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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 -2.87.
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 * 1.0803||+||0.528 * 0.9208||+||0.404 * 1.1997||+||0.892 * 1.0125||+||0.115 * 0.9555|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0849||+||4.679 * -0.1336||-||0.327 * 1.0427|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $690 Mil.|
Revenue was 1528.712 + 1621.015 + 1586.494 + 1539.957 = $6,276 Mil.
Gross Profit was 640.586 + 605.405 + 666.642 + 656.763 = $2,569 Mil.
Total Current Assets was $815 Mil.
Total Assets was $3,647 Mil.
Property, Plant and Equipment(Net PPE) was $2,739 Mil.
Depreciation, Depletion and Amortization(DDA) was $347 Mil.
Selling, General & Admin. Expense(SGA) was $1,494 Mil.
Total Current Liabilities was $581 Mil.
Long-Term Debt was $961 Mil.
Net Income was 100.098 + 116.745 + 115.139 + 103.419 = $435 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 304.896 + 176.348 + 243.423 + 197.994 = $923 Mil.
|Accounts Receivable was $631 Mil.
Revenue was 1440.18 + 1609.511 + 1601.156 + 1547.867 = $6,199 Mil.
Gross Profit was 581.041 + 556.628 + 611.583 + 587.56 = $2,337 Mil.
Total Current Assets was $804 Mil.
Total Assets was $3,429 Mil.
Property, Plant and Equipment(Net PPE) was $2,553 Mil.
Depreciation, Depletion and Amortization(DDA) was $307 Mil.
Selling, General & Admin. Expense(SGA) was $1,360 Mil.
Total Current Liabilities was $762 Mil.
Long-Term Debt was $628 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)|
|=||(690.352 / 6276.178)||/||(631.172 / 6198.714)|
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)|
|=||(2336.812 / 6198.714)||/||(2569.396 / 6276.178)|
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 - (814.93 + 2739.366) / 3646.958)||/||(1 - (803.512 + 2552.863) / 3428.997)|
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))|
|=||(306.907 / (306.907 + 2552.863))||/||(346.587 / (346.587 + 2739.366))|
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)|
|=||(1494.444 / 6276.178)||/||(1360.45 / 6198.714)|
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)|
|=||((961.346 + 580.714) / 3646.958)||/||((628.203 + 762.331) / 3428.997)|
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|
|=||(435.401 - 0||-||922.661)||/||3646.958|
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 -3.01 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