Union Pacific Beneish M-Score Historical Data
The historical data trend for Union Pacific'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.
Union Pacific Beneish M-Score Chart
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Union Pacific Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec22 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-2.83 |
-2.49 |
-2.54 |
-2.51 |
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Union Pacific Quarterly Data
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Jun19 |
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Mar24 |
| Beneish M-Score |
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-2.51 |
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Competitive Comparison of Union Pacific's Beneish M-Score
For the Railroads subindustry, Union Pacific'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.
Union Pacific's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Union Pacific's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Union Pacific's Beneish M-Score falls into.
Union Pacific 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 Union Pacific 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 * 1.1507 | + | 0.528 * 1.0097 | + | 0.404 * 1.0115 | + | 0.892 * 0.961 | + | 0.115 * 0.9848 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1165 | + | 4.679 * -0.038697 | - | 0.327 * 0.9328 |
| = | -2.55 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $2,162 Mil.
Revenue was 6031 + 6159 + 5941 + 5963 = $24,094 Mil.
Gross Profit was 2727 + 2768 + 2555 + 2555 = $10,605 Mil.
Total Current Assets was $4,194 Mil.
Total Assets was $67,266 Mil.
Property, Plant and Equipment(Net PPE) was $58,237 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,340 Mil.
Selling, General, & Admin. Expense(SGA) was $-15 Mil.
Total Current Liabilities was $4,534 Mil.
Long-Term Debt & Capital Lease Obligation was $32,211 Mil.
Net Income was 1641 + 1652 + 1528 + 1569 = $6,390 Mil.
Non Operating Income was 77 + 56 + 106 + 93 = $332 Mil.
Cash Flow from Operations was 2122 + 2395 + 2126 + 2018 = $8,661 Mil.
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Total Receivables was $1,955 Mil.
Revenue was 6056 + 6180 + 6566 + 6269 = $25,071 Mil.
Gross Profit was 2651 + 2713 + 2952 + 2826 = $11,142 Mil.
Total Current Assets was $4,058 Mil.
Total Assets was $65,968 Mil.
Property, Plant and Equipment(Net PPE) was $57,222 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,263 Mil.
Selling, General, & Admin. Expense(SGA) was $-14 Mil.
Total Current Liabilities was $6,209 Mil.
Long-Term Debt & Capital Lease Obligation was $32,425 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) |
| = | (2162 / 24094) | / | (1955 / 25071) |
| = | 0.089732 | / | 0.077979 |
| | = | 1.1507 |
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) |
| = | (11142 / 25071) | / | (10605 / 24094) |
| = | 0.444418 | / | 0.440151 |
| | = | 1.0097 |
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 - (4194 + 58237) / 67266) | / | (1 - (4058 + 57222) / 65968) |
| = | 0.071879 | / | 0.071065 |
| | = | 1.0115 |
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 |
| = | 24094 | / | 25071 |
| | = | 0.961 |
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)) |
| = | (2263 / (2263 + 57222)) | / | (2340 / (2340 + 58237)) |
| = | 0.038043 | / | 0.038629 |
| | = | 0.9848 |
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) |
| = | (-15 / 24094) | / | (-14 / 25071) |
| = | -0.000623 | / | -0.000558 |
| | = | 1.1165 |
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) |
| = | ((32211 + 4534) / 67266) | / | ((32425 + 6209) / 65968) |
| = | 0.546264 | / | 0.585648 |
| | = | 0.9328 |
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 |
| = | (6390 - 332 | - | 8661) | / | 67266 |
| | = | -0.038697 |
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.
Union Pacific has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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