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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Ryder System Inc has a M-score of -2.92 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Ryder System Inc was 3.40. The lowest was -3.75. And the median was -3.03.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Ryder System Inc 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 * 1.0346||+||0.528 * 0.9865||+||0.404 * 0.9324||+||0.892 * 1.0354||+||0.115 * 1.0797|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0045||+||4.679 * -0.0992||-||0.327 * 1.0337|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $827 Mil.|
Revenue was 1684.571 + 1610.737 + 1617.729 + 1634.54 = $6,548 Mil.
Gross Profit was 347.591 + 304.26 + 344.802 + 347.078 = $1,344 Mil.
Total Current Assets was $1,137 Mil.
Total Assets was $9,688 Mil.
Property, Plant and Equipment(Net PPE) was $7,618 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,052 Mil.
Selling, General & Admin. Expense(SGA) was $797 Mil.
Total Current Liabilities was $1,517 Mil.
Long-Term Debt was $4,159 Mil.
Net Income was 75.358 + 48.232 + 64.607 + 71.067 = $259 Mil.
Non Operating Income was -4.828 + 5.382 + 27.732 + -3.745 = $25 Mil.
Cash Flow from Operations was 298.84 + 237.66 + 337.41 + 321.895 = $1,196 Mil.
|Accounts Receivable was $772 Mil.
Revenue was 1603.999 + 1563.017 + 1583.536 + 1573.295 = $6,324 Mil.
Gross Profit was 332.4 + 296.058 + 324.914 + 326.871 = $1,280 Mil.
Total Current Assets was $1,062 Mil.
Total Assets was $8,560 Mil.
Property, Plant and Equipment(Net PPE) was $6,615 Mil.
Depreciation, Depletion and Amortization(DDA) was $997 Mil.
Selling, General & Admin. Expense(SGA) was $766 Mil.
Total Current Liabilities was $1,197 Mil.
Long-Term Debt was $3,656 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(827.274 / 6547.577)||/||(772.262 / 6323.847)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(304.26 / 6323.847)||/||(347.591 / 6547.577)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (1137.47 + 7618.179) / 9687.667)||/||(1 - (1062.335 + 6614.735) / 8560.347)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(997.2 / (997.2 + 6614.735))||/||(1051.986 / (1051.986 + 7618.179))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(797.158 / 6547.577)||/||(766.496 / 6323.847)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((4159.472 + 1516.68) / 9687.667)||/||((3655.71 + 1196.626) / 8560.347)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(259.264 - 24.541||-||1195.805)||/||9687.667|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Ryder System Inc has a M-score of -2.92 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Ryder System Inc Annual Data
Ryder System Inc Quarterly Data