Carrier Global Beneish M-Score Historical Data
The historical data trend for Carrier Global'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.
Carrier Global Beneish M-Score Chart
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Carrier Global Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-3.24 |
-2.79 |
-2.25 |
-3.06 |
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Carrier Global Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.41 |
-2.54 |
-2.72 |
-3.06 |
-2.67 |
Competitive Comparison of Carrier Global's Beneish M-Score
For the Building Products & Equipment subindustry, Carrier Global'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.
Carrier Global's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Carrier Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carrier Global's Beneish M-Score falls into.
Carrier Global 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 Carrier Global 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 * 0.883 | + | 0.528 * 0.9043 | + | 0.404 * 1.2256 | + | 0.892 * 1.0935 | + | 0.115 * 0.8238 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2362 | + | 4.679 * -0.026366 | - | 0.327 * 1.0574 |
| = | -2.67 |
* 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 $3,476 Mil.
Revenue was 6182 + 5102 + 5731 + 5992 = $23,007 Mil.
Gross Profit was 1705 + 1434 + 1816 + 1755 = $6,710 Mil.
Total Current Assets was $11,715 Mil.
Total Assets was $40,810 Mil.
Property, Plant and Equipment(Net PPE) was $3,812 Mil.
Depreciation, Depletion and Amortization(DDA) was $720 Mil.
Selling, General, & Admin. Expense(SGA) was $3,562 Mil.
Total Current Liabilities was $8,637 Mil.
Long-Term Debt & Capital Lease Obligation was $16,152 Mil.
Net Income was 269 + 420 + 357 + 199 = $1,245 Mil.
Non Operating Income was 4 + 304 + -183 + -331 = $-206 Mil.
Cash Flow from Operations was 40 + 1062 + 1041 + 384 = $2,527 Mil.
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Total Receivables was $3,600 Mil.
Revenue was 5273 + 5105 + 5451 + 5211 = $21,040 Mil.
Gross Profit was 1378 + 1247 + 1477 + 1447 = $5,549 Mil.
Total Current Assets was $10,158 Mil.
Total Assets was $26,411 Mil.
Property, Plant and Equipment(Net PPE) was $2,902 Mil.
Depreciation, Depletion and Amortization(DDA) was $437 Mil.
Selling, General, & Admin. Expense(SGA) was $2,635 Mil.
Total Current Liabilities was $5,958 Mil.
Long-Term Debt & Capital Lease Obligation was $9,214 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) |
| = | (3476 / 23007) | / | (3600 / 21040) |
| = | 0.151084 | / | 0.171103 |
| | = | 0.883 |
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) |
| = | (5549 / 21040) | / | (6710 / 23007) |
| = | 0.263736 | / | 0.29165 |
| | = | 0.9043 |
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 - (11715 + 3812) / 40810) | / | (1 - (10158 + 2902) / 26411) |
| = | 0.61953 | / | 0.505509 |
| | = | 1.2256 |
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 |
| = | 23007 | / | 21040 |
| | = | 1.0935 |
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)) |
| = | (437 / (437 + 2902)) | / | (720 / (720 + 3812)) |
| = | 0.130878 | / | 0.15887 |
| | = | 0.8238 |
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) |
| = | (3562 / 23007) | / | (2635 / 21040) |
| = | 0.154822 | / | 0.125238 |
| | = | 1.2362 |
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) |
| = | ((16152 + 8637) / 40810) | / | ((9214 + 5958) / 26411) |
| = | 0.607425 | / | 0.574458 |
| | = | 1.0574 |
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 |
| = | (1245 - -206 | - | 2527) | / | 40810 |
| | = | -0.026366 |
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.
Carrier Global has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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