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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.
JB Hunt Transport Services Inc has a M-score of -2.75 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of JB Hunt Transport Services Inc was -1.57. The lowest was -5.39. And the median was -2.90.
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 * 1.037||+||0.528 * 0.9922||+||0.404 * 1.1485||+||0.892 * 1.1068||+||0.115 * 1.0196|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0265||+||4.679 * -0.0928||-||0.327 * 1.0487|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $671 Mil.|
Revenue was 1601.156 + 1547.867 + 1406.908 + 1474.276 = $6,030 Mil.
Gross Profit was 589.679 + 562.519 + 500.593 + 533.945 = $2,187 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 $1,318 Mil.
Total Current Liabilities was $790 Mil.
Long-Term Debt was $587 Mil.
Net Income was 102.414 + 93.408 + 68.664 + 91.864 = $356 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 185.364 + 141.956 + 159.045 + 163.123 = $649 Mil.
|Accounts Receivable was $585 Mil.
Revenue was 1435.85 + 1382.858 + 1291.587 + 1338.136 = $5,448 Mil.
Gross Profit was 514.981 + 504.367 + 460.478 + 480.6 = $1,960 Mil.
Total Current Assets was $648 Mil.
Total Assets was $2,712 Mil.
Property, Plant and Equipment(Net PPE) was $2,037 Mil.
Depreciation, Depletion and Amortization(DDA) was $246 Mil.
Selling, General & Admin. Expense(SGA) was $1,160 Mil.
Total Current Liabilities was $690 Mil.
Long-Term Debt was $437 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)|
|=||(671.298 / 6030.207)||/||(584.914 / 5448.431)|
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)|
|=||(562.519 / 5448.431)||/||(589.679 / 6030.207)|
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 - (737.678 + 2385.106) / 3158.918)||/||(1 - (648.032 + 2037.386) / 2712.434)|
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))|
|=||(246.35 / (246.35 + 2037.386))||/||(282.185 / (282.185 + 2385.106))|
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)|
|=||(1318.213 / 6030.207)||/||(1160.336 / 5448.431)|
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)|
|=||((587.074 + 790.292) / 3158.918)||/||((437.474 + 690.338) / 2712.434)|
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|
|=||(356.35 - 0||-||649.488)||/||3158.918|
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 -2.75 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