CSL Beneish M-Score Historical Data
The historical data trend for CSL'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.
CSL Beneish M-Score Chart
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CSL Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.13 |
-2.68 |
-2.85 |
-2.58 |
-1.13 |
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CSL Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.58 |
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-1.13 |
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Competitive Comparison of CSL's Beneish M-Score
For the Biotechnology subindustry, CSL'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.
CSL's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, CSL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CSL's Beneish M-Score falls into.
CSL 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 CSL 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 * 1.023 | + | 0.528 * 1.06 | + | 0.404 * 3.8545 | + | 0.892 * 1.2555 | + | 0.115 * 0.7511 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2271 | + | 4.679 * -0.014986 | - | 0.327 * 1.0059 |
| = | -1.19 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $1,905 Mil.
Revenue was $13,174 Mil.
Gross Profit was $6,708 Mil.
Total Current Assets was $9,259 Mil.
Total Assets was $36,234 Mil.
Property, Plant and Equipment(Net PPE) was $9,352 Mil.
Depreciation, Depletion and Amortization(DDA) was $831 Mil.
Selling, General, & Admin. Expense(SGA) was $2,540 Mil.
Total Current Liabilities was $4,608 Mil.
Long-Term Debt & Capital Lease Obligation was $11,172 Mil.
Net Income was $2,194 Mil.
Gross Profit was $136 Mil.
Cash Flow from Operations was $2,601 Mil.
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Total Receivables was $1,483 Mil.
Revenue was $10,493 Mil.
Gross Profit was $5,664 Mil.
Total Current Assets was $16,461 Mil.
Total Assets was $28,346 Mil.
Property, Plant and Equipment(Net PPE) was $8,309 Mil.
Depreciation, Depletion and Amortization(DDA) was $543 Mil.
Selling, General, & Admin. Expense(SGA) was $1,649 Mil.
Total Current Liabilities was $7,108 Mil.
Long-Term Debt & Capital Lease Obligation was $5,164 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) |
| = | (1905 / 13174) | / | (1483.2 / 10493.1) |
| = | 0.144603 | / | 0.14135 |
| | = | 1.023 |
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) |
| = | (5663.5 / 10493.1) | / | (6708 / 13174) |
| = | 0.539736 | / | 0.509185 |
| | = | 1.06 |
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 - (9259 + 9352) / 36234) | / | (1 - (16460.7 + 8308.6) / 28346) |
| = | 0.486366 | / | 0.12618 |
| | = | 3.8545 |
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 |
| = | 13174 | / | 10493.1 |
| | = | 1.2555 |
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)) |
| = | (542.5 / (542.5 + 8308.6)) | / | (831 / (831 + 9352)) |
| = | 0.061292 | / | 0.081607 |
| | = | 0.7511 |
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) |
| = | (2540 / 13174) | / | (1648.7 / 10493.1) |
| = | 0.192804 | / | 0.157122 |
| | = | 1.2271 |
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) |
| = | ((11172 + 4608) / 36234) | / | ((5163.8 + 7108.2) / 28346) |
| = | 0.435503 | / | 0.432936 |
| | = | 1.0059 |
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 |
| = | (2194 - 136 | - | 2601) | / | 36234 |
| | = | -0.014986 |
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.
CSL has a M-score of -1.19 signals that the company is likely to be a manipulator.
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