Heartland Express Beneish M-Score Historical Data
The historical data trend for Heartland Express'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.
Heartland Express Beneish M-Score Chart
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Heartland Express Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-3.25 |
-2.84 |
-2.85 |
-2.70 |
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Heartland Express 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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-2.85 |
-2.90 |
-2.60 |
-2.56 |
-2.70 |
Competitive Comparison of Heartland Express's Beneish M-Score
For the Trucking subindustry, Heartland Express'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.
Heartland Express's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Heartland Express's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Heartland Express's Beneish M-Score falls into.
Heartland Express 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 Heartland Express 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 * 0.6331 | + | 0.528 * 1.8619 | + | 0.404 * 1.0862 | + | 0.892 * 1.2474 | + | 0.115 * 0.6534 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0794 | + | 4.679 * -0.126903 | - | 0.327 * 0.827 |
| = | -2.70 |
* 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 $113 Mil.
Revenue was 275.347 + 295.026 + 306.169 + 330.916 = $1,207 Mil.
Gross Profit was 17.41 + 20.511 + 37.682 + 47.873 = $123 Mil.
Total Current Assets was $169 Mil.
Total Assets was $1,510 Mil.
Property, Plant and Equipment(Net PPE) was $903 Mil.
Depreciation, Depletion and Amortization(DDA) was $199 Mil.
Selling, General, & Admin. Expense(SGA) was $56 Mil.
Total Current Liabilities was $123 Mil.
Long-Term Debt & Capital Lease Obligation was $299 Mil.
Net Income was 5.095 + -10.703 + 7.771 + 12.612 = $15 Mil.
Non Operating Income was 25.214 + 1.065 + 8.022 + 6.786 = $41 Mil.
Cash Flow from Operations was 40.816 + 27.195 + 30.814 + 66.442 = $165 Mil.
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Total Receivables was $143 Mil.
Revenue was 354.923 + 273.976 + 187.821 + 151.275 = $968 Mil.
Gross Profit was 55.988 + 54.684 + 43.052 + 30.579 = $184 Mil.
Total Current Assets was $230 Mil.
Total Assets was $1,669 Mil.
Property, Plant and Equipment(Net PPE) was $994 Mil.
Depreciation, Depletion and Amortization(DDA) was $133 Mil.
Selling, General, & Admin. Expense(SGA) was $41 Mil.
Total Current Liabilities was $157 Mil.
Long-Term Debt & Capital Lease Obligation was $408 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) |
| = | (112.897 / 1207.458) | / | (142.958 / 967.995) |
| = | 0.0935 | / | 0.147685 |
| | = | 0.6331 |
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) |
| = | (184.303 / 967.995) | / | (123.476 / 1207.458) |
| = | 0.190397 | / | 0.102261 |
| | = | 1.8619 |
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 - (169.272 + 902.793) / 1509.646) | / | (1 - (229.782 + 994.212) / 1669.488) |
| = | 0.289857 | / | 0.266845 |
| | = | 1.0862 |
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 |
| = | 1207.458 | / | 967.995 |
| | = | 1.2474 |
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)) |
| = | (133.047 / (133.047 + 994.212)) | / | (199.039 / (199.039 + 902.793)) |
| = | 0.118027 | / | 0.180644 |
| | = | 0.6534 |
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) |
| = | (55.785 / 1207.458) | / | (41.431 / 967.995) |
| = | 0.0462 | / | 0.042801 |
| | = | 1.0794 |
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) |
| = | ((298.879 + 123.476) / 1509.646) | / | ((408.015 + 156.757) / 1669.488) |
| = | 0.279771 | / | 0.338291 |
| | = | 0.827 |
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 |
| = | (14.775 - 41.087 | - | 165.267) | / | 1509.646 |
| | = | -0.126903 |
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.
Heartland Express has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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