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.
America's Car-Mart Beneish M-Score Chart
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America's Car-Mart Annual Data
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Trend |
Apr16 |
Apr17 |
Apr18 |
Apr19 |
Apr20 |
Apr21 |
Apr22 |
Apr23 |
Apr24 |
Apr25 |
| Beneish M-Score |
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-1.28 |
-1.37 |
-0.74 |
-2.34 |
0.03 |
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America's Car-Mart Quarterly Data
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Jul20 |
Oct20 |
Jan21 |
Apr21 |
Jul21 |
Oct21 |
Jan22 |
Apr22 |
Jul22 |
Oct22 |
Jan23 |
Apr23 |
Jul23 |
Oct23 |
Jan24 |
Apr24 |
Jul24 |
Oct24 |
Jan25 |
Apr25 |
| Beneish M-Score |
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-2.34 |
-2.28 |
-2.28 |
-2.12 |
0.03 |
Competitive Comparison of America's Car-Mart's Beneish M-Score
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's Beneish M-Score Distribution in the Vehicles & Parts Industry
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 * 1.0651 | + | 0.528 * 0.9556 | + | 0.404 * 6.1104 | + | 0.892 * 1.0001 | + | 0.115 * 0.0535 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0529 | + | 4.679 * 0.041703 | - | 0.327 * 0 |
| = | 0.03 |
* 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 (Apr25) TTM: | Last Year (Apr24) TTM: |
Total Receivables was $1,181 Mil.
Revenue was 370.174 + 325.726 + 347.269 + 347.763 = $1,391 Mil.
Gross Profit was 173.278 + 156.352 + 174.054 + 161.193 = $665 Mil.
Total Current Assets was $1,303 Mil.
Total Assets was $1,606 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $8 Mil.
Selling, General, & Admin. Expense(SGA) was $189 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 10.635 + 3.162 + 5.099 + -0.964 = $18 Mil.
Non Operating Income was -0.175 + -0.037 + -0.041 + -0.046 = $-0 Mil.
Cash Flow from Operations was 19.218 + -30.776 + -22.234 + -14.972 = $-49 Mil.
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Total Receivables was $1,108 Mil.
Revenue was 364.673 + 299.614 + 359.782 + 366.793 = $1,391 Mil.
Gross Profit was 166.819 + 141.364 + 163.019 + 164.146 = $635 Mil.
Total Current Assets was $1,310 Mil.
Total Assets was $1,478 Mil.
Property, Plant and Equipment(Net PPE) was $122 Mil.
Depreciation, Depletion and Amortization(DDA) was $7 Mil.
Selling, General, & Admin. Expense(SGA) was $179 Mil.
Total Current Liabilities was $354 Mil.
Long-Term Debt & Capital Lease Obligation was $618 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) |
| = | (1180.673 / 1390.932) | / | (1108.456 / 1390.862) |
| = | 0.848836 | / | 0.796956 |
| | = | 1.0651 |
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) |
| = | (635.348 / 1390.862) | / | (664.877 / 1390.932) |
| = | 0.456802 | / | 0.478008 |
| | = | 0.9556 |
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 - (1302.71 + 0) / 1606.474) | / | (1 - (1310.373 + 121.546) / 1477.644) |
| = | 0.189087 | / | 0.030945 |
| | = | 6.1104 |
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 |
| = | 1390.932 | / | 1390.862 |
| | = | 1.0001 |
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)) |
| = | (6.871 / (6.871 + 121.546)) | / | (7.647 / (7.647 + 0)) |
| = | 0.053505 | / | 1 |
| | = | 0.0535 |
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) |
| = | (188.921 / 1390.932) | / | (179.421 / 1390.862) |
| = | 0.135823 | / | 0.129 |
| | = | 1.0529 |
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 + 0) / 1606.474) | / | ((617.879 + 353.799) / 1477.644) |
| = | 0 | / | 0.657586 |
| | = | 0 |
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 |
| = | (17.932 - -0.299 | - | -48.764) | / | 1606.474 |
| | = | 0.041703 |
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 0.03 signals that the company is likely to be a manipulator.
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