Yellow Beneish M-Score Historical Data
The historical data trend for Yellow'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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Yellow Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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|
|
|
|
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-3.12 |
-2.61 |
-2.07 |
-1.18 |
-2.79 |
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Yellow Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
| Beneish M-Score |
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|
|
|
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|
|
|
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|
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-0.81 |
0.98 |
-2.79 |
-2.95 |
-2.94 |
Competitive Comparison
For the Trucking subindustry, Yellow'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.
Yellow Beneish M-Score Distribution
For the Transportation industry and Industrials sector, Yellow's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yellow's Beneish M-Score falls into.
Yellow 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 Yellow 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 * 0.7458 | + | 0.528 * 1.4858 | + | 0.404 * 1.173 | + | 0.892 * 0.9153 | + | 0.115 * 1.1147 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.2462 | + | 4.679 * -0.130564 | - | 0.327 * 1.0419 |
| = | -2.94 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $535 Mil.
Revenue was 1126.8 + 1158.6 + 1200.2 + 1360.4 = $4,846 Mil.
Gross Profit was 27 + 58.2 + 88.9 + 136.2 = $310 Mil.
Total Current Assets was $819 Mil.
Total Assets was $2,148 Mil.
Property, Plant and Equipment(Net PPE) was $1,263 Mil.
Depreciation, Depletion and Amortization(DDA) was $225 Mil.
Selling, General, & Admin. Expense(SGA) was $14 Mil.
Total Current Liabilities was $1,917 Mil.
Long-Term Debt & Capital Lease Obligation was $292 Mil.
Net Income was -14.7 + -54.6 + -15.5 + 4.8 = $-80 Mil.
Non Operating Income was 75.8 + 0.7 + 28.8 + 2.7 = $108 Mil.
Cash Flow from Operations was -4.9 + 12.6 + 0 + 84.7 = $92 Mil.
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Total Receivables was $784 Mil.
Revenue was 1423.7 + 1260.4 + 1308.9 + 1301.4 = $5,294 Mil.
Gross Profit was 158.1 + 84.7 + 143.4 + 117.5 = $504 Mil.
Total Current Assets was $1,148 Mil.
Total Assets was $2,504 Mil.
Property, Plant and Equipment(Net PPE) was $1,290 Mil.
Depreciation, Depletion and Amortization(DDA) was $262 Mil.
Selling, General, & Admin. Expense(SGA) was $61 Mil.
Total Current Liabilities was $892 Mil.
Long-Term Debt & Capital Lease Obligation was $1,580 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) |
| = | (535.1 / 4846) | / | (783.9 / 5294.4) |
| = | 0.110421 | / | 0.148062 |
| | = | 0.7458 |
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) |
| = | (503.7 / 5294.4) | / | (310.3 / 4846) |
| = | 0.095138 | / | 0.064032 |
| | = | 1.4858 |
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 - (818.6 + 1262.8) / 2147.6) | / | (1 - (1147.8 + 1290.3) / 2503.9) |
| = | 0.030825 | / | 0.026279 |
| | = | 1.173 |
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 |
| = | 4846 | / | 5294.4 |
| | = | 0.9153 |
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)) |
| = | (261.5 / (261.5 + 1290.3)) | / | (224.9 / (224.9 + 1262.8)) |
| = | 0.168514 | / | 0.151173 |
| | = | 1.1147 |
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) |
| = | (13.7 / 4846) | / | (60.8 / 5294.4) |
| = | 0.002827 | / | 0.011484 |
| | = | 0.2462 |
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) |
| = | ((292.1 + 1916.6) / 2147.6) | / | ((1579.5 + 892.1) / 2503.9) |
| = | 1.02845 | / | 0.9871 |
| | = | 1.0419 |
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 |
| = | (-80 - 108 | - | 92.4) | / | 2147.6 |
| | = | -0.130564 |
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.
Yellow has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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