Expeditors International of Washington Beneish M-Score Historical Data
The historical data trend for Expeditors International of Washington'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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Expeditors International of Washington Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.04 |
-2.11 |
-1.52 |
-2.70 |
-2.82 |
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Expeditors International of Washington Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.70 |
-3.22 |
-3.49 |
-3.27 |
-2.82 |
Competitive Comparison
For the Integrated Freight & Logistics subindustry, Expeditors International of Washington'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.
Expeditors International of Washington Beneish M-Score Distribution
For the Transportation industry and Industrials sector, Expeditors International of Washington's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Expeditors International of Washington's Beneish M-Score falls into.
Expeditors International of Washington 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 Expeditors International of Washington 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 * 1.3348 | + | 0.528 * 0.9497 | + | 0.404 * 1.8264 | + | 0.892 * 0.5448 | + | 0.115 * 0.8434 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.1089 | + | 4.679 * -0.068472 | - | 0.327 * 1.0639 |
| = | -2.82 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,533 Mil.
Revenue was 2277.768 + 2190.001 + 2239.752 + 2592.589 = $9,300 Mil.
Gross Profit was 275.039 + 301.391 + 318.3 + 350.746 = $1,245 Mil.
Total Current Assets was $3,435 Mil.
Total Assets was $4,524 Mil.
Property, Plant and Equipment(Net PPE) was $996 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General, & Admin. Expense(SGA) was $28 Mil.
Total Current Liabilities was $1,704 Mil.
Long-Term Debt & Capital Lease Obligation was $428 Mil.
Net Income was 158.719 + 171.353 + 196.8 + 226.011 = $753 Mil.
Non Operating Income was 0.409 + 0.267 + 0.289 + 8.479 = $9 Mil.
Cash Flow from Operations was 158.353 + 189.98 + 158.446 + 546.412 = $1,053 Mil.
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Total Receivables was $2,108 Mil.
Revenue was 3441.528 + 4362.146 + 4603.312 + 4664.298 = $17,071 Mil.
Gross Profit was 436.866 + 600.63 + 588.29 + 545.344 = $2,171 Mil.
Total Current Assets was $4,518 Mil.
Total Assets was $5,590 Mil.
Property, Plant and Equipment(Net PPE) was $1,009 Mil.
Depreciation, Depletion and Amortization(DDA) was $57 Mil.
Selling, General, & Admin. Expense(SGA) was $24 Mil.
Total Current Liabilities was $2,054 Mil.
Long-Term Debt & Capital Lease Obligation was $423 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) |
| = | (1532.599 / 9300.11) | / | (2107.645 / 17071.284) |
| = | 0.164794 | / | 0.123461 |
| | = | 1.3348 |
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) |
| = | (2171.13 / 17071.284) | / | (1245.476 / 9300.11) |
| = | 0.12718 | / | 0.133921 |
| | = | 0.9497 |
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 - (3435.196 + 995.505) / 4523.809) | / | (1 - (4518.017 + 1009.419) / 5590.434) |
| = | 0.020582 | / | 0.011269 |
| | = | 1.8264 |
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 |
| = | 9300.11 | / | 17071.284 |
| | = | 0.5448 |
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)) |
| = | (57.338 / (57.338 + 1009.419)) | / | (67.76 / (67.76 + 995.505)) |
| = | 0.05375 | / | 0.063728 |
| | = | 0.8434 |
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) |
| = | (27.913 / 9300.11) | / | (24.293 / 17071.284) |
| = | 0.003001 | / | 0.001423 |
| | = | 2.1089 |
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) |
| = | ((427.984 + 1704.412) / 4523.809) | / | ((422.844 + 2054.055) / 5590.434) |
| = | 0.471372 | / | 0.44306 |
| | = | 1.0639 |
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 |
| = | (752.883 - 9.444 | - | 1053.191) | / | 4523.809 |
| | = | -0.068472 |
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.
Expeditors International of Washington has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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