CoreCivic Beneish M-Score Historical Data
The historical data trend for CoreCivic'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.
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CoreCivic Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
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-2.60 |
-2.84 |
-2.84 |
-2.37 |
-2.70 |
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CoreCivic 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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-2.37 |
-2.47 |
-2.61 |
-2.77 |
-2.70 |
Competitive Comparison
For the Security & Protection Services subindustry, CoreCivic'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.
CoreCivic Beneish M-Score Distribution
For the Business Services industry and Industrials sector, CoreCivic's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CoreCivic's Beneish M-Score falls into.
CoreCivic 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 CoreCivic 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 * 0.9721 | + | 0.528 * 1.0215 | + | 0.404 * 1.011 | + | 0.892 * 1.0278 | + | 0.115 * 0.9686 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0368 | + | 4.679 * -0.052481 | - | 0.327 * 0.9297 |
| = | -2.70 |
* 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 $312 Mil.
Revenue was 491.246 + 483.705 + 463.682 + 458.002 = $1,897 Mil.
Gross Profit was 122.684 + 106.382 + 101.674 + 103.465 = $434 Mil.
Total Current Assets was $475 Mil.
Total Assets was $3,105 Mil.
Property, Plant and Equipment(Net PPE) was $2,234 Mil.
Depreciation, Depletion and Amortization(DDA) was $127 Mil.
Selling, General, & Admin. Expense(SGA) was $136 Mil.
Total Current Liabilities was $297 Mil.
Long-Term Debt & Capital Lease Obligation was $1,161 Mil.
Net Income was 26.468 + 13.892 + 14.83 + 12.4 = $68 Mil.
Non Operating Income was 1.074 + -2.416 + 0.053 + -0.047 = $-1 Mil.
Cash Flow from Operations was 22.324 + 83.709 + 36.04 + 89.828 = $232 Mil.
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Total Receivables was $312 Mil.
Revenue was 471.433 + 464.211 + 456.697 + 452.988 = $1,845 Mil.
Gross Profit was 119.464 + 96.017 + 107.697 + 108.359 = $432 Mil.
Total Current Assets was $514 Mil.
Total Assets was $3,245 Mil.
Property, Plant and Equipment(Net PPE) was $2,322 Mil.
Depreciation, Depletion and Amortization(DDA) was $128 Mil.
Selling, General, & Admin. Expense(SGA) was $128 Mil.
Total Current Liabilities was $451 Mil.
Long-Term Debt & Capital Lease Obligation was $1,189 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) |
| = | (312.174 / 1896.635) | / | (312.435 / 1845.329) |
| = | 0.164594 | / | 0.169311 |
| | = | 0.9721 |
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) |
| = | (431.537 / 1845.329) | / | (434.205 / 1896.635) |
| = | 0.233854 | / | 0.228934 |
| | = | 1.0215 |
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 - (474.914 + 2234.295) / 3105.399) | / | (1 - (513.67 + 2321.637) / 3244.769) |
| = | 0.127581 | / | 0.126191 |
| | = | 1.011 |
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 |
| = | 1896.635 | / | 1845.329 |
| | = | 1.0278 |
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)) |
| = | (127.906 / (127.906 + 2321.637)) | / | (127.316 / (127.316 + 2234.295)) |
| = | 0.052216 | / | 0.053911 |
| | = | 0.9686 |
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) |
| = | (136.084 / 1896.635) | / | (127.7 / 1845.329) |
| = | 0.07175 | / | 0.069202 |
| | = | 1.0368 |
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) |
| = | ((1161.386 + 297.454) / 3105.399) | / | ((1188.815 + 450.751) / 3244.769) |
| = | 0.469775 | / | 0.505295 |
| | = | 0.9297 |
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 |
| = | (67.59 - -1.336 | - | 231.901) | / | 3105.399 |
| | = | -0.052481 |
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.
CoreCivic has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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