Caterpillar Beneish M-Score Historical Data
The historical data trend for Caterpillar'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.
Caterpillar Beneish M-Score Chart
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Caterpillar Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.67 |
-2.58 |
-2.52 |
-2.63 |
-2.58 |
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Caterpillar Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.63 |
-2.63 |
-2.63 |
-2.60 |
-2.58 |
Competitive Comparison of Caterpillar's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Caterpillar'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.
Caterpillar's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Caterpillar's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Caterpillar's Beneish M-Score falls into.
Caterpillar 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 Caterpillar 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 * 1.0362 | + | 0.528 * 0.9639 | + | 0.404 * 1.028 | + | 0.892 * 0.9664 | + | 0.115 * 1.0422 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0828 | + | 4.679 * -0.017934 | - | 0.327 * 1.0038 |
| = | -2.58 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $18,847 Mil.
Revenue was 16215 + 16106 + 16689 + 15799 = $64,809 Mil.
Gross Profit was 5556 + 5704 + 6225 + 5839 = $23,324 Mil.
Total Current Assets was $45,682 Mil.
Total Assets was $87,764 Mil.
Property, Plant and Equipment(Net PPE) was $13,361 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,153 Mil.
Selling, General, & Admin. Expense(SGA) was $6,667 Mil.
Total Current Liabilities was $32,272 Mil.
Long-Term Debt & Capital Lease Obligation was $27,351 Mil.
Net Income was 2791 + 2464 + 2681 + 2856 = $10,792 Mil.
Non Operating Income was 306 + -32 + 37 + 20 = $331 Mil.
Cash Flow from Operations was 3393 + 3569 + 3021 + 2052 = $12,035 Mil.
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Total Receivables was $18,820 Mil.
Revenue was 17070 + 16810 + 17318 + 15862 = $67,060 Mil.
Gross Profit was 5766 + 5947 + 6008 + 5542 = $23,263 Mil.
Total Current Assets was $46,949 Mil.
Total Assets was $87,476 Mil.
Property, Plant and Equipment(Net PPE) was $12,680 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,144 Mil.
Selling, General, & Admin. Expense(SGA) was $6,371 Mil.
Total Current Liabilities was $34,728 Mil.
Long-Term Debt & Capital Lease Obligation was $24,472 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) |
| = | (18847 / 64809) | / | (18820 / 67060) |
| = | 0.290808 | / | 0.280644 |
| | = | 1.0362 |
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) |
| = | (23263 / 67060) | / | (23324 / 64809) |
| = | 0.346898 | / | 0.359888 |
| | = | 0.9639 |
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 - (45682 + 13361) / 87764) | / | (1 - (46949 + 12680) / 87476) |
| = | 0.327253 | / | 0.318339 |
| | = | 1.028 |
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 |
| = | 64809 | / | 67060 |
| | = | 0.9664 |
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)) |
| = | (2144 / (2144 + 12680)) | / | (2153 / (2153 + 13361)) |
| = | 0.14463 | / | 0.138778 |
| | = | 1.0422 |
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) |
| = | (6667 / 64809) | / | (6371 / 67060) |
| = | 0.102872 | / | 0.095004 |
| | = | 1.0828 |
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) |
| = | ((27351 + 32272) / 87764) | / | ((24472 + 34728) / 87476) |
| = | 0.679356 | / | 0.676757 |
| | = | 1.0038 |
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 |
| = | (10792 - 331 | - | 12035) | / | 87764 |
| | = | -0.017934 |
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.
Caterpillar has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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