BEST Beneish M-Score Historical Data
The historical data trend for BEST'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.
BEST Beneish M-Score Chart
|
BEST Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
-2.55 |
-2.20 |
-1.10 |
-2.89 |
-3.28 |
|
BEST Quarterly Data
|
|
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-3.28 |
-2.79 |
8.38 |
-6.15 |
Competitive Comparison of BEST's Beneish M-Score
For the Trucking subindustry, BEST'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.
BEST's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, BEST's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BEST's Beneish M-Score falls into.
BEST 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 BEST 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 * 1.0871 | + | 0.528 * -5.9669 | + | 0.404 * 1.2993 | + | 0.892 * 0.8816 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8468 | + | 4.679 * -0.026111 | - | 0.327 * 0.9679 |
| = | -6.15 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $130 Mil.
Revenue was 305.109 + 298.5 + 248.917 + 284.205 = $1,137 Mil.
Gross Profit was 7.093 + 12.401 + -1.228 + -8.388 = $10 Mil.
Total Current Assets was $328 Mil.
Total Assets was $906 Mil.
Property, Plant and Equipment(Net PPE) was $294 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $138 Mil.
Total Current Liabilities was $613 Mil.
Long-Term Debt & Capital Lease Obligation was $135 Mil.
Net Income was -24.405 + -20.301 + -35.438 + -55.163 = $-135 Mil.
Non Operating Income was 2.259 + -1.916 + 3.583 + -3.001 = $1 Mil.
Cash Flow from Operations was -32.123 + -22.062 + -23.682 + -34.696 = $-113 Mil.
|
Total Receivables was $136 Mil.
Revenue was 289.07 + 288.411 + 284.113 + 427.811 = $1,289 Mil.
Gross Profit was -5.549 + -13.337 + -12.111 + -35.861 = $-67 Mil.
Total Current Assets was $535 Mil.
Total Assets was $1,168 Mil.
Property, Plant and Equipment(Net PPE) was $351 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $185 Mil.
Total Current Liabilities was $678 Mil.
Long-Term Debt & Capital Lease Obligation was $319 Mil.
|
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) |
| = | (130.446 / 1136.731) | / | (136.104 / 1289.405) |
| = | 0.114755 | / | 0.105556 |
| | = | 1.0871 |
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) |
| = | (-66.858 / 1289.405) | / | (9.878 / 1136.731) |
| = | -0.051852 | / | 0.00869 |
| | = | -5.9669 |
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 - (328.362 + 293.9) / 906.477) | / | (1 - (534.854 + 351.414) / 1168.172) |
| = | 0.313538 | / | 0.241321 |
| | = | 1.2993 |
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 |
| = | 1136.731 | / | 1289.405 |
| | = | 0.8816 |
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)) |
| = | (0 / (0 + 351.414)) | / | (0 / (0 + 293.9)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (138.066 / 1136.731) | / | (184.944 / 1289.405) |
| = | 0.121459 | / | 0.143434 |
| | = | 0.8468 |
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) |
| = | ((135.173 + 612.962) / 906.477) | / | ((318.543 + 677.552) / 1168.172) |
| = | 0.825322 | / | 0.852695 |
| | = | 0.9679 |
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 |
| = | (-135.307 - 0.925 | - | -112.563) | / | 906.477 |
| | = | -0.026111 |
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.
BEST has a M-score of -6.15 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BEST has been successfully added to your