Roadrunner Transportation Systems Beneish M-Score Historical Data
The historical data trend for Roadrunner Transportation Systems's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Roadrunner Transportation Systems Beneish M-Score Chart
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Roadrunner Transportation Systems Annual Data
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| Beneish M-Score |
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-2.65 |
-2.85 |
-2.48 |
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Roadrunner Transportation Systems Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of Roadrunner Transportation Systems's Beneish M-Score
For the Trucking subindustry, Roadrunner Transportation Systems's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Roadrunner Transportation Systems's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Roadrunner Transportation Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Roadrunner Transportation Systems's Beneish M-Score falls into.
Roadrunner Transportation Systems Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Roadrunner Transportation Systems 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 * 0.9433 | + | 0.528 * 1.2583 | + | 0.404 * 0.5208 | + | 0.892 * 0.8338 | + | 0.115 * 1.0584 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.091197 | - | 0.327 * 1.5873 |
| = | -3.35 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec19) TTM: | Last Year (Dec18) TTM: |
Total Receivables was $219 Mil.
Revenue was $1,848 Mil.
Gross Profit was $229 Mil.
Total Current Assets was $265 Mil.
Total Assets was $670 Mil.
Property, Plant and Equipment(Net PPE) was $278 Mil.
Depreciation, Depletion and Amortization(DDA) was $60 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $274 Mil.
Long-Term Debt & Capital Lease Obligation was $338 Mil.
Net Income was $-341 Mil.
Gross Profit was $-183 Mil.
Cash Flow from Operations was $-97 Mil.
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Total Receivables was $279 Mil.
Revenue was $2,216 Mil.
Gross Profit was $345 Mil.
Total Current Assets was $351 Mil.
Total Assets was $853 Mil.
Property, Plant and Equipment(Net PPE) was $189 Mil.
Depreciation, Depletion and Amortization(DDA) was $44 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $298 Mil.
Long-Term Debt & Capital Lease Obligation was $193 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (219.25 / 1847.862) | / | (278.753 / 2216.141) |
| = | 0.118651 | / | 0.125783 |
| | = | 0.9433 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (345.206 / 2216.141) | / | (228.752 / 1847.862) |
| = | 0.155769 | / | 0.123793 |
| | = | 1.2583 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (264.501 + 277.56) / 670.397) | / | (1 - (351.038 + 188.706) / 853.457) |
| = | 0.191433 | / | 0.367579 |
| | = | 0.5208 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1847.862 | / | 2216.141 |
| | = | 0.8338 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (43.547 / (43.547 + 188.706)) | / | (59.754 / (59.754 + 277.56)) |
| = | 0.187498 | / | 0.177147 |
| | = | 1.0584 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (0 / 1847.862) | / | (0 / 2216.141) |
| = | 0 | / | 0 |
| | = | 1 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((337.976 + 274.136) / 670.397) | / | ((193.333 + 297.585) / 853.457) |
| = | 0.913059 | / | 0.575211 |
| | = | 1.5873 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (-340.937 - -182.724 | - | -97.075) | / | 670.397 |
| | = | -0.091197 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Roadrunner Transportation Systems has a M-score of -3.35 suggests that the company is unlikely to be a manipulator.
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