Carpenter Technology Beneish M-Score Historical Data
The historical data trend for Carpenter Technology'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.
Carpenter Technology Beneish M-Score Chart
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Carpenter Technology Annual Data
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Trend |
Jun14 |
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Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.55 |
-2.92 |
114.12 |
-2.85 |
-2.29 |
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Carpenter Technology Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Dec23 |
| Beneish M-Score |
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-2.52 |
-2.24 |
-2.29 |
-2.40 |
-2.60 |
Competitive Comparison of Carpenter Technology's Beneish M-Score
For the Metal Fabrication subindustry, Carpenter Technology'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.
Carpenter Technology's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Carpenter Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carpenter Technology's Beneish M-Score falls into.
Carpenter Technology 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 Carpenter Technology 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 * 0.9105 | + | 0.528 * 0.6505 | + | 0.404 * 0.9731 | + | 0.892 * 1.2644 | + | 0.115 * 0.9692 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9608 | + | 4.679 * -0.020068 | - | 0.327 * 0.9487 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $508 Mil.
Revenue was 624.2 + 651.9 + 758.2 + 690.1 = $2,724 Mil.
Gross Profit was 122.6 + 124.1 + 119.1 + 93.5 = $459 Mil.
Total Current Assets was $1,410 Mil.
Total Assets was $3,159 Mil.
Property, Plant and Equipment(Net PPE) was $1,364 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $218 Mil.
Total Current Liabilities was $486 Mil.
Long-Term Debt & Capital Lease Obligation was $694 Mil.
Net Income was 42.7 + 43.9 + 38.4 + 18.6 = $144 Mil.
Non Operating Income was 1.7 + -4.2 + 9.3 + -0.9 = $6 Mil.
Cash Flow from Operations was 14.5 + 7.4 + 174.9 + 4.3 = $201 Mil.
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Total Receivables was $442 Mil.
Revenue was 579.1 + 522.9 + 563.7 + 489 = $2,155 Mil.
Gross Profit was 70 + 54.8 + 72 + 39.5 = $236 Mil.
Total Current Assets was $1,283 Mil.
Total Assets was $3,057 Mil.
Property, Plant and Equipment(Net PPE) was $1,391 Mil.
Depreciation, Depletion and Amortization(DDA) was $131 Mil.
Selling, General, & Admin. Expense(SGA) was $180 Mil.
Total Current Liabilities was $510 Mil.
Long-Term Debt & Capital Lease Obligation was $692 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) |
| = | (508.4 / 2724.4) | / | (441.6 / 2154.7) |
| = | 0.18661 | / | 0.204947 |
| | = | 0.9105 |
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) |
| = | (236.3 / 2154.7) | / | (459.3 / 2724.4) |
| = | 0.109667 | / | 0.168588 |
| | = | 0.6505 |
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 - (1410.2 + 1364.2) / 3159.2) | / | (1 - (1283.4 + 1390.5) / 3056.5) |
| = | 0.121803 | / | 0.125176 |
| | = | 0.9731 |
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 |
| = | 2724.4 | / | 2154.7 |
| | = | 1.2644 |
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)) |
| = | (130.9 / (130.9 + 1390.5)) | / | (132.9 / (132.9 + 1364.2)) |
| = | 0.086039 | / | 0.088772 |
| | = | 0.9692 |
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) |
| = | (218.3 / 2724.4) | / | (179.7 / 2154.7) |
| = | 0.080128 | / | 0.083399 |
| | = | 0.9608 |
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) |
| = | ((693.6 + 485.7) / 3159.2) | / | ((692.4 + 510.3) / 3056.5) |
| = | 0.373291 | / | 0.393489 |
| | = | 0.9487 |
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 |
| = | (143.6 - 5.9 | - | 201.1) | / | 3159.2 |
| | = | -0.020068 |
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.
Carpenter Technology has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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