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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 -2.69 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 * 1.0425||+||0.528 * 0.9973||+||0.404 * 1.0719||+||0.892 * 1.1048||+||0.115 * 1.0331|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0215||+||4.679 * -0.0771||-||0.327 * 1.017|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $668 Mil.|
Revenue was 1547.867 + 1406.908 + 1474.276 + 1435.85 = $5,865 Mil.
Gross Profit was 562.519 + 500.593 + 533.945 + 514.981 = $2,112 Mil.
Total Current Assets was $739 Mil.
Total Assets was $3,091 Mil.
Property, Plant and Equipment(Net PPE) was $2,317 Mil.
Depreciation, Depletion and Amortization(DDA) was $271 Mil.
Selling, General & Admin. Expense(SGA) was $1,276 Mil.
Total Current Liabilities was $515 Mil.
Long-Term Debt was $874 Mil.
Net Income was 93.408 + 68.664 + 91.864 + 89.472 = $343 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 141.956 + 159.045 + 163.123 + 117.657 = $582 Mil.
|Accounts Receivable was $580 Mil.
Revenue was 1382.858 + 1291.587 + 1338.136 + 1295.792 = $5,308 Mil.
Gross Profit was 504.367 + 460.478 + 480.6 + 461.105 = $1,907 Mil.
Total Current Assets was $652 Mil.
Total Assets was $2,656 Mil.
Property, Plant and Equipment(Net PPE) was $1,976 Mil.
Depreciation, Depletion and Amortization(DDA) was $240 Mil.
Selling, General & Admin. Expense(SGA) was $1,131 Mil.
Total Current Liabilities was $699 Mil.
Long-Term Debt was $474 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)|
|=||(667.62 / 5864.901)||/||(579.643 / 5308.373)|
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)|
|=||(500.593 / 5308.373)||/||(562.519 / 5864.901)|
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 - (739.225 + 2316.545) / 3091.359)||/||(1 - (651.562 + 1976.226) / 2656.316)|
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))|
|=||(239.832 / (239.832 + 1976.226))||/||(271.06 / (271.06 + 2316.545))|
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)|
|=||(1276.011 / 5864.901)||/||(1130.655 / 5308.373)|
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)|
|=||((874.028 + 514.634) / 3091.359)||/||((474.132 + 699.106) / 2656.316)|
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|
|=||(343.408 - 0||-||581.781)||/||3091.359|
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 -2.69 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