JSL Beneish M-Score Historical Data
The historical data trend for JSL'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.
JSL Beneish M-Score Chart
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JSL Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-0.32 |
-1.61 |
-2.82 |
-1.60 |
-2.22 |
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JSL Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-1.23 |
-1.68 |
-1.95 |
-2.22 |
-2.74 |
Competitive Comparison of JSL's Beneish M-Score
For the Integrated Freight & Logistics subindustry, JSL'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.
JSL's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, JSL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JSL's Beneish M-Score falls into.
JSL 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 JSL 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 * 1.1168 | + | 0.528 * 1.0881 | + | 0.404 * 0.9544 | + | 0.892 * 1.1515 | + | 0.115 * 0.7678 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8648 | + | 4.679 * -0.11533 | - | 0.327 * 0.9749 |
| = | -2.74 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was R$1,928 Mil.
Revenue was 2319.934 + 2490.967 + 2352.356 + 2142.594 = R$9,306 Mil.
Gross Profit was 374.057 + 387.769 + 417.066 + 375.25 = R$1,554 Mil.
Total Current Assets was R$4,679 Mil.
Total Assets was R$12,584 Mil.
Property, Plant and Equipment(Net PPE) was R$6,078 Mil.
Depreciation, Depletion and Amortization(DDA) was R$646 Mil.
Selling, General, & Admin. Expense(SGA) was R$493 Mil.
Total Current Liabilities was R$2,896 Mil.
Long-Term Debt & Capital Lease Obligation was R$6,554 Mil.
Net Income was 31.892 + 22.709 + 43.834 + 107.198 = R$206 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = R$0 Mil.
Cash Flow from Operations was 98.227 + 225.63 + 326.526 + 1006.519 = R$1,657 Mil.
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Total Receivables was R$1,499 Mil.
Revenue was 2070.341 + 2161.366 + 2010.125 + 1839.575 = R$8,081 Mil.
Gross Profit was 373.786 + 382.769 + 381.338 + 330.652 = R$1,469 Mil.
Total Current Assets was R$5,801 Mil.
Total Assets was R$14,080 Mil.
Property, Plant and Equipment(Net PPE) was R$6,138 Mil.
Depreciation, Depletion and Amortization(DDA) was R$489 Mil.
Selling, General, & Admin. Expense(SGA) was R$495 Mil.
Total Current Liabilities was R$2,394 Mil.
Long-Term Debt & Capital Lease Obligation was R$8,452 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) |
| = | (1927.764 / 9305.851) | / | (1499.07 / 8081.407) |
| = | 0.207156 | / | 0.185496 |
| | = | 1.1168 |
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) |
| = | (1468.545 / 8081.407) | / | (1554.142 / 9305.851) |
| = | 0.181719 | / | 0.167007 |
| | = | 1.0881 |
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 - (4679.352 + 6077.766) / 12583.655) | / | (1 - (5800.676 + 6137.834) / 14079.9) |
| = | 0.145152 | / | 0.152088 |
| | = | 0.9544 |
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 |
| = | 9305.851 | / | 8081.407 |
| | = | 1.1515 |
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)) |
| = | (488.658 / (488.658 + 6137.834)) | / | (645.759 / (645.759 + 6077.766)) |
| = | 0.073743 | / | 0.096045 |
| | = | 0.7678 |
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) |
| = | (493.078 / 9305.851) | / | (495.126 / 8081.407) |
| = | 0.052986 | / | 0.061267 |
| | = | 0.8648 |
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) |
| = | ((6553.937 + 2896.074) / 12583.655) | / | ((8452.276 + 2394.092) / 14079.9) |
| = | 0.750975 | / | 0.770344 |
| | = | 0.9749 |
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 |
| = | (205.633 - 0 | - | 1656.902) | / | 12583.655 |
| | = | -0.11533 |
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.
JSL has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
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