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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.
J.B. Hunt Transport Services, Inc. has a M-score of -2.67 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of J.B. Hunt Transport Services, Inc. was -1.64. The lowest was -5.04. And the median was -2.93.
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 J.B. 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 * 1.1043||+||0.528 * 1.0007||+||0.404 * 0.958||+||0.892 * 1.1048||+||0.115 * 1.0118|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0065||+||4.679 * -0.0823||-||0.327 * 0.9405|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $569 Mil.|
Revenue was 1474.276 + 1435.85 + 1382.858 + 1291.587 = $5,585 Mil.
Gross Profit was 533.945 + 514.981 + 504.367 + 485.58 = $2,039 Mil.
Total Current Assets was $680 Mil.
Total Assets was $2,819 Mil.
Property, Plant and Equipment(Net PPE) was $2,112 Mil.
Depreciation, Depletion and Amortization(DDA) was $253 Mil.
Selling, General & Admin. Expense(SGA) was $1,201 Mil.
Total Current Liabilities was $712 Mil.
Long-Term Debt was $458 Mil.
Net Income was 91.864 + 89.472 + 87.697 + 73.349 = $342 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 163.123 + 117.657 + 86.812 + 206.759 = $574 Mil.
|Accounts Receivable was $466 Mil.
Revenue was 1338.136 + 1295.792 + 1255.13 + 1165.922 = $5,055 Mil.
Gross Profit was 480.6 + 461.105 + 455.662 + 449.44 = $1,847 Mil.
Total Current Assets was $555 Mil.
Total Assets was $2,465 Mil.
Property, Plant and Equipment(Net PPE) was $1,885 Mil.
Depreciation, Depletion and Amortization(DDA) was $229 Mil.
Selling, General & Admin. Expense(SGA) was $1,080 Mil.
Total Current Liabilities was $503 Mil.
Long-Term Debt was $585 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)|
|=||(568.519 / 5584.571)||/||(466.011 / 5054.98)|
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)|
|=||(514.981 / 5054.98)||/||(533.945 / 5584.571)|
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 - (680.203 + 2112.204) / 2819.404)||/||(1 - (554.532 + 1885.474) / 2464.641)|
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))|
|=||(229.166 / (229.166 + 1885.474))||/||(253.38 / (253.38 + 2112.204))|
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)|
|=||(1201.272 / 5584.571)||/||(1080.3 / 5054.98)|
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)|
|=||((458.417 + 712.296) / 2819.404)||/||((585.347 + 502.76) / 2464.641)|
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|
|=||(342.382 - 0||-||574.351)||/||2819.404|
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.
J.B. Hunt Transport Services, Inc. has a M-score of -2.67 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
J.B. Hunt Transport Services, Inc. Annual Data
J.B. Hunt Transport Services, Inc. Quarterly Data