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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Carlisle's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Carlisle was -1.79. The lowest was -3.29. And the median was -2.55.
The historical data trend for Carlisle'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.
Carlisle Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.56 | -3.03 | -2.03 | -2.59 | -2.91 |
Carlisle Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.81 | -2.93 | -3.29 | -2.91 | -3.08 |
For the Building Products & Equipment subindustry, Carlisle'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.
For the Construction industry and Industrials sector, Carlisle's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carlisle's Beneish M-Score falls into.
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 Carlisle 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 * 0.9093 | + | 0.528 * 0.9069 | + | 0.404 * 0.6567 | + | 0.892 * 0.9427 | + | 0.115 * 1.0384 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1225 | + | 4.679 * -0.053958 | - | 0.327 * 1.0205 | |||||||
= | -3.08 |
* 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 $701 Mil. Revenue was 1096.5 + 1127.5 + 1259.8 + 1525.9 = $5,010 Mil. Gross Profit was 398.9 + 419.7 + 466.1 + 530.2 = $1,815 Mil. Total Current Assets was $3,463 Mil. Total Assets was $6,646 Mil. Property, Plant and Equipment(Net PPE) was $654 Mil. Depreciation, Depletion and Amortization(DDA) was $183 Mil. Selling, General, & Admin. Expense(SGA) was $676 Mil. Total Current Liabilities was $1,175 Mil. Long-Term Debt & Capital Lease Obligation was $1,887 Mil. Net Income was 192.3 + 205.5 + 265.6 + 194.6 = $858 Mil. Non Operating Income was 0.3 + 1.9 + -0.6 + -0.2 = $1 Mil. Cash Flow from Operations was 163.5 + 388.9 + 441.7 + 221.1 = $1,215 Mil. |
Total Receivables was $818 Mil. Revenue was 892.6 + 1149.9 + 1497 + 1774.9 = $5,314 Mil. Gross Profit was 271.2 + 355.5 + 514.5 + 604.8 = $1,746 Mil. Total Current Assets was $2,152 Mil. Total Assets was $7,115 Mil. Property, Plant and Equipment(Net PPE) was $840 Mil. Depreciation, Depletion and Amortization(DDA) was $247 Mil. Selling, General, & Admin. Expense(SGA) was $639 Mil. Total Current Liabilities was $930 Mil. Long-Term Debt & Capital Lease Obligation was $2,282 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) |
= | (700.8 / 5009.7) | / | (817.6 / 5314.4) | |
= | 0.139889 | / | 0.153846 | |
= | 0.9093 |
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) | |
= | (1746 / 5314.4) | / | (1814.9 / 5009.7) | |
= | 0.328541 | / | 0.362277 | |
= | 0.9069 |
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 - (3463.4 + 653.7) / 6645.9) | / | (1 - (2152.3 + 840.4) / 7115.4) | |
= | 0.380505 | / | 0.579405 | |
= | 0.6567 |
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 | |
= | 5009.7 | / | 5314.4 | |
= | 0.9427 |
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)) |
= | (247.1 / (247.1 + 840.4)) | / | (183.1 / (183.1 + 653.7)) | |
= | 0.227218 | / | 0.21881 | |
= | 1.0384 |
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) |
= | (675.6 / 5009.7) | / | (638.5 / 5314.4) | |
= | 0.134858 | / | 0.120145 | |
= | 1.1225 |
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) |
= | ((1886.9 + 1174.7) / 6645.9) | / | ((2281.9 + 930) / 7115.4) | |
= | 0.460675 | / | 0.451401 | |
= | 1.0205 |
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 | |
= | (858 - 1.4 | - | 1215.2) | / | 6645.9 | |
= | -0.053958 |
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.
Carlisle has a M-score of -3.08 suggests that the company is unlikely to be a manipulator.
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