Carriage Services Beneish M-Score Historical Data
The historical data trend for Carriage Services'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.
Carriage Services Beneish M-Score Chart
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Carriage Services Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.66 |
-2.56 |
-2.68 |
-2.53 |
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Carriage Services 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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-2.68 |
-2.67 |
-2.56 |
-2.53 |
-2.53 |
Competitive Comparison of Carriage Services's Beneish M-Score
For the Personal Services subindustry, Carriage Services'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.
Carriage Services's Beneish M-Score Distribution in the Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, Carriage Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carriage Services's Beneish M-Score falls into.
Carriage Services 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 Carriage Services 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 * 1.0829 | + | 0.528 * 0.9912 | + | 0.404 * 1.0059 | + | 0.892 * 1.0334 | + | 0.115 * 0.9819 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0879 | + | 4.679 * -0.033675 | - | 0.327 * 0.9362 |
| = | -2.53 |
* 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 $27.9 Mil.
Revenue was 98.834 + 90.494 + 97.678 + 95.514 = $382.5 Mil.
Gross Profit was 34.626 + 27.412 + 31.202 + 31.055 = $124.3 Mil.
Total Current Assets was $41.7 Mil.
Total Assets was $1,268.1 Mil.
Property, Plant and Equipment(Net PPE) was $418.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.5 Mil.
Selling, General, & Admin. Expense(SGA) was $42.1 Mil.
Total Current Liabilities was $51.1 Mil.
Long-Term Debt & Capital Lease Obligation was $600.8 Mil.
Net Income was 11.638 + 4.645 + 8.286 + 8.844 = $33.4 Mil.
Non Operating Income was 0.475 + -0.055 + 0.095 + 0.01 = $0.5 Mil.
Cash Flow from Operations was 13.741 + 22.662 + 13.318 + 25.869 = $75.6 Mil.
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Total Receivables was $25.0 Mil.
Revenue was 93.916 + 87.497 + 90.6 + 98.161 = $370.2 Mil.
Gross Profit was 31.438 + 25.598 + 27.712 + 34.478 = $119.2 Mil.
Total Current Assets was $38.0 Mil.
Total Assets was $1,193.0 Mil.
Property, Plant and Equipment(Net PPE) was $399.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.1 Mil.
Selling, General, & Admin. Expense(SGA) was $37.5 Mil.
Total Current Liabilities was $45.5 Mil.
Long-Term Debt & Capital Lease Obligation was $609.6 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) |
| = | (27.935 / 382.52) | / | (24.965 / 370.174) |
| = | 0.073029 | / | 0.067441 |
| | = | 1.0829 |
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) |
| = | (119.226 / 370.174) | / | (124.295 / 382.52) |
| = | 0.322081 | / | 0.324937 |
| | = | 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 - (41.721 + 418.359) / 1268.052) | / | (1 - (37.974 + 399.336) / 1192.95) |
| = | 0.637176 | / | 0.633421 |
| | = | 1.0059 |
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 |
| = | 382.52 | / | 370.174 |
| | = | 1.0334 |
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)) |
| = | (21.085 / (21.085 + 399.336)) | / | (22.518 / (22.518 + 418.359)) |
| = | 0.050152 | / | 0.051075 |
| | = | 0.9819 |
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) |
| = | (42.125 / 382.52) | / | (37.471 / 370.174) |
| = | 0.110125 | / | 0.101225 |
| | = | 1.0879 |
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) |
| = | ((600.788 + 51.07) / 1268.052) | / | ((609.575 + 45.468) / 1192.95) |
| = | 0.514063 | / | 0.549095 |
| | = | 0.9362 |
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 |
| = | (33.413 - 0.525 | - | 75.59) | / | 1268.052 |
| | = | -0.033675 |
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.
Carriage Services has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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