America's Car-Mart Beneish M-Score Historical Data
The historical data trend for America's Car-Mart'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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America's Car-Mart Annual Data
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Trend |
Apr14 |
Apr15 |
Apr16 |
Apr17 |
Apr18 |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
| Beneish M-Score |
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|
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-2.19 |
3.31 |
-1.27 |
-1.37 |
-1.73 |
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America's Car-Mart 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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-1.28 |
-1.73 |
-1.06 |
-0.87 |
-2.02 |
Competitive Comparison
For the Auto & Truck Dealerships subindustry, America's Car-Mart'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.
America's Car-Mart Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, America's Car-Mart's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where America's Car-Mart's Beneish M-Score falls into.
America's Car-Mart 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 America's Car-Mart 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 * 1.012 | + | 0.528 * 0.9634 | + | 0.404 * 1.8617 | + | 0.892 * 1.0433 | + | 0.115 * 0.7579 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0078 | + | 4.679 * 0.031094 | - | 0.327 * 1.0939 |
| = | -2.02 |
* 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 $1,094 Mil.
Revenue was 299.614 + 361.582 + 368.025 + 392.033 = $1,421 Mil.
Gross Profit was 141.364 + 163.019 + 164.146 + 164.707 = $633 Mil.
Total Current Assets was $1,298 Mil.
Total Assets was $1,467 Mil.
Property, Plant and Equipment(Net PPE) was $124 Mil.
Depreciation, Depletion and Amortization(DDA) was $7 Mil.
Selling, General, & Admin. Expense(SGA) was $181 Mil.
Total Current Liabilities was $210 Mil.
Long-Term Debt & Capital Lease Obligation was $751 Mil.
Net Income was -8.542 + -27.463 + 4.186 + 2.088 = $-30 Mil.
Non Operating Income was -0.119 + -0.074 + -0.166 + -0.041 = $-0 Mil.
Cash Flow from Operations was 12.958 + -30.731 + -45.399 + -11.772 = $-75 Mil.
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Total Receivables was $1,036 Mil.
Revenue was 325.339 + 351.84 + 338.818 + 346.231 = $1,362 Mil.
Gross Profit was 143.516 + 145.698 + 145.703 + 149.779 = $585 Mil.
Total Current Assets was $1,233 Mil.
Total Assets was $1,385 Mil.
Property, Plant and Equipment(Net PPE) was $129 Mil.
Depreciation, Depletion and Amortization(DDA) was $5 Mil.
Selling, General, & Admin. Expense(SGA) was $172 Mil.
Total Current Liabilities was $151 Mil.
Long-Term Debt & Capital Lease Obligation was $678 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) |
| = | (1093.956 / 1421.254) | / | (1036.13 / 1362.228) |
| = | 0.769712 | / | 0.760614 |
| | = | 1.012 |
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) |
| = | (584.696 / 1362.228) | / | (633.236 / 1421.254) |
| = | 0.42922 | / | 0.445547 |
| | = | 0.9634 |
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 - (1297.858 + 123.799) / 1466.947) | / | (1 - (1233.216 + 128.501) / 1384.68) |
| = | 0.030874 | / | 0.016584 |
| | = | 1.8617 |
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 |
| = | 1421.254 | / | 1362.228 |
| | = | 1.0433 |
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)) |
| = | (5.207 / (5.207 + 128.501)) | / | (6.706 / (6.706 + 123.799)) |
| = | 0.038943 | / | 0.051385 |
| | = | 0.7579 |
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) |
| = | (180.71 / 1421.254) | / | (171.872 / 1362.228) |
| = | 0.127148 | / | 0.12617 |
| | = | 1.0078 |
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) |
| = | ((750.552 + 210.129) / 1466.947) | / | ((678.446 + 150.535) / 1384.68) |
| = | 0.654885 | / | 0.598681 |
| | = | 1.0939 |
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 |
| = | (-29.731 - -0.4 | - | -74.944) | / | 1466.947 |
| | = | 0.031094 |
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.
America's Car-Mart has a M-score of -2.02 suggests that the company is unlikely to be a manipulator.
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