C.H. Robinson Worldwide Beneish M-Score Historical Data
The historical data trend for C.H. Robinson Worldwide'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.
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C.H. Robinson Worldwide Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
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-2.79 |
-2.14 |
-1.52 |
-3.24 |
-2.92 |
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C.H. Robinson Worldwide 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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-3.24 |
-3.76 |
-3.99 |
-3.69 |
-2.92 |
Competitive Comparison
For the Integrated Freight & Logistics subindustry, C.H. Robinson Worldwide'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.
C.H. Robinson Worldwide Beneish M-Score Distribution
For the Transportation industry and Industrials sector, C.H. Robinson Worldwide's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where C.H. Robinson Worldwide's Beneish M-Score falls into.
C.H. Robinson Worldwide 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 C.H. Robinson Worldwide 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 * 1.1109 | + | 0.528 * 1.17 | + | 0.404 * 1.1472 | + | 0.892 * 0.7125 | + | 0.115 * 0.8971 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.452 | + | 4.679 * -0.077856 | - | 0.327 * 0.9428 |
| = | -2.92 |
* 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 $2,572 Mil.
Revenue was 4221.887 + 4341.03 + 4421.856 + 4611.67 = $17,596 Mil.
Gross Profit was 256.803 + 291.317 + 288.219 + 302.534 = $1,139 Mil.
Total Current Assets was $2,881 Mil.
Total Assets was $5,225 Mil.
Property, Plant and Equipment(Net PPE) was $499 Mil.
Depreciation, Depletion and Amortization(DDA) was $99 Mil.
Selling, General, & Admin. Expense(SGA) was $624 Mil.
Total Current Liabilities was $2,052 Mil.
Long-Term Debt & Capital Lease Obligation was $1,718 Mil.
Net Income was 30.973 + 81.949 + 97.316 + 114.891 = $325 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 47.331 + 205.239 + 224.832 + 254.544 = $732 Mil.
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Total Receivables was $3,249 Mil.
Revenue was 5066.821 + 6015.376 + 6798.475 + 6815.953 = $24,697 Mil.
Gross Profit was 340.864 + 449.649 + 586.849 + 492.835 = $1,870 Mil.
Total Current Assets was $3,589 Mil.
Total Assets was $5,955 Mil.
Property, Plant and Equipment(Net PPE) was $532 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $603 Mil.
Total Current Liabilities was $3,323 Mil.
Long-Term Debt & Capital Lease Obligation was $1,234 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) |
| = | (2571.863 / 17596.443) | / | (3249.35 / 24696.625) |
| = | 0.146158 | / | 0.131571 |
| | = | 1.1109 |
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) |
| = | (1870.197 / 24696.625) | / | (1138.873 / 17596.443) |
| = | 0.075727 | / | 0.064722 |
| | = | 1.17 |
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 - (2880.694 + 498.608) / 5225.28) | / | (1 - (3589.238 + 531.573) / 5954.564) |
| = | 0.353278 | / | 0.307958 |
| | = | 1.1472 |
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 |
| = | 17596.443 | / | 24696.625 |
| | = | 0.7125 |
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)) |
| = | (92.776 / (92.776 + 531.573)) | / | (98.985 / (98.985 + 498.608)) |
| = | 0.148596 | / | 0.165639 |
| | = | 0.8971 |
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) |
| = | (624.266 / 17596.443) | / | (603.415 / 24696.625) |
| = | 0.035477 | / | 0.024433 |
| | = | 1.452 |
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) |
| = | ((1718.05 + 2051.993) / 5225.28) | / | ((1233.791 + 3322.852) / 5954.564) |
| = | 0.721501 | / | 0.765235 |
| | = | 0.9428 |
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 |
| = | (325.129 - 0 | - | 731.946) | / | 5225.28 |
| | = | -0.077856 |
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.
C.H. Robinson Worldwide has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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