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The zones of discrimination for M-Score is as such:
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.
Good Sign:
Beneish M-Score -1.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Rush Enterprises's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Rush Enterprises was -1.88. The lowest was -3.90. And the median was -2.50.
The historical data trend for Rush Enterprises'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.
Rush Enterprises Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.91 | -3.47 | -2.88 | -1.97 | -2.31 |
Rush Enterprises Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.23 | -2.38 | -2.27 | -2.31 | -1.97 |
For the Auto & Truck Dealerships subindustry, Rush Enterprises'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.
For the Vehicles & Parts industry and Consumer Cyclical sector, Rush Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rush Enterprises's Beneish M-Score falls into.
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 Rush Enterprises 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 * 1.2709 | + | 0.528 * 1.0292 | + | 0.404 * 0.8581 | + | 0.892 * 1.0584 | + | 0.115 * 0.9967 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0121 | + | 4.679 * 0.060212 | - | 0.327 * 1.0865 | |||||||
= | -1.97 |
* 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 $309 Mil. Revenue was 1871.999 + 2029.465 + 1980.74 + 2003.052 = $7,885 Mil. Gross Profit was 389.875 + 386.068 + 394.405 + 413.848 = $1,584 Mil. Total Current Assets was $2,517 Mil. Total Assets was $4,629 Mil. Property, Plant and Equipment(Net PPE) was $1,620 Mil. Depreciation, Depletion and Amortization(DDA) was $224 Mil. Selling, General, & Admin. Expense(SGA) was $1,029 Mil. Total Current Liabilities was $1,757 Mil. Long-Term Debt & Capital Lease Obligation was $728 Mil. Net Income was 71.608 + 78.047 + 80.278 + 98.275 = $328 Mil. Non Operating Income was 0.327 + 0.46 + 0.353 + 0.151 = $1 Mil. Cash Flow from Operations was -155.053 + 84.654 + 97.043 + 21.55 = $48 Mil. |
Total Receivables was $230 Mil. Revenue was 1911.767 + 1882.941 + 1864.286 + 1791.241 = $7,450 Mil. Gross Profit was 398.769 + 386.105 + 381.398 + 374.216 = $1,540 Mil. Total Current Assets was $1,974 Mil. Total Assets was $3,970 Mil. Property, Plant and Equipment(Net PPE) was $1,504 Mil. Depreciation, Depletion and Amortization(DDA) was $207 Mil. Selling, General, & Admin. Expense(SGA) was $960 Mil. Total Current Liabilities was $1,513 Mil. Long-Term Debt & Capital Lease Obligation was $449 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) |
= | (308.944 / 7885.256) | / | (229.684 / 7450.235) | |
= | 0.03918 | / | 0.030829 | |
= | 1.2709 |
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) | |
= | (1540.488 / 7450.235) | / | (1584.196 / 7885.256) | |
= | 0.20677 | / | 0.200906 | |
= | 1.0292 |
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 - (2517.001 + 1620.395) / 4629.006) | / | (1 - (1973.952 + 1504.319) / 3969.552) | |
= | 0.106202 | / | 0.123762 | |
= | 0.8581 |
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 | |
= | 7885.256 | / | 7450.235 | |
= | 1.0584 |
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)) |
= | (207.236 / (207.236 + 1504.319)) | / | (224.079 / (224.079 + 1620.395)) | |
= | 0.121081 | / | 0.121487 | |
= | 0.9967 |
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) |
= | (1028.579 / 7885.256) | / | (960.197 / 7450.235) | |
= | 0.130443 | / | 0.128881 | |
= | 1.0121 |
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) |
= | ((728.444 + 1757.329) / 4629.006) | / | ((448.895 + 1513.077) / 3969.552) | |
= | 0.536999 | / | 0.494255 | |
= | 1.0865 |
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 | |
= | (328.208 - 1.291 | - | 48.194) | / | 4629.006 | |
= | 0.060212 |
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.
Rush Enterprises has a M-score of -1.97 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Rush Enterprises's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Rush William M Rusty | officer: President & COO | C/O RUSH ENTERPRISES INC, 555 IH 35 S., NEW BRAUFELS TX 78130 |
Steven L Keller | officer: Vice President & CFO | C/O RUSH ENTERPRISES, INC., P. O. BOX 34630, SAN ANTONIO TX 78265 |
Amy Boerger | director | 2002 W WAHALLA LANE, PHOENIX AZ 85027 |
Jody Pollard | officer: Senior Vice President | 555 IH 35 SOUTH, SUITE 500, NEW BRAUNFELS TX 78130 |
Michael L Goldstone | officer: VP, General Counsel & CS | 555 IH 35 SOUTH, SUITE 500, NEW BRAUNFELS TX 78130 |
Scott T Anderson | officer: VP Finance & Insurance | C/O RUSH ENTERPRISES, INC., P. O. BOX 34630, SAN ANTONIO TX 78265 |
Michael Mcroberts | officer: Senior Vice President | P. O. BOX 34630, SAN ANTONIO TX 78265 |
Raymond Joseph Chess | director | 1084 ANDANTE CT, OXFORD MI 48370 |
Derrek Weaver | officer: VP, Chief Compliance Officer, General Counsel | C/O RUSH ENTERPRISES, INC., P. O. BOX 34630, SAN ANTONIO TX 78265 |
Troy A Clarke | director | C/O FUEL SYSTEMS SOLUTIONS, INC., 780 THIRD AVE. 25TH FLOOR, NEW YORK NY 10017 |
James E Thor | officer: Senior V.P. of Retail Sales | C/O RUSH ENTERPRISES, INC., P. O. BOX 34630, SAN ANTONIO TX 78265 |
James C Underwood | director | C/O RUSH ENTERPRISES, INC., P. O. BOX 34630, SAN ANTONIO TX 78265 |
Elaine Mendoza | director | 2223 POSTOAK COURT, SAN ANTONIO TX 78248 |
Richard J Ryan | officer: S.V.P. Navistar Dealerships | C/O RUSH ENTERPRISES, INC., P. O. BOX 34630, SAN ANTONIO TX 78265 |
Thomas A Akin | director | C/O RUSH ENTERPRISES, INC., P. O. BOX 34630, SAN ANTONIO TX 78265 |
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