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 |
Jun24 |
Sep24 |
| Beneish M-Score |
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- |
-3.12 |
-2.57 |
-2.40 |
-2.01 |
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 * 0.9677 | + | 0.528 * 0.8656 | + | 0.404 * 1.0781 | + | 0.892 * 1.0984 | + | 0.115 * 1.4898 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1429 | + | 4.679 * -0.008005 | - | 0.327 * 0.783 |
| = | -2.40 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was 円8,758 Mil.
Revenue was 10597 + 9657 + 8021 + 7683 = 円35,958 Mil.
Gross Profit was 5068 + 4656 + 3878 + 3723 = 円17,325 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1,417 Mil.
Selling, General, & Admin. Expense(SGA) was 円13,129 Mil.
Total Current Liabilities was 円8,391 Mil.
Long-Term Debt & Capital Lease Obligation was 円23,560 Mil.
Net Income was 966 + 1095 + 461 + 557 = 円3,079 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 0 + 1608 + 2320.1 + -346.1 = 円3,582 Mil.
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Total Receivables was 円8,240 Mil.
Revenue was 7663 + 7765 + 8751 + 8559 = 円32,738 Mil.
Gross Profit was 3666 + 3365 + 3295 + 3328 = 円13,654 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1,340 Mil.
Selling, General, & Admin. Expense(SGA) was 円10,459 Mil.
Total Current Liabilities was 円21,290 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,523 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) |
| = | (8758 / 35958) | / | (8240 / 32738) |
| = | 0.243562 | / | 0.251695 |
| | = | 0.9677 |
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) |
| = | (13654 / 32738) | / | (17325 / 35958) |
| = | 0.417069 | / | 0.481812 |
| | = | 0.8656 |
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 |
| = | 35958 | / | 32738 |
| | = | 1.0984 |
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)) |
| = | (1340 / (1340 + 12062)) | / | (1417 / (1417 + 19697)) |
| = | 0.099985 | / | 0.067112 |
| | = | 1.4898 |
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) |
| = | (13129 / 35958) | / | (10459 / 32738) |
| = | 0.36512 | / | 0.319476 |
| | = | 1.1429 |
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 |
| = | (3079 - 0 | - | 3582) | / | 62836 |
| | = | -0.008005 |
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 -2.40 suggests that the company is unlikely to be a manipulator.
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