Carvana Co Beneish M-Score Historical Data
The historical data trend for Carvana Co'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.
Carvana Co Beneish M-Score Chart
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Carvana Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.82 |
-1.07 |
0.72 |
-1.59 |
-3.32 |
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Carvana Co 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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-1.44 |
-3.08 |
-3.35 |
-3.32 |
-3.28 |
Competitive Comparison of Carvana Co's Beneish M-Score
For the Auto & Truck Dealerships subindustry, Carvana Co'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.
Carvana Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Carvana Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carvana Co's Beneish M-Score falls into.
Carvana Co 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 Carvana Co 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 * 1.1623 | + | 0.528 * 0.5766 | + | 0.404 * 1.5085 | + | 0.892 * 0.883 | + | 0.115 * 0.8549 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8125 | + | 4.679 * -0.185594 | - | 0.327 * 0.9061 |
| = | -3.28 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $351 Mil.
Revenue was 3061 + 2424 + 2773 + 2968 = $11,226 Mil.
Gross Profit was 591 + 402 + 482 + 499 = $1,974 Mil.
Total Current Assets was $3,232 Mil.
Total Assets was $6,983 Mil.
Property, Plant and Equipment(Net PPE) was $3,366 Mil.
Depreciation, Depletion and Amortization(DDA) was $341 Mil.
Selling, General, & Admin. Expense(SGA) was $1,780 Mil.
Total Current Liabilities was $1,274 Mil.
Long-Term Debt & Capital Lease Obligation was $5,968 Mil.
Net Income was 28 + -114 + 782 + -58 = $638 Mil.
Non Operating Income was 87 + 0 + 874 + 3 = $964 Mil.
Cash Flow from Operations was 101 + -239 + 599 + 509 = $970 Mil.
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Total Receivables was $342 Mil.
Revenue was 2606 + 2837 + 3386 + 3884 = $12,713 Mil.
Gross Profit was 341 + 193 + 359 + 396 = $1,289 Mil.
Total Current Assets was $4,616 Mil.
Total Assets was $8,646 Mil.
Property, Plant and Equipment(Net PPE) was $3,714 Mil.
Depreciation, Depletion and Amortization(DDA) was $317 Mil.
Selling, General, & Admin. Expense(SGA) was $2,481 Mil.
Total Current Liabilities was $2,850 Mil.
Long-Term Debt & Capital Lease Obligation was $7,046 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) |
| = | (351 / 11226) | / | (342 / 12713) |
| = | 0.031267 | / | 0.026902 |
| | = | 1.1623 |
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) |
| = | (1289 / 12713) | / | (1974 / 11226) |
| = | 0.101392 | / | 0.175842 |
| | = | 0.5766 |
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 - (3232 + 3366) / 6983) | / | (1 - (4616 + 3714) / 8646) |
| = | 0.055134 | / | 0.036549 |
| | = | 1.5085 |
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 |
| = | 11226 | / | 12713 |
| | = | 0.883 |
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)) |
| = | (317 / (317 + 3714)) | / | (341 / (341 + 3366)) |
| = | 0.078641 | / | 0.091988 |
| | = | 0.8549 |
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) |
| = | (1780 / 11226) | / | (2481 / 12713) |
| = | 0.15856 | / | 0.195155 |
| | = | 0.8125 |
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) |
| = | ((5968 + 1274) / 6983) | / | ((7046 + 2850) / 8646) |
| = | 1.03709 | / | 1.144576 |
| | = | 0.9061 |
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 |
| = | (638 - 964 | - | 970) | / | 6983 |
| | = | -0.185594 |
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.
Carvana Co has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.
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