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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 -2.59 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 * 1.0905||+||0.528 * 0.9952||+||0.404 * 1.0569||+||0.892 * 1.1002||+||0.115 * 1.0261|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0255||+||4.679 * -0.0606||-||0.327 * 1.0482|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $635 Mil.|
Revenue was 1406.908 + 1474.276 + 1435.85 + 1382.858 = $5,700 Mil.
Gross Profit was 500.593 + 533.945 + 514.981 + 504.367 = $2,054 Mil.
Total Current Assets was $842 Mil.
Total Assets was $3,116 Mil.
Property, Plant and Equipment(Net PPE) was $2,236 Mil.
Depreciation, Depletion and Amortization(DDA) was $262 Mil.
Selling, General & Admin. Expense(SGA) was $1,239 Mil.
Total Current Liabilities was $663 Mil.
Long-Term Debt was $752 Mil.
Net Income was 68.664 + 91.864 + 89.472 + 87.697 = $338 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 159.045 + 163.123 + 117.657 + 86.812 = $527 Mil.
|Accounts Receivable was $529 Mil.
Revenue was 1291.587 + 1338.136 + 1295.792 + 1255.13 = $5,181 Mil.
Gross Profit was 460.478 + 480.6 + 461.105 + 455.662 = $1,858 Mil.
Total Current Assets was $615 Mil.
Total Assets was $2,586 Mil.
Property, Plant and Equipment(Net PPE) was $1,941 Mil.
Depreciation, Depletion and Amortization(DDA) was $234 Mil.
Selling, General & Admin. Expense(SGA) was $1,098 Mil.
Total Current Liabilities was $727 Mil.
Long-Term Debt was $393 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)|
|=||(635.111 / 5699.892)||/||(529.333 / 5180.645)|
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)|
|=||(533.945 / 5180.645)||/||(500.593 / 5699.892)|
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 - (842.068 + 2236.101) / 3115.725)||/||(1 - (615.198 + 1941.426) / 2586.119)|
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))|
|=||(233.776 / (233.776 + 1941.426))||/||(261.617 / (261.617 + 2236.101))|
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)|
|=||(1239.125 / 5699.892)||/||(1098.198 / 5180.645)|
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)|
|=||((752.207 + 662.804) / 3115.725)||/||((393.289 + 727.221) / 2586.119)|
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|
|=||(337.697 - 0||-||526.637)||/||3115.725|
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 -2.59 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