CUC Beneish M-Score Historical Data
The historical data trend for CUC'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.
CUC Beneish M-Score Chart
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CUC Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.57 |
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CUC Quarterly Data
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Mar21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
-3.12 |
-2.57 |
Competitive Comparison of CUC's Beneish M-Score
For the Medical Care Facilities subindustry, CUC'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.
CUC's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, CUC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CUC's Beneish M-Score falls into.
CUC 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 CUC 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 * 1.1333 | + | 0.528 * 0.8114 | + | 0.404 * 1.0781 | + | 0.892 * 0.9379 | + | 0.115 * 1.0945 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2995 | + | 4.679 * -0.024842 | - | 0.327 * 0.783 |
| = | -2.57 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was 円8,758 Mil.
Revenue was 9657 + 8021 + 7683 + 7663 = 円33,024 Mil.
Gross Profit was 4656 + 3878 + 3723 + 3666 = 円15,923 Mil.
Total Current Assets was 円17,651 Mil.
Total Assets was 円62,836 Mil.
Property, Plant and Equipment(Net PPE) was 円19,697 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,806 Mil.
Selling, General, & Admin. Expense(SGA) was 円12,206 Mil.
Total Current Liabilities was 円8,391 Mil.
Long-Term Debt & Capital Lease Obligation was 円23,560 Mil.
Net Income was 1095 + 461 + 557 + 482 = 円2,595 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 1608 + 2320.1 + -346.1 + 574 = 円4,156 Mil.
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Total Receivables was 円8,240 Mil.
Revenue was 7765 + 8751 + 8559 + 10136 = 円35,211 Mil.
Gross Profit was 3365 + 3295 + 3328 + 3788 = 円13,776 Mil.
Total Current Assets was 円12,732 Mil.
Total Assets was 円39,750 Mil.
Property, Plant and Equipment(Net PPE) was 円12,062 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,221 Mil.
Selling, General, & Admin. Expense(SGA) was 円10,015 Mil.
Total Current Liabilities was 円21,290 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,523 Mil.
|
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) |
| = | (8758 / 33024) | / | (8240 / 35211) |
| = | 0.265201 | / | 0.234018 |
| | = | 1.1333 |
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) |
| = | (13776 / 35211) | / | (15923 / 33024) |
| = | 0.391241 | / | 0.482164 |
| | = | 0.8114 |
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 - (17651 + 19697) / 62836) | / | (1 - (12732 + 12062) / 39750) |
| = | 0.405627 | / | 0.376252 |
| | = | 1.0781 |
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 |
| = | 33024 | / | 35211 |
| | = | 0.9379 |
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)) |
| = | (1221 / (1221 + 12062)) | / | (1806 / (1806 + 19697)) |
| = | 0.091922 | / | 0.083988 |
| | = | 1.0945 |
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) |
| = | (12206 / 33024) | / | (10015 / 35211) |
| = | 0.36961 | / | 0.284428 |
| | = | 1.2995 |
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) |
| = | ((23560 + 8391) / 62836) | / | ((4523 + 21290) / 39750) |
| = | 0.508482 | / | 0.649384 |
| | = | 0.783 |
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 |
| = | (2595 - 0 | - | 4156) | / | 62836 |
| | = | -0.024842 |
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.
CUC has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.
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