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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.
During the past 13 years, the highest Beneish M-Score of JB Hunt Transport Services Inc was -1.48. The lowest was -5.04. And the median was -2.85.
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 JB Hunt Transport Services 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 * 0.9765||+||0.528 * 0.9296||+||0.404 * 2.0018||+||0.892 * 1.0242||+||0.115 * 0.9629|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0317||+||4.679 * -0.1241||-||0.327 * 1.0019|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $671 Mil.|
Revenue was 1586.494 + 1539.957 + 1440.18 + 1609.511 = $6,176 Mil.
Gross Profit was 666.642 + 656.763 + 581.041 + 556.628 = $2,461 Mil.
Total Current Assets was $768 Mil.
Total Assets was $3,519 Mil.
Property, Plant and Equipment(Net PPE) was $2,671 Mil.
Depreciation, Depletion and Amortization(DDA) was $330 Mil.
Selling, General & Admin. Expense(SGA) was $1,426 Mil.
Total Current Liabilities was $544 Mil.
Long-Term Debt was $993 Mil.
Net Income was 115.139 + 103.419 + 91.932 + 110.306 = $421 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 243.423 + 197.994 + 255.543 + 160.414 = $857 Mil.
|Accounts Receivable was $671 Mil.
Revenue was 1601.156 + 1547.867 + 1406.908 + 1474.276 = $6,030 Mil.
Gross Profit was 611.583 + 587.56 + 500.593 + 533.945 = $2,234 Mil.
Total Current Assets was $738 Mil.
Total Assets was $3,159 Mil.
Property, Plant and Equipment(Net PPE) was $2,385 Mil.
Depreciation, Depletion and Amortization(DDA) was $282 Mil.
Selling, General & Admin. Expense(SGA) was $1,349 Mil.
Total Current Liabilities was $790 Mil.
Long-Term Debt was $587 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)|
|=||(671.398 / 6176.142)||/||(671.298 / 6030.207)|
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)|
|=||(656.763 / 6030.207)||/||(666.642 / 6176.142)|
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 - (768.171 + 2670.509) / 3519.264)||/||(1 - (737.678 + 2385.106) / 3158.918)|
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))|
|=||(282.185 / (282.185 + 2385.106))||/||(329.626 / (329.626 + 2670.509))|
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)|
|=||(1425.741 / 6176.142)||/||(1349.326 / 6030.207)|
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)|
|=||((993.353 + 544.048) / 3519.264)||/||((587.074 + 790.292) / 3158.918)|
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|
|=||(420.796 - 0||-||857.374)||/||3519.264|
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.
JB Hunt Transport Services Inc has a M-score of -2.70 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
JB Hunt Transport Services Inc Annual Data
JB Hunt Transport Services Inc Quarterly Data