CST Brands Beneish M-Score Historical Data
The historical data trend for CST Brands'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.
CST Brands Beneish M-Score Chart
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CST Brands Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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- |
- |
-2.03 |
-3.21 |
-2.00 |
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CST Brands Quarterly Data
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Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
| Beneish M-Score |
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-2.99 |
-2.96 |
-2.51 |
-2.00 |
-2.28 |
Competitive Comparison of CST Brands's Beneish M-Score
For the Specialty Retail subindustry, CST Brands'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.
CST Brands's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, CST Brands's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CST Brands's Beneish M-Score falls into.
CST Brands 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 CST Brands 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 * 1.1366 | + | 0.528 * 1.0257 | + | 0.404 * 0.9175 | + | 0.892 * 1.0343 | + | 0.115 * 0.8779 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0306 | + | 4.679 * 0.008819 | - | 0.327 * 0.8612 |
| = | -2.28 |
* 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 (Mar17) TTM: | Last Year (Mar16) TTM: |
Total Receivables was $174 Mil.
Revenue was 2796 + 2850 + 2908 + 2988 = $11,542 Mil.
Gross Profit was 333 + 343 + 390 + 370 = $1,436 Mil.
Total Current Assets was $642 Mil.
Total Assets was $4,309 Mil.
Property, Plant and Equipment(Net PPE) was $2,606 Mil.
Depreciation, Depletion and Amortization(DDA) was $260 Mil.
Selling, General, & Admin. Expense(SGA) was $1,002 Mil.
Total Current Liabilities was $561 Mil.
Long-Term Debt & Capital Lease Obligation was $1,463 Mil.
Net Income was 3 + 18 + 260 + 27 = $308 Mil.
Non Operating Income was 2 + -2 + -1 + 3 = $2 Mil.
Cash Flow from Operations was 69 + -24 + 89 + 134 = $268 Mil.
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Total Receivables was $148 Mil.
Revenue was 2371 + 2541 + 3092 + 3155 = $11,159 Mil.
Gross Profit was 337 + 340 + 429 + 318 = $1,424 Mil.
Total Current Assets was $612 Mil.
Total Assets was $4,248 Mil.
Property, Plant and Equipment(Net PPE) was $2,496 Mil.
Depreciation, Depletion and Amortization(DDA) was $216 Mil.
Selling, General, & Admin. Expense(SGA) was $940 Mil.
Total Current Liabilities was $582 Mil.
Long-Term Debt & Capital Lease Obligation was $1,735 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) |
| = | (174 / 11542) | / | (148 / 11159) |
| = | 0.015075 | / | 0.013263 |
| | = | 1.1366 |
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) |
| = | (1424 / 11159) | / | (1436 / 11542) |
| = | 0.12761 | / | 0.124415 |
| | = | 1.0257 |
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 - (642 + 2606) / 4309) | / | (1 - (612 + 2496) / 4248) |
| = | 0.246229 | / | 0.268362 |
| | = | 0.9175 |
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 |
| = | 11542 | / | 11159 |
| | = | 1.0343 |
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)) |
| = | (216 / (216 + 2496)) | / | (260 / (260 + 2606)) |
| = | 0.079646 | / | 0.090719 |
| | = | 0.8779 |
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) |
| = | (1002 / 11542) | / | (940 / 11159) |
| = | 0.086813 | / | 0.084237 |
| | = | 1.0306 |
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) |
| = | ((1463 + 561) / 4309) | / | ((1735 + 582) / 4248) |
| = | 0.469715 | / | 0.545433 |
| | = | 0.8612 |
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 |
| = | (308 - 2 | - | 268) | / | 4309 |
| | = | 0.008819 |
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.
CST Brands has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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