Caterpillar Beneish M-Score Historical Data
The historical data trend for Caterpillar'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.
Caterpillar Beneish M-Score Chart
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Caterpillar Annual Data
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Dec15 |
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Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.67 |
-2.58 |
-2.52 |
-2.66 |
-2.60 |
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Caterpillar Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Mar24 |
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Dec24 |
Mar25 |
| Beneish M-Score |
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-2.66 |
-2.66 |
-2.63 |
-2.60 |
-2.60 |
Competitive Comparison of Caterpillar's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Caterpillar'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.
Caterpillar's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Caterpillar's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Caterpillar's Beneish M-Score falls into.
Caterpillar 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 Caterpillar 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 * 1.0607 | + | 0.528 * 0.9912 | + | 0.404 * 1.0207 | + | 0.892 * 0.9442 | + | 0.115 * 1.047 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0914 | + | 4.679 * -0.024678 | - | 0.327 * 1.0064 |
| = | -2.60 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $18,771 Mil.
Revenue was 14249 + 16215 + 16106 + 16689 = $63,259 Mil.
Gross Profit was 4958 + 5556 + 5704 + 6225 = $22,443 Mil.
Total Current Assets was $43,019 Mil.
Total Assets was $84,974 Mil.
Property, Plant and Equipment(Net PPE) was $13,432 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,169 Mil.
Selling, General, & Admin. Expense(SGA) was $6,683 Mil.
Total Current Liabilities was $32,595 Mil.
Long-Term Debt & Capital Lease Obligation was $25,819 Mil.
Net Income was 2003 + 2791 + 2464 + 2681 = $9,939 Mil.
Non Operating Income was 107 + 426 + 76 + 155 = $764 Mil.
Cash Flow from Operations was 1289 + 3393 + 3569 + 3021 = $11,272 Mil.
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Total Receivables was $18,742 Mil.
Revenue was 15799 + 17070 + 16810 + 17318 = $66,997 Mil.
Gross Profit was 5839 + 5766 + 5947 + 6008 = $23,560 Mil.
Total Current Assets was $43,664 Mil.
Total Assets was $83,741 Mil.
Property, Plant and Equipment(Net PPE) was $12,538 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,136 Mil.
Selling, General, & Admin. Expense(SGA) was $6,485 Mil.
Total Current Liabilities was $32,371 Mil.
Long-Term Debt & Capital Lease Obligation was $24,831 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) |
| = | (18771 / 63259) | / | (18742 / 66997) |
| = | 0.296732 | / | 0.279744 |
| | = | 1.0607 |
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) |
| = | (23560 / 66997) | / | (22443 / 63259) |
| = | 0.351658 | / | 0.35478 |
| | = | 0.9912 |
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 - (43019 + 13432) / 84974) | / | (1 - (43664 + 12538) / 83741) |
| = | 0.335667 | / | 0.328859 |
| | = | 1.0207 |
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 |
| = | 63259 | / | 66997 |
| | = | 0.9442 |
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)) |
| = | (2136 / (2136 + 12538)) | / | (2169 / (2169 + 13432)) |
| = | 0.145564 | / | 0.13903 |
| | = | 1.047 |
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) |
| = | (6683 / 63259) | / | (6485 / 66997) |
| = | 0.105645 | / | 0.096795 |
| | = | 1.0914 |
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) |
| = | ((25819 + 32595) / 84974) | / | ((24831 + 32371) / 83741) |
| = | 0.687434 | / | 0.683082 |
| | = | 1.0064 |
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 |
| = | (9939 - 764 | - | 11272) | / | 84974 |
| | = | -0.024678 |
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.
Caterpillar has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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