Casella Waste Systems Beneish M-Score Historical Data
The historical data trend for Casella Waste Systems'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.
Casella Waste Systems Beneish M-Score Chart
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Casella Waste Systems Annual Data
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Trend |
Apr14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.72 |
-2.80 |
-2.83 |
-2.17 |
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Casella Waste Systems Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.96 |
-2.56 |
-2.34 |
-2.17 |
-2.19 |
Competitive Comparison of Casella Waste Systems's Beneish M-Score
For the Waste Management subindustry, Casella Waste Systems'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.
Casella Waste Systems's Beneish M-Score Distribution in the Waste Management Industry
For the Waste Management industry and Industrials sector, Casella Waste Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Casella Waste Systems's Beneish M-Score falls into.
Casella Waste Systems 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 Casella Waste Systems 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 * 1.3146 | + | 0.528 * 0.9765 | + | 0.404 * 1.3662 | + | 0.892 * 1.2059 | + | 0.115 * 0.9231 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9829 | + | 4.679 * -0.071339 | - | 0.327 * 0.9433 |
| = | -2.19 |
* 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 $151 Mil.
Revenue was 341.008 + 359.567 + 352.735 + 289.645 = $1,343 Mil.
Gross Profit was 110.208 + 120.394 + 126.432 + 103.326 = $460 Mil.
Total Current Assets was $385 Mil.
Total Assets was $2,477 Mil.
Property, Plant and Equipment(Net PPE) was $1,078 Mil.
Depreciation, Depletion and Amortization(DDA) was $191 Mil.
Selling, General, & Admin. Expense(SGA) was $165 Mil.
Total Current Liabilities was $244 Mil.
Long-Term Debt & Capital Lease Obligation was $1,048 Mil.
Net Income was -4.117 + -1.811 + 18.172 + 5.49 = $18 Mil.
Non Operating Income was -4.658 + -4.801 + -3.106 + -17.669 = $-30 Mil.
Cash Flow from Operations was 7.679 + 75.267 + 74.629 + 67.117 = $225 Mil.
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Total Receivables was $95 Mil.
Revenue was 262.595 + 272.127 + 295.268 + 283.666 = $1,114 Mil.
Gross Profit was 82.395 + 87.789 + 104.983 + 97.628 = $373 Mil.
Total Current Assets was $188 Mil.
Total Assets was $1,420 Mil.
Property, Plant and Equipment(Net PPE) was $807 Mil.
Depreciation, Depletion and Amortization(DDA) was $130 Mil.
Selling, General, & Admin. Expense(SGA) was $139 Mil.
Total Current Liabilities was $145 Mil.
Long-Term Debt & Capital Lease Obligation was $640 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) |
| = | (150.903 / 1342.955) | / | (95.192 / 1113.656) |
| = | 0.112366 | / | 0.085477 |
| | = | 1.3146 |
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) |
| = | (372.795 / 1113.656) | / | (460.36 / 1342.955) |
| = | 0.334749 | / | 0.342796 |
| | = | 0.9765 |
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 - (385.402 + 1078.301) / 2477.254) | / | (1 - (187.828 + 806.846) / 1419.89) |
| = | 0.409143 | / | 0.299471 |
| | = | 1.3662 |
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 |
| = | 1342.955 | / | 1113.656 |
| | = | 1.2059 |
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)) |
| = | (130.358 / (130.358 + 806.846)) | / | (191.307 / (191.307 + 1078.301)) |
| = | 0.139092 | / | 0.150682 |
| | = | 0.9231 |
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) |
| = | (165.212 / 1342.955) | / | (139.381 / 1113.656) |
| = | 0.123021 | / | 0.125156 |
| | = | 0.9829 |
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) |
| = | ((1047.508 + 244.121) / 2477.254) | / | ((639.722 + 145.122) / 1419.89) |
| = | 0.521395 | / | 0.55275 |
| | = | 0.9433 |
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 |
| = | (17.734 - -30.234 | - | 224.692) | / | 2477.254 |
| | = | -0.071339 |
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.
Casella Waste Systems has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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