CA Beneish M-Score Historical Data
The historical data trend for CA'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.
CA Beneish M-Score Chart
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CA Annual Data
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Trend |
Mar09 |
Mar10 |
Mar11 |
Mar12 |
Mar13 |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
| Beneish M-Score |
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-2.60 |
-2.68 |
-2.63 |
-2.37 |
-2.66 |
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CA Quarterly Data
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Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
| Beneish M-Score |
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-2.53 |
-2.38 |
-2.66 |
-2.56 |
-2.58 |
Competitive Comparison of CA's Beneish M-Score
For the Software - Infrastructure subindustry, CA'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.
CA's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, CA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CA's Beneish M-Score falls into.
CA 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 CA 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 * 1.1285 | + | 0.528 * 1.0061 | + | 0.404 * 0.929 | + | 0.892 * 0.9831 | + | 0.115 * 0.9663 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0277 | + | 4.679 * -0.053804 | - | 0.327 * 0.7453 |
| = | -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 (Sep18) TTM: | Last Year (Sep17) TTM: |
Total Receivables was $507 Mil.
Revenue was 895 + 938 + 1083 + 1093 = $4,009 Mil.
Gross Profit was 757 + 792 + 929 + 938 = $3,416 Mil.
Total Current Assets was $4,362 Mil.
Total Assets was $13,103 Mil.
Property, Plant and Equipment(Net PPE) was $213 Mil.
Depreciation, Depletion and Amortization(DDA) was $351 Mil.
Selling, General, & Admin. Expense(SGA) was $1,463 Mil.
Total Current Liabilities was $1,710 Mil.
Long-Term Debt & Capital Lease Obligation was $2,506 Mil.
Net Income was 129 + 166 + 207 + -93 = $409 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -11 + 262 + 548 + 315 = $1,114 Mil.
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Total Receivables was $457 Mil.
Revenue was 1034 + 1025 + 1012 + 1007 = $4,078 Mil.
Gross Profit was 887 + 881 + 863 + 865 = $3,496 Mil.
Total Current Assets was $3,457 Mil.
Total Assets was $12,313 Mil.
Property, Plant and Equipment(Net PPE) was $230 Mil.
Depreciation, Depletion and Amortization(DDA) was $347 Mil.
Selling, General, & Admin. Expense(SGA) was $1,448 Mil.
Total Current Liabilities was $2,799 Mil.
Long-Term Debt & Capital Lease Obligation was $2,517 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) |
| = | (507 / 4009) | / | (457 / 4078) |
| = | 0.126465 | / | 0.112065 |
| | = | 1.1285 |
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) |
| = | (3496 / 4078) | / | (3416 / 4009) |
| = | 0.857283 | / | 0.852083 |
| | = | 1.0061 |
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 - (4362 + 213) / 13103) | / | (1 - (3457 + 230) / 12313) |
| = | 0.650843 | / | 0.70056 |
| | = | 0.929 |
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 |
| = | 4009 | / | 4078 |
| | = | 0.9831 |
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)) |
| = | (347 / (347 + 230)) | / | (351 / (351 + 213)) |
| = | 0.601386 | / | 0.62234 |
| | = | 0.9663 |
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) |
| = | (1463 / 4009) | / | (1448 / 4078) |
| = | 0.364929 | / | 0.355076 |
| | = | 1.0277 |
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) |
| = | ((2506 + 1710) / 13103) | / | ((2517 + 2799) / 12313) |
| = | 0.321758 | / | 0.431739 |
| | = | 0.7453 |
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 |
| = | (409 - 0 | - | 1114) | / | 13103 |
| | = | -0.053804 |
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.
CA has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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