TravelCenters Of America Beneish M-Score Historical Data
The historical data trend for TravelCenters Of America'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.
TravelCenters Of America Beneish M-Score Chart
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TravelCenters Of America Annual Data
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Dec13 |
Dec14 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-3.54 |
-2.14 |
-3.48 |
-2.01 |
-1.69 |
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TravelCenters Of America Quarterly Data
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Jun18 |
Sep18 |
Dec18 |
Mar19 |
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Mar20 |
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Mar22 |
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Sep22 |
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Mar23 |
| Beneish M-Score |
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-1.83 |
-1.88 |
-1.85 |
-1.69 |
-2.32 |
Competitive Comparison of TravelCenters Of America's Beneish M-Score
For the Specialty Retail subindustry, TravelCenters Of America'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.
TravelCenters Of America's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, TravelCenters Of America's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TravelCenters Of America's Beneish M-Score falls into.
TravelCenters Of America 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 TravelCenters Of America 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 * 0.724 | + | 0.528 * 1.1624 | + | 0.404 * 0.9834 | + | 0.892 * 1.3309 | + | 0.115 * 0.8882 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8287 | + | 4.679 * 0.000912 | - | 0.327 * 0.9385 |
| = | -2.32 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $194 Mil.
Revenue was 2239.018 + 2657.791 + 2811.079 + 3079.048 = $10,787 Mil.
Gross Profit was 422.62 + 485.966 + 475.279 + 492.338 = $1,876 Mil.
Total Current Assets was $882 Mil.
Total Assets was $3,577 Mil.
Property, Plant and Equipment(Net PPE) was $2,562 Mil.
Depreciation, Depletion and Amortization(DDA) was $113 Mil.
Selling, General, & Admin. Expense(SGA) was $460 Mil.
Total Current Liabilities was $541 Mil.
Long-Term Debt & Capital Lease Obligation was $2,052 Mil.
Net Income was -6.298 + 46.801 + 36.975 + 63.98 = $141 Mil.
Non Operating Income was 0.906 + 1.348 + 1.358 + 1.216 = $5 Mil.
Cash Flow from Operations was 8.821 + 3.69 + 4.442 + 116.413 = $133 Mil.
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Total Receivables was $202 Mil.
Revenue was 2297.073 + 2033.522 + 1939.946 + 1834.28 = $8,105 Mil.
Gross Profit was 412.093 + 404.676 + 414.694 + 407.233 = $1,639 Mil.
Total Current Assets was $1,004 Mil.
Total Assets was $3,636 Mil.
Property, Plant and Equipment(Net PPE) was $2,496 Mil.
Depreciation, Depletion and Amortization(DDA) was $97 Mil.
Selling, General, & Admin. Expense(SGA) was $417 Mil.
Total Current Liabilities was $651 Mil.
Long-Term Debt & Capital Lease Obligation was $2,157 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) |
| = | (194.47 / 10786.936) | / | (201.809 / 8104.821) |
| = | 0.018028 | / | 0.0249 |
| | = | 0.724 |
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) |
| = | (1638.696 / 8104.821) | / | (1876.203 / 10786.936) |
| = | 0.202188 | / | 0.173933 |
| | = | 1.1624 |
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 - (882.407 + 2562.249) / 3577.186) | / | (1 - (1003.558 + 2495.827) / 3636.38) |
| = | 0.037049 | / | 0.037673 |
| | = | 0.9834 |
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 |
| = | 10786.936 | / | 8104.821 |
| | = | 1.3309 |
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)) |
| = | (96.909 / (96.909 + 2495.827)) | / | (112.566 / (112.566 + 2562.249)) |
| = | 0.037377 | / | 0.042084 |
| | = | 0.8882 |
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) |
| = | (460.079 / 10786.936) | / | (417.138 / 8104.821) |
| = | 0.042651 | / | 0.051468 |
| | = | 0.8287 |
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) |
| = | ((2052.076 + 541.097) / 3577.186) | / | ((2157.383 + 651.454) / 3636.38) |
| = | 0.72492 | / | 0.772427 |
| | = | 0.9385 |
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 |
| = | (141.458 - 4.828 | - | 133.366) | / | 3577.186 |
| | = | 0.000912 |
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.
TravelCenters Of America has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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