Canadian Pacific Kansas City Beneish M-Score Historical Data
The historical data trend for Canadian Pacific Kansas City'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.
Canadian Pacific Kansas City Beneish M-Score Chart
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Canadian Pacific Kansas City Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.65 |
1.17 |
-2.14 |
-2.05 |
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Canadian Pacific Kansas City 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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-2.16 |
-1.49 |
-1.15 |
-2.05 |
-2.26 |
Competitive Comparison of Canadian Pacific Kansas City's Beneish M-Score
For the Railroads subindustry, Canadian Pacific Kansas City'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.
Canadian Pacific Kansas City's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Canadian Pacific Kansas City's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Canadian Pacific Kansas City's Beneish M-Score falls into.
Canadian Pacific Kansas City 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 Canadian Pacific Kansas City 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 * 1.2637 | + | 0.528 * 1.061 | + | 0.404 * 0.4728 | + | 0.892 * 1.4942 | + | 0.115 * 1.131 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 4.7597 | + | 4.679 * 0.08166 | - | 0.327 * 1.0956 |
| = | -2.26 |
* 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 C$1,943 Mil.
Revenue was 3520 + 3776 + 3339 + 3174 = C$13,809 Mil.
Gross Profit was 1729 + 1992 + 1679 + 1530 = C$6,930 Mil.
Total Current Assets was C$3,146 Mil.
Total Assets was C$81,668 Mil.
Property, Plant and Equipment(Net PPE) was C$52,693 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1,785 Mil.
Selling, General, & Admin. Expense(SGA) was C$-256 Mil.
Total Current Liabilities was C$6,424 Mil.
Long-Term Debt & Capital Lease Obligation was C$18,829 Mil.
Net Income was 775 + 1023 + 780 + 1324 = C$3,902 Mil.
Non Operating Income was 2 + 59 + 72 + -7170 = C$-7,037 Mil.
Cash Flow from Operations was 1015 + 1336 + 1027 + 892 = C$4,270 Mil.
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Total Receivables was C$1,029 Mil.
Revenue was 2266 + 2462 + 2312 + 2202 = C$9,242 Mil.
Gross Profit was 1175 + 1316 + 1249 + 1181 = C$4,921 Mil.
Total Current Assets was C$1,780 Mil.
Total Assets was C$73,502 Mil.
Property, Plant and Equipment(Net PPE) was C$22,555 Mil.
Depreciation, Depletion and Amortization(DDA) was C$868 Mil.
Selling, General, & Admin. Expense(SGA) was C$-36 Mil.
Total Current Liabilities was C$2,678 Mil.
Long-Term Debt & Capital Lease Obligation was C$18,066 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) |
| = | (1943 / 13809) | / | (1029 / 9242) |
| = | 0.140705 | / | 0.11134 |
| | = | 1.2637 |
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) |
| = | (4921 / 9242) | / | (6930 / 13809) |
| = | 0.532461 | / | 0.501847 |
| | = | 1.061 |
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 - (3146 + 52693) / 81668) | / | (1 - (1780 + 22555) / 73502) |
| = | 0.316268 | / | 0.668921 |
| | = | 0.4728 |
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 |
| = | 13809 | / | 9242 |
| | = | 1.4942 |
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)) |
| = | (868 / (868 + 22555)) | / | (1785 / (1785 + 52693)) |
| = | 0.037058 | / | 0.032766 |
| | = | 1.131 |
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) |
| = | (-256 / 13809) | / | (-36 / 9242) |
| = | -0.018539 | / | -0.003895 |
| | = | 4.7597 |
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) |
| = | ((18829 + 6424) / 81668) | / | ((18066 + 2678) / 73502) |
| = | 0.309215 | / | 0.282224 |
| | = | 1.0956 |
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 |
| = | (3902 - -7037 | - | 4270) | / | 81668 |
| | = | 0.08166 |
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.
Canadian Pacific Kansas City has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.
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