M-Score falls into.
CarMax 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 CarMax 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 * 0.828 | + | 0.528 * 0.9226 | + | 0.404 * 0.9974 | + | 0.892 * 0.8939 | + | 0.115 * 1.0677 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0322 | + | 4.679 * 0.000379 | - | 0.327 * 0.988 |
| = | -2.77 |
* 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 (Feb24) TTM: | Last Year (Feb23) TTM: |
Total Receivables was $221 Mil.
Revenue was 5626.603 + 6148.538 + 7073.836 + 7687.063 = $26,536 Mil.
Gross Profit was 586.191 + 612.863 + 696.765 + 817.39 = $2,713 Mil.
Total Current Assets was $5,227 Mil.
Total Assets was $27,197 Mil.
Property, Plant and Equipment(Net PPE) was $4,186 Mil.
Depreciation, Depletion and Amortization(DDA) was $260 Mil.
Selling, General, & Admin. Expense(SGA) was $2,353 Mil.
Total Current Liabilities was $2,312 Mil.
Long-Term Debt & Capital Lease Obligation was $18,456 Mil.
Net Income was 50.268 + 82.003 + 118.635 + 228.298 = $479 Mil.
Non Operating Income was 5.541 + 0.886 + 2.63 + 1.214 = $10 Mil.
Cash Flow from Operations was 309.638 + 210.099 + 124.165 + -185.285 = $459 Mil.
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Total Receivables was $299 Mil.
Revenue was 5722.493 + 6505.956 + 8144.803 + 9311.621 = $29,685 Mil.
Gross Profit was 610.979 + 576.688 + 737.145 + 875.391 = $2,800 Mil.
Total Current Assets was $5,041 Mil.
Total Assets was $26,183 Mil.
Property, Plant and Equipment(Net PPE) was $3,977 Mil.
Depreciation, Depletion and Amortization(DDA) was $265 Mil.
Selling, General, & Admin. Expense(SGA) was $2,550 Mil.
Total Current Liabilities was $1,938 Mil.
Long-Term Debt & Capital Lease Obligation was $18,299 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) |
| = | (221.153 / 26536.04) | / | (298.783 / 29684.873) |
| = | 0.008334 | / | 0.010065 |
| | = | 0.828 |
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) |
| = | (2800.203 / 29684.873) | / | (2713.209 / 26536.04) |
| = | 0.094331 | / | 0.102246 |
| | = | 0.9226 |
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 - (5226.594 + 4186.247) / 27196.797) | / | (1 - (5041.367 + 3976.591) / 26182.736) |
| = | 0.653899 | / | 0.655576 |
| | = | 0.9974 |
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 |
| = | 26536.04 | / | 29684.873 |
| | = | 0.8939 |
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)) |
| = | (265.224 / (265.224 + 3976.591)) | / | (260.414 / (260.414 + 4186.247)) |
| = | 0.062526 | / | 0.058564 |
| | = | 1.0677 |
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) |
| = | (2352.9 / 26536.04) | / | (2550.1 / 29684.873) |
| = | 0.088668 | / | 0.085906 |
| | = | 1.0322 |
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) |
| = | ((18455.866 + 2312.289) / 27196.797) | / | ((18298.965 + 1938.311) / 26182.736) |
| = | 0.763625 | / | 0.772924 |
| | = | 0.988 |
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 |
| = | (479.204 - 10.271 | - | 458.617) | / | 27196.797 |
| | = | 0.000379 |
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.
CarMax has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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