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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
CH Robinson Worldwide, Inc. has a M-score of -2.46 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of CH Robinson Worldwide, Inc. was 0.58. The lowest was -2.68. And the median was -2.40.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 CH Robinson Worldwide, Inc. 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 * 0.9144||+||0.528 * 1.0502||+||0.404 * 0.996||+||0.892 * 1.1226||+||0.115 * 0.7753|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9858||+||4.679 * 0.0279||-||0.327 * 1.4371|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $1,450 Mil.|
Revenue was 3152.882 + 3316.665 + 3288.262 + 2994.267 = $12,752 Mil.
Gross Profit was 444.465 + 463.306 + 472.602 + 455.722 = $1,836 Mil.
Total Current Assets was $1,664 Mil.
Total Assets was $2,803 Mil.
Property, Plant and Equipment(Net PPE) was $161 Mil.
Depreciation, Depletion and Amortization(DDA) was $57 Mil.
Selling, General & Admin. Expense(SGA) was $1,153 Mil.
Total Current Liabilities was $1,270 Mil.
Long-Term Debt was $500 Mil.
Net Income was 92.952 + 107.737 + 111.872 + 103.343 = $416 Mil.
Non Operating Income was -9.289 + 0 + -0.589 + -0.06 = $-10 Mil.
Cash Flow from Operations was 164.848 + 124.658 + 116.321 + -58.05 = $348 Mil.
|Accounts Receivable was $1,412 Mil.
Revenue was 2970.876 + 2880.409 + 2955.714 + 2552.114 = $11,359 Mil.
Gross Profit was 444.632 + 432.67 + 425.523 + 414.746 = $1,718 Mil.
Total Current Assets was $1,672 Mil.
Total Assets was $2,804 Mil.
Property, Plant and Equipment(Net PPE) was $150 Mil.
Depreciation, Depletion and Amortization(DDA) was $38 Mil.
Selling, General & Admin. Expense(SGA) was $1,042 Mil.
Total Current Liabilities was $1,232 Mil.
Long-Term Debt was $0 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(1449.581 / 12752.076)||/||(1412.136 / 11359.113)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(463.306 / 11359.113)||/||(444.465 / 12752.076)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (1664.485 + 160.703) / 2802.818)||/||(1 - (1672.29 + 149.851) / 2804.225)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(38.09 / (38.09 + 149.851))||/||(56.882 / (56.882 + 160.703))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(1153.445 / 12752.076)||/||(1042.251 / 11359.113)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((500 + 1269.981) / 2802.818)||/||((0 + 1232.217) / 2804.225)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(415.904 - -9.938||-||347.777)||/||2802.818|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
CH Robinson Worldwide, Inc. has a M-score of -2.46 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
CH Robinson Worldwide, Inc. Annual Data
CH Robinson Worldwide, Inc. Quarterly Data