C3.ai Beneish M-Score Historical Data
The historical data trend for C3.ai'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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C3.ai Annual Data
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Trend |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
|
- |
- |
-1.82 |
-0.84 |
-1.97 |
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C3.ai Quarterly Data
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Apr19 |
Jul19 |
Oct19 |
Jan20 |
Apr20 |
Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
| Beneish M-Score |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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-1.32 |
-1.97 |
-2.57 |
-2.95 |
-3.31 |
Competitive Comparison
For the Software - Application subindustry, C3.ai'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.
C3.ai Beneish M-Score Distribution
For the Software industry and Technology sector, C3.ai's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where C3.ai's Beneish M-Score falls into.
C3.ai 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 C3.ai 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 * 1.0864 | + | 0.528 * 1.1971 | + | 0.404 * 0.6576 | + | 0.892 * 1.1114 | + | 0.115 * 0.4927 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0026 | + | 4.679 * -0.201966 | - | 0.327 * 0.9092 |
| = | -3.31 |
* 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 (Jan24) TTM: | Last Year (Jan23) TTM: |
Total Receivables was $173.5 Mil.
Revenue was 78.401 + 73.229 + 72.362 + 72.41 = $296.4 Mil.
Gross Profit was 45.287 + 41.113 + 40.549 + 47.502 = $174.5 Mil.
Total Current Assets was $926.0 Mil.
Total Assets was $1,064.0 Mil.
Property, Plant and Equipment(Net PPE) was $91.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.3 Mil.
Selling, General, & Admin. Expense(SGA) was $283.3 Mil.
Total Current Liabilities was $109.2 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was -72.631 + -69.78 + -64.358 + -64.956 = $-271.7 Mil.
Non Operating Income was 0.409 + -0.638 + -0.239 + 0.284 = $-0.2 Mil.
Cash Flow from Operations was -39.051 + -48.59 + 3.936 + 27.054 = $-56.7 Mil.
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Total Receivables was $143.7 Mil.
Revenue was 66.669 + 62.408 + 65.308 + 72.317 = $266.7 Mil.
Gross Profit was 44.398 + 41.656 + 46.902 + 54.954 = $187.9 Mil.
Total Current Assets was $946.5 Mil.
Total Assets was $1,095.2 Mil.
Property, Plant and Equipment(Net PPE) was $75.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.7 Mil.
Selling, General, & Admin. Expense(SGA) was $254.3 Mil.
Total Current Liabilities was $123.6 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 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) |
| = | (173.478 / 296.402) | / | (143.678 / 266.702) |
| = | 0.585279 | / | 0.538721 |
| | = | 1.0864 |
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) |
| = | (187.91 / 266.702) | / | (174.451 / 296.402) |
| = | 0.704569 | / | 0.588562 |
| | = | 1.1971 |
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 - (926.027 + 91.003) / 1063.989) | / | (1 - (946.51 + 75.197) / 1095.213) |
| = | 0.044135 | / | 0.067116 |
| | = | 0.6576 |
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 |
| = | 296.402 | / | 266.702 |
| | = | 1.1114 |
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)) |
| = | (4.686 / (4.686 + 75.197)) | / | (12.3 / (12.3 + 91.003)) |
| = | 0.058661 | / | 0.119067 |
| | = | 0.4927 |
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) |
| = | (283.338 / 296.402) | / | (254.289 / 266.702) |
| = | 0.955925 | / | 0.953457 |
| | = | 1.0026 |
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) |
| = | ((0 + 109.179) / 1063.989) | / | ((0 + 123.608) / 1095.213) |
| = | 0.102613 | / | 0.112862 |
| | = | 0.9092 |
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 |
| = | (-271.725 - -0.184 | - | -56.651) | / | 1063.989 |
| | = | -0.201966 |
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.
C3.ai has a M-score of -3.31 suggests that the company is unlikely to be a manipulator.
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