Covenant Logistics Group Beneish M-Score Historical Data
The historical data trend for Covenant Logistics Group'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.
Covenant Logistics Group Beneish M-Score Chart
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Covenant Logistics Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.67 |
-2.30 |
-3.38 |
-2.54 |
-3.07 |
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Covenant Logistics Group 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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-2.54 |
-2.67 |
-2.94 |
-3.18 |
-3.07 |
Competitive Comparison of Covenant Logistics Group's Beneish M-Score
For the Trucking subindustry, Covenant Logistics Group'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.
Covenant Logistics Group's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Covenant Logistics Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Covenant Logistics Group's Beneish M-Score falls into.
Covenant Logistics Group 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 Covenant Logistics Group 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 * 0.966 | + | 0.528 * 0.8877 | + | 0.404 * 0.9759 | + | 0.892 * 1.0253 | + | 0.115 * 0.8453 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2249 | + | 4.679 * -0.1003 | - | 0.327 * 0.9555 |
| = | -3.07 |
* 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 $152 Mil.
Revenue was 277.331 + 287.885 + 287.497 + 278.763 = $1,131 Mil.
Gross Profit was 46.855 + 45.179 + 51.594 + 46.021 = $190 Mil.
Total Current Assets was $214 Mil.
Total Assets was $998 Mil.
Property, Plant and Equipment(Net PPE) was $525 Mil.
Depreciation, Depletion and Amortization(DDA) was $87 Mil.
Selling, General, & Admin. Expense(SGA) was $131 Mil.
Total Current Liabilities was $181 Mil.
Long-Term Debt & Capital Lease Obligation was $222 Mil.
Net Income was 6.719 + 13.033 + 12.194 + 3.974 = $36 Mil.
Non Operating Income was 3.068 + 3.784 + 3.257 + 2.974 = $13 Mil.
Cash Flow from Operations was 21.932 + 56.86 + 22.4 + 21.701 = $123 Mil.
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Total Receivables was $154 Mil.
Revenue was 273.985 + 288.721 + 274.016 + 266.851 = $1,104 Mil.
Gross Profit was 43.133 + 44.022 + 38.146 + 38.901 = $164 Mil.
Total Current Assets was $186 Mil.
Total Assets was $954 Mil.
Property, Plant and Equipment(Net PPE) was $515 Mil.
Depreciation, Depletion and Amortization(DDA) was $70 Mil.
Selling, General, & Admin. Expense(SGA) was $105 Mil.
Total Current Liabilities was $170 Mil.
Long-Term Debt & Capital Lease Obligation was $233 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) |
| = | (152.133 / 1131.476) | / | (153.61 / 1103.573) |
| = | 0.134455 | / | 0.139193 |
| | = | 0.966 |
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) |
| = | (164.202 / 1103.573) | / | (189.649 / 1131.476) |
| = | 0.148791 | / | 0.167612 |
| | = | 0.8877 |
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 - (213.85 + 524.809) / 997.568) | / | (1 - (185.945 + 514.655) / 954.438) |
| = | 0.25954 | / | 0.265955 |
| | = | 0.9759 |
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 |
| = | 1131.476 | / | 1103.573 |
| | = | 1.0253 |
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)) |
| = | (69.943 / (69.943 + 514.655)) | / | (86.529 / (86.529 + 524.809)) |
| = | 0.119643 | / | 0.14154 |
| | = | 0.8453 |
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) |
| = | (131.305 / 1131.476) | / | (104.555 / 1103.573) |
| = | 0.116048 | / | 0.094742 |
| | = | 1.2249 |
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) |
| = | ((221.579 + 181.277) / 997.568) | / | ((233.082 + 170.291) / 954.438) |
| = | 0.403838 | / | 0.422629 |
| | = | 0.9555 |
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 |
| = | (35.92 - 13.083 | - | 122.893) | / | 997.568 |
| | = | -0.1003 |
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.
Covenant Logistics Group has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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