Qube Holdings Beneish M-Score Historical Data
The historical data trend for Qube Holdings'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.
Qube Holdings Beneish M-Score Chart
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Qube Holdings Annual Data
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Trend |
Jun15 |
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Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.75 |
-2.65 |
-1.66 |
-3.00 |
-2.75 |
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Qube Holdings Semi-Annual Data
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Jun15 |
Dec15 |
Jun16 |
Dec16 |
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Dec18 |
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Dec19 |
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Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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-3.00 |
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-2.75 |
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Competitive Comparison of Qube Holdings's Beneish M-Score
For the Integrated Freight & Logistics subindustry, Qube Holdings'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.
Qube Holdings's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Qube Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Qube Holdings's Beneish M-Score falls into.
Qube Holdings 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 Qube Holdings 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 * 0.9773 | + | 0.528 * 1 | + | 0.404 * 0.9606 | + | 0.892 * 1.1436 | + | 0.115 * 0.968 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0405 | + | 4.679 * -0.070305 | - | 0.327 * 1.0535 |
| = | -2.75 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was A$651 Mil.
Revenue was A$3,216 Mil.
Gross Profit was A$3,216 Mil.
Total Current Assets was A$992 Mil.
Total Assets was A$6,103 Mil.
Property, Plant and Equipment(Net PPE) was A$3,214 Mil.
Depreciation, Depletion and Amortization(DDA) was A$307 Mil.
Selling, General, & Admin. Expense(SGA) was A$2,195 Mil.
Total Current Liabilities was A$780 Mil.
Long-Term Debt & Capital Lease Obligation was A$2,187 Mil.
Net Income was A$222 Mil.
Gross Profit was A$208 Mil.
Cash Flow from Operations was A$443 Mil.
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Total Receivables was A$582 Mil.
Revenue was A$2,813 Mil.
Gross Profit was A$2,813 Mil.
Total Current Assets was A$840 Mil.
Total Assets was A$5,673 Mil.
Property, Plant and Equipment(Net PPE) was A$2,996 Mil.
Depreciation, Depletion and Amortization(DDA) was A$277 Mil.
Selling, General, & Admin. Expense(SGA) was A$1,845 Mil.
Total Current Liabilities was A$998 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,620 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) |
| = | (650.9 / 3216.4) | / | (582.4 / 2812.6) |
| = | 0.202369 | / | 0.207068 |
| | = | 0.9773 |
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) |
| = | (2812.6 / 2812.6) | / | (3216.4 / 3216.4) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (992.4 + 3213.6) / 6103.4) | / | (1 - (840.4 + 2996.4) / 5672.5) |
| = | 0.310876 | / | 0.323614 |
| | = | 0.9606 |
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 |
| = | 3216.4 | / | 2812.6 |
| | = | 1.1436 |
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)) |
| = | (276.6 / (276.6 + 2996.4)) | / | (307.4 / (307.4 + 3213.6)) |
| = | 0.08451 | / | 0.087305 |
| | = | 0.968 |
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) |
| = | (2195 / 3216.4) | / | (1844.8 / 2812.6) |
| = | 0.68244 | / | 0.655906 |
| | = | 1.0405 |
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) |
| = | ((2187 + 780.3) / 6103.4) | / | ((1619.7 + 998.1) / 5672.5) |
| = | 0.486172 | / | 0.46149 |
| | = | 1.0535 |
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 |
| = | (221.9 - 208.3 | - | 442.7) | / | 6103.4 |
| | = | -0.070305 |
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.
Qube Holdings has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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