Cabot Beneish M-Score Historical Data
The historical data trend for Cabot'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.
Cabot Beneish M-Score Chart
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Cabot Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.87 |
-3.46 |
-2.13 |
-1.80 |
-2.68 |
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Cabot Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.01 |
-2.43 |
-2.91 |
-2.68 |
-2.69 |
Competitive Comparison of Cabot's Beneish M-Score
For the Specialty Chemicals subindustry, Cabot'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.
Cabot's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Cabot's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cabot's Beneish M-Score falls into.
Cabot 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 Cabot 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 * 1.0255 | + | 0.528 * 0.9005 | + | 0.404 * 1.2408 | + | 0.892 * 0.9088 | + | 0.115 * 1.0436 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1583 | + | 4.679 * -0.045196 | - | 0.327 * 0.8889 |
| = | -2.69 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $726 Mil.
Revenue was 958 + 965 + 968 + 1033 = $3,924 Mil.
Gross Profit was 218 + 225 + 223 + 210 = $876 Mil.
Total Current Assets was $1,692 Mil.
Total Assets was $3,695 Mil.
Property, Plant and Equipment(Net PPE) was $1,444 Mil.
Depreciation, Depletion and Amortization(DDA) was $150 Mil.
Selling, General, & Admin. Expense(SGA) was $260 Mil.
Total Current Liabilities was $830 Mil.
Long-Term Debt & Capital Lease Obligation was $1,098 Mil.
Net Income was 50 + 234 + 82 + 75 = $441 Mil.
Non Operating Income was -29 + -3 + -3 + -5 = $-40 Mil.
Cash Flow from Operations was 105 + 138 + 243 + 162 = $648 Mil.
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Total Receivables was $779 Mil.
Revenue was 965 + 1112 + 1149 + 1092 = $4,318 Mil.
Gross Profit was 181 + 220 + 235 + 232 = $868 Mil.
Total Current Assets was $1,800 Mil.
Total Assets was $3,535 Mil.
Property, Plant and Equipment(Net PPE) was $1,304 Mil.
Depreciation, Depletion and Amortization(DDA) was $142 Mil.
Selling, General, & Admin. Expense(SGA) was $247 Mil.
Total Current Liabilities was $984 Mil.
Long-Term Debt & Capital Lease Obligation was $1,091 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) |
| = | (726 / 3924) | / | (779 / 4318) |
| = | 0.185015 | / | 0.180408 |
| | = | 1.0255 |
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) |
| = | (868 / 4318) | / | (876 / 3924) |
| = | 0.201019 | / | 0.223242 |
| | = | 0.9005 |
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 - (1692 + 1444) / 3695) | / | (1 - (1800 + 1304) / 3535) |
| = | 0.151286 | / | 0.121924 |
| | = | 1.2408 |
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 |
| = | 3924 | / | 4318 |
| | = | 0.9088 |
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)) |
| = | (142 / (142 + 1304)) | / | (150 / (150 + 1444)) |
| = | 0.098202 | / | 0.094103 |
| | = | 1.0436 |
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) |
| = | (260 / 3924) | / | (247 / 4318) |
| = | 0.066259 | / | 0.057202 |
| | = | 1.1583 |
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) |
| = | ((1098 + 830) / 3695) | / | ((1091 + 984) / 3535) |
| = | 0.521786 | / | 0.586987 |
| | = | 0.8889 |
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 |
| = | (441 - -40 | - | 648) | / | 3695 |
| | = | -0.045196 |
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.
Cabot has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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