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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 -1.89. The lowest was -5.41. And the median was -2.88.
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 * 1.1044||+||0.528 * 0.9615||+||0.404 * 0.9232||+||0.892 * 1.0452||+||0.115 * 0.9717|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0731||+||4.679 * -0.1229||-||0.327 * 0.9479|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $775 Mil.|
Revenue was 1690.659 + 1615.026 + 1528.712 + 1621.015 = $6,455 Mil.
Gross Profit was 669.52 + 656.836 + 640.586 + 661.119 = $2,628 Mil.
Total Current Assets was $842 Mil.
Total Assets was $3,730 Mil.
Property, Plant and Equipment(Net PPE) was $2,809 Mil.
Depreciation, Depletion and Amortization(DDA) was $358 Mil.
Selling, General & Admin. Expense(SGA) was $1,550 Mil.
Total Current Liabilities was $601 Mil.
Long-Term Debt was $944 Mil.
Net Income was 109.425 + 105.011 + 100.098 + 116.745 = $431 Mil.
Non Operating Income was -12.97 + 0 + 0 + 42.404 = $29 Mil.
Cash Flow from Operations was 209.825 + 169.242 + 304.896 + 176.348 = $860 Mil.
|Accounts Receivable was $671 Mil.
Revenue was 1586.494 + 1539.957 + 1440.18 + 1609.511 = $6,176 Mil.
Gross Profit was 646.564 + 633.343 + 581.041 + 556.628 = $2,418 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 $1,382 Mil.
Total Current Liabilities was $544 Mil.
Long-Term Debt was $993 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)|
|=||(775.02 / 6455.412)||/||(671.398 / 6176.142)|
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)|
|=||(2417.576 / 6176.142)||/||(2628.061 / 6455.412)|
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 - (842.401 + 2808.741) / 3729.994)||/||(1 - (768.171 + 2670.509) / 3519.264)|
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))|
|=||(329.626 / (329.626 + 2670.509))||/||(358.091 / (358.091 + 2808.741))|
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)|
|=||(1550.418 / 6455.412)||/||(1382.243 / 6176.142)|
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)|
|=||((943.696 + 600.845) / 3729.994)||/||((993.353 + 544.048) / 3519.264)|
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|
|=||(431.279 - 29.434||-||860.311)||/||3729.994|
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 -2.97 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