Carnival Beneish M-Score Historical Data
The historical data trend for Carnival'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.
Carnival Beneish M-Score Chart
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Carnival Annual Data
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Trend |
Nov14 |
Nov15 |
Nov16 |
Nov17 |
Nov18 |
Nov19 |
Nov20 |
Nov21 |
Nov22 |
Nov23 |
| Beneish M-Score |
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-2.49 |
-3.63 |
-2.68 |
10.92 |
-3.43 |
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Carnival Quarterly Data
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Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
May24 |
Aug24 |
| Beneish M-Score |
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-3.64 |
-3.43 |
-3.42 |
-3.42 |
-2.99 |
Competitive Comparison of Carnival's Beneish M-Score
For the Leisure subindustry, Carnival'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.
Carnival's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Carnival's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carnival's Beneish M-Score falls into.
Carnival 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 Carnival 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 * 1.0784 | + | 0.528 * 0.6076 | + | 0.404 * 0.6279 | + | 0.892 * 1.1854 | + | 0.115 * 1.011 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8857 | + | 4.679 * -0.090522 | - | 0.327 * 0.9621 |
| = | -2.99 |
* 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 (Aug24) TTM: | Last Year (Aug23) TTM: |
Total Receivables was £488 Mil.
Revenue was 6095.712 + 4572.771 + 4282.344 + 4338.384 = £19,289 Mil.
Gross Profit was 2271.996 + 1067.85 + 862.488 + 941.484 = £5,144 Mil.
Total Current Assets was £2,799 Mil.
Total Assets was £38,449 Mil.
Property, Plant and Equipment(Net PPE) was £33,785 Mil.
Depreciation, Depletion and Amortization(DDA) was £1,969 Mil.
Selling, General, & Admin. Expense(SGA) was £2,491 Mil.
Total Current Liabilities was £9,469 Mil.
Long-Term Debt & Capital Lease Obligation was £21,539 Mil.
Net Income was 1339.42 + 72.772 + -169.488 + -38.592 = £1,204 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = £0 Mil.
Cash Flow from Operations was 930.26 + 1612.849 + 1400.256 + 741.288 = £4,685 Mil.
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Total Receivables was £382 Mil.
Revenue was 5394.098 + 3933.711 + 3670.524 + 3274.667 = £16,273 Mil.
Gross Profit was 1840.006 + 685.656 + 447.948 + -336.935 = £2,637 Mil.
Total Current Assets was £3,686 Mil.
Total Assets was £39,158 Mil.
Property, Plant and Equipment(Net PPE) was £32,447 Mil.
Depreciation, Depletion and Amortization(DDA) was £1,913 Mil.
Selling, General, & Admin. Expense(SGA) was £2,372 Mil.
Total Current Liabilities was £8,663 Mil.
Long-Term Debt & Capital Lease Obligation was £24,158 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) |
| = | (487.904 / 19289.211) | / | (381.695 / 16273) |
| = | 0.025294 | / | 0.023456 |
| | = | 1.0784 |
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) |
| = | (2636.675 / 16273) | / | (5143.818 / 19289.211) |
| = | 0.162028 | / | 0.266668 |
| | = | 0.6076 |
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 - (2799.272 + 33785.036) / 38449.46) | / | (1 - (3685.521 + 32447.223) / 39157.972) |
| = | 0.048509 | / | 0.077257 |
| | = | 0.6279 |
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 |
| = | 19289.211 | / | 16273 |
| | = | 1.1854 |
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)) |
| = | (1912.862 / (1912.862 + 32447.223)) | / | (1968.746 / (1968.746 + 33785.036)) |
| = | 0.055671 | / | 0.055064 |
| | = | 1.011 |
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) |
| = | (2490.583 / 19289.211) | / | (2372.276 / 16273) |
| = | 0.129118 | / | 0.14578 |
| | = | 0.8857 |
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) |
| = | ((21538.8 + 9468.58) / 38449.46) | / | ((24157.752 + 8663.296) / 39157.972) |
| = | 0.806445 | / | 0.83817 |
| | = | 0.9621 |
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 |
| = | (1204.112 - 0 | - | 4684.653) | / | 38449.46 |
| | = | -0.090522 |
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.
Carnival has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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