Cavco Industries Beneish M-Score Historical Data
The historical data trend for Cavco Industries'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.
Cavco Industries Beneish M-Score Chart
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Cavco Industries Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.11 |
-2.66 |
-2.67 |
-1.95 |
-2.47 |
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Cavco Industries Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.47 |
-2.75 |
-2.67 |
-2.61 |
Competitive Comparison of Cavco Industries's Beneish M-Score
For the Residential Construction subindustry, Cavco Industries'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.
Cavco Industries's Beneish M-Score Distribution in the Homebuilding & Construction Industry
For the Homebuilding & Construction industry and Consumer Cyclical sector, Cavco Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cavco Industries's Beneish M-Score falls into.
Cavco Industries 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 Cavco Industries 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 * 1.2217 | + | 0.528 * 1.0715 | + | 0.404 * 1.0033 | + | 0.892 * 0.8523 | + | 0.115 * 1.0873 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.179 | + | 4.679 * -0.046522 | - | 0.327 * 0.9956 |
| = | -2.61 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $133 Mil.
Revenue was 446.769 + 452.03 + 475.875 + 476.38 = $1,851 Mil.
Gross Profit was 103.051 + 106.957 + 117.879 + 120.641 = $449 Mil.
Total Current Assets was $833 Mil.
Total Assets was $1,327 Mil.
Property, Plant and Equipment(Net PPE) was $262 Mil.
Depreciation, Depletion and Amortization(DDA) was $19 Mil.
Selling, General, & Admin. Expense(SGA) was $253 Mil.
Total Current Liabilities was $271 Mil.
Long-Term Debt & Capital Lease Obligation was $33 Mil.
Net Income was 35.987 + 41.539 + 46.357 + 47.312 = $171 Mil.
Non Operating Income was -0.224 + 0.655 + 0.126 + 0.676 = $1 Mil.
Cash Flow from Operations was 45.904 + 77.907 + 82.293 + 25.574 = $232 Mil.
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Total Receivables was $128 Mil.
Revenue was 500.603 + 577.392 + 588.338 + 505.479 = $2,172 Mil.
Gross Profit was 131.968 + 157.599 + 144.724 + 129.6 = $564 Mil.
Total Current Assets was $833 Mil.
Total Assets was $1,264 Mil.
Property, Plant and Equipment(Net PPE) was $212 Mil.
Depreciation, Depletion and Amortization(DDA) was $16 Mil.
Selling, General, & Admin. Expense(SGA) was $252 Mil.
Total Current Liabilities was $278 Mil.
Long-Term Debt & Capital Lease Obligation was $13 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) |
| = | (133.308 / 1851.054) | / | (128.022 / 2171.812) |
| = | 0.072017 | / | 0.058947 |
| | = | 1.2217 |
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) |
| = | (563.891 / 2171.812) | / | (448.528 / 1851.054) |
| = | 0.259641 | / | 0.24231 |
| | = | 1.0715 |
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 - (833.047 + 261.609) / 1326.596) | / | (1 - (832.554 + 211.559) / 1264.474) |
| = | 0.174838 | / | 0.174271 |
| | = | 1.0033 |
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 |
| = | 1851.054 | / | 2171.812 |
| | = | 0.8523 |
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)) |
| = | (16.441 / (16.441 + 211.559)) | / | (18.583 / (18.583 + 261.609)) |
| = | 0.07211 | / | 0.066322 |
| | = | 1.0873 |
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) |
| = | (252.887 / 1851.054) | / | (251.661 / 2171.812) |
| = | 0.136618 | / | 0.115876 |
| | = | 1.179 |
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) |
| = | ((33.285 + 271.172) / 1326.596) | / | ((13.058 + 278.423) / 1264.474) |
| = | 0.229502 | / | 0.230516 |
| | = | 0.9956 |
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 |
| = | (171.195 - 1.233 | - | 231.678) | / | 1326.596 |
| | = | -0.046522 |
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.
Cavco Industries has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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