FirstGroup Beneish M-Score Historical Data
The historical data trend for FirstGroup'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.
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FirstGroup Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.84 |
-3.36 |
-4.62 |
- |
-3.34 |
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FirstGroup Semi-Annual Data
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Mar14 |
Sep14 |
Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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|
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- |
- |
- |
-3.34 |
- |
Competitive Comparison
For the Railroads subindustry, FirstGroup'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.
FirstGroup Beneish M-Score Distribution
For the Transportation industry and Industrials sector, FirstGroup's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FirstGroup's Beneish M-Score falls into.
FirstGroup 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 FirstGroup 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 * 1.0268 | + | 0.528 * 0 | + | 0.404 * 0.488 | + | 0.892 * 1.2145 | + | 0.115 * 1.288 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5483 | + | 4.679 * -0.110458 | - | 0.327 * 1.0909 |
| = | -3.43 |
* 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 $1,007 Mil.
Revenue was $4,687 Mil.
Gross Profit was $1,006 Mil.
Total Current Assets was $2,129 Mil.
Total Assets was $5,347 Mil.
Property, Plant and Equipment(Net PPE) was $2,827 Mil.
Depreciation, Depletion and Amortization(DDA) was $887 Mil.
Selling, General, & Admin. Expense(SGA) was $4 Mil.
Total Current Liabilities was $2,426 Mil.
Long-Term Debt & Capital Lease Obligation was $1,828 Mil.
Net Income was $106 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $696 Mil.
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Total Receivables was $808 Mil.
Revenue was $3,859 Mil.
Gross Profit was $0 Mil.
Total Current Assets was $2,064 Mil.
Total Assets was $5,051 Mil.
Property, Plant and Equipment(Net PPE) was $2,230 Mil.
Depreciation, Depletion and Amortization(DDA) was $990 Mil.
Selling, General, & Admin. Expense(SGA) was $6 Mil.
Total Current Liabilities was $2,734 Mil.
Long-Term Debt & Capital Lease Obligation was $950 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) |
| = | (1007.039 / 4686.893) | / | (807.51 / 3859.025) |
| = | 0.214863 | / | 0.209252 |
| | = | 1.0268 |
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) |
| = | (0 / 3859.025) | / | (1006.432 / 4686.893) |
| = | 0 | / | 0.214733 |
| | = | 0 |
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 - (2129.005 + 2827.306) / 5347.33) | / | (1 - (2064.163 + 2230.171) / 5051.252) |
| = | 0.073124 | / | 0.149848 |
| | = | 0.488 |
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 |
| = | 4686.893 | / | 3859.025 |
| | = | 1.2145 |
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)) |
| = | (990.119 / (990.119 + 2230.171)) | / | (886.529 / (886.529 + 2827.306)) |
| = | 0.307463 | / | 0.23871 |
| | = | 1.288 |
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) |
| = | (4.126 / 4686.893) | / | (6.192 / 3859.025) |
| = | 0.00088 | / | 0.001605 |
| | = | 0.5483 |
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) |
| = | ((1828.155 + 2426.335) / 5347.33) | / | ((950.066 + 2733.86) / 5051.252) |
| = | 0.795629 | / | 0.729309 |
| | = | 1.0909 |
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 |
| = | (105.704 - 0 | - | 696.359) | / | 5347.33 |
| | = | -0.110458 |
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.
FirstGroup has a M-score of -3.43 suggests that the company is unlikely to be a manipulator.
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