Cars.com Beneish M-Score Historical Data
The historical data trend for Cars.com'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.
Cars.com Beneish M-Score Chart
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Cars.com Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.74 |
-2.95 |
-2.93 |
-2.87 |
-2.38 |
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Cars.com 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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-2.87 |
-2.80 |
-2.53 |
-2.47 |
-2.38 |
Competitive Comparison of Cars.com's Beneish M-Score
For the Auto & Truck Dealerships subindustry, Cars.com'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.
Cars.com's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Cars.com's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cars.com's Beneish M-Score falls into.
Cars.com 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 Cars.com 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 * 1.1021 | + | 0.528 * 1.0018 | + | 0.404 * 0.9994 | + | 0.892 * 1.054 | + | 0.115 * 0.9697 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0235 | + | 4.679 * -0.012531 | - | 0.327 * 0.9386 |
| = | -2.38 |
* 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 $125.4 Mil.
Revenue was 179.606 + 174.333 + 168.176 + 167.068 = $689.2 Mil.
Gross Profit was 148.688 + 143.256 + 137.761 + 137.273 = $567.0 Mil.
Total Current Assets was $178.4 Mil.
Total Assets was $1,172.4 Mil.
Property, Plant and Equipment(Net PPE) was $43.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $101.0 Mil.
Selling, General, & Admin. Expense(SGA) was $312.3 Mil.
Total Current Liabilities was $145.7 Mil.
Long-Term Debt & Capital Lease Obligation was $460.1 Mil.
Net Income was 8.346 + 4.491 + 94.126 + 11.479 = $118.4 Mil.
Non Operating Income was -4.79 + -3.902 + -3.133 + 8.239 = $-3.6 Mil.
Cash Flow from Operations was 45.14 + 35.398 + 28.041 + 28.141 = $136.7 Mil.
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Total Receivables was $107.9 Mil.
Revenue was 168.201 + 164.595 + 162.873 + 158.207 = $653.9 Mil.
Gross Profit was 139.326 + 135.767 + 133.369 + 130.455 = $538.9 Mil.
Total Current Assets was $148.6 Mil.
Total Assets was $1,024.9 Mil.
Property, Plant and Equipment(Net PPE) was $45.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $94.4 Mil.
Selling, General, & Admin. Expense(SGA) was $289.5 Mil.
Total Current Liabilities was $106.0 Mil.
Long-Term Debt & Capital Lease Obligation was $458.2 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) |
| = | (125.373 / 689.183) | / | (107.93 / 653.876) |
| = | 0.181915 | / | 0.165062 |
| | = | 1.1021 |
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) |
| = | (538.917 / 653.876) | / | (566.978 / 689.183) |
| = | 0.824188 | / | 0.822681 |
| | = | 1.0018 |
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 - (178.438 + 43.853) / 1172.449) | / | (1 - (148.627 + 45.218) / 1024.87) |
| = | 0.810405 | / | 0.810859 |
| | = | 0.9994 |
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 |
| = | 689.183 | / | 653.876 |
| | = | 1.054 |
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)) |
| = | (94.394 / (94.394 + 45.218)) | / | (101 / (101 + 43.853)) |
| = | 0.676117 | / | 0.697259 |
| | = | 0.9697 |
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) |
| = | (312.278 / 689.183) | / | (289.472 / 653.876) |
| = | 0.453113 | / | 0.442702 |
| | = | 1.0235 |
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) |
| = | ((460.119 + 145.748) / 1172.449) | / | ((458.249 + 106.012) / 1024.87) |
| = | 0.516753 | / | 0.550568 |
| | = | 0.9386 |
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 |
| = | (118.442 - -3.586 | - | 136.72) | / | 1172.449 |
| | = | -0.012531 |
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.
Cars.com has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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