ArcBest Beneish M-Score Historical Data
The historical data trend for ArcBest'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.
ArcBest Beneish M-Score Chart
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ArcBest Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.88 |
-1.89 |
-2.79 |
-2.61 |
-2.70 |
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ArcBest Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.61 |
-2.52 |
-2.71 |
-2.87 |
-2.70 |
Competitive Comparison of ArcBest's Beneish M-Score
For the Trucking subindustry, ArcBest'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.
ArcBest's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, ArcBest's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ArcBest's Beneish M-Score falls into.
ArcBest 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 ArcBest 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 * 0.9611 | + | 0.528 * 1.0208 | + | 0.404 * 0.9827 | + | 0.892 * 0.9439 | + | 0.115 * 1.1183 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.070821 | - | 0.327 * 0.9647 |
| = | -2.70 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $460 Mil.
Revenue was 1001.645 + 1063.124 + 1077.831 + 1036.419 = $4,179 Mil.
Gross Profit was 82.754 + 92.026 + 99.998 + 75.222 = $350 Mil.
Total Current Assets was $676 Mil.
Total Assets was $2,430 Mil.
Property, Plant and Equipment(Net PPE) was $1,259 Mil.
Depreciation, Depletion and Amortization(DDA) was $149 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $666 Mil.
Long-Term Debt & Capital Lease Obligation was $315 Mil.
Net Income was 29.035 + 100.314 + 46.924 + -2.312 = $174 Mil.
Non Operating Income was 7.57 + 92.772 + -4.631 + -35.519 = $60 Mil.
Cash Flow from Operations was 56.798 + 88.846 + 133.735 + 6.467 = $286 Mil.
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Total Receivables was $507 Mil.
Revenue was 1089.535 + 1128.35 + 1103.464 + 1106.094 = $4,427 Mil.
Gross Profit was 114.795 + 102.199 + 79.212 + 82.322 = $379 Mil.
Total Current Assets was $885 Mil.
Total Assets was $2,485 Mil.
Property, Plant and Equipment(Net PPE) was $1,085 Mil.
Depreciation, Depletion and Amortization(DDA) was $146 Mil.
Selling, General, & Admin. Expense(SGA) was $135 Mil.
Total Current Liabilities was $702 Mil.
Long-Term Debt & Capital Lease Obligation was $339 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) |
| = | (459.534 / 4179.019) | / | (506.565 / 4427.443) |
| = | 0.109962 | / | 0.114415 |
| | = | 0.9611 |
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) |
| = | (378.528 / 4427.443) | / | (350 / 4179.019) |
| = | 0.085496 | / | 0.083752 |
| | = | 1.0208 |
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 - (675.642 + 1258.799) / 2429.731) | / | (1 - (884.783 + 1084.823) / 2485.094) |
| = | 0.203846 | / | 0.207432 |
| | = | 0.9827 |
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 |
| = | 4179.019 | / | 4427.443 |
| | = | 0.9439 |
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)) |
| = | (145.729 / (145.729 + 1084.823)) | / | (149.087 / (149.087 + 1258.799)) |
| = | 0.118426 | / | 0.105894 |
| | = | 1.1183 |
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) |
| = | (0 / 4179.019) | / | (134.619 / 4427.443) |
| = | 0 | / | 0.030406 |
| | = | 0 |
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) |
| = | ((315.134 + 665.985) / 2429.731) | / | ((338.611 + 701.563) / 2485.094) |
| = | 0.403797 | / | 0.418565 |
| | = | 0.9647 |
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 |
| = | (173.961 - 60.192 | - | 285.846) | / | 2429.731 |
| | = | -0.070821 |
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.
ArcBest has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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