FedEx Beneish M-Score Historical Data
The historical data trend for FedEx'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.
|
FedEx Annual Data
|
|
Trend |
May14 |
May15 |
May16 |
May17 |
May18 |
May19 |
May20 |
May21 |
May22 |
May23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.54 |
-2.72 |
-2.69 |
-2.78 |
-2.91 |
|
FedEx Quarterly Data
|
|
May19 |
Aug19 |
Nov19 |
Feb20 |
May20 |
Aug20 |
Nov20 |
Feb21 |
May21 |
Aug21 |
Nov21 |
Feb22 |
May22 |
Aug22 |
Nov22 |
Feb23 |
May23 |
Aug23 |
Nov23 |
Feb24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-2.91 |
- |
- |
- |
Competitive Comparison
For the Integrated Freight & Logistics subindustry, FedEx'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.
FedEx Beneish M-Score Distribution
For the Transportation industry and Industrials sector, FedEx's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where FedEx's Beneish M-Score falls into.
FedEx 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 FedEx 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 * 0.8908 | + | 0.528 * 1.0145 | + | 0.404 * 0.9473 | + | 0.892 * 0.9641 | + | 0.115 * 1.0081 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.061933 | - | 0.327 * 0.9961 |
| = | -2.91 |
* 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 (May23) TTM: | Last Year (May22) TTM: |
Total Receivables was $10,188 Mil.
Revenue was $90,155 Mil.
Gross Profit was $19,166 Mil.
Total Current Assets was $18,610 Mil.
Total Assets was $87,143 Mil.
Property, Plant and Equipment(Net PPE) was $58,045 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,176 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $13,586 Mil.
Long-Term Debt & Capital Lease Obligation was $35,816 Mil.
Net Income was $3,972 Mil.
Gross Profit was $521 Mil.
Cash Flow from Operations was $8,848 Mil.
|
Total Receivables was $11,863 Mil.
Revenue was $93,512 Mil.
Gross Profit was $20,167 Mil.
Total Current Assets was $20,365 Mil.
Total Assets was $85,994 Mil.
Property, Plant and Equipment(Net PPE) was $54,704 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,970 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $14,274 Mil.
Long-Term Debt & Capital Lease Obligation was $34,669 Mil.
|
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) |
| = | (10188 / 90155) | / | (11863 / 93512) |
| = | 0.113005 | / | 0.126861 |
| | = | 0.8908 |
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) |
| = | (20167 / 93512) | / | (19166 / 90155) |
| = | 0.215662 | / | 0.212589 |
| | = | 1.0145 |
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 - (18610 + 58045) / 87143) | / | (1 - (20365 + 54704) / 85994) |
| = | 0.120354 | / | 0.127044 |
| | = | 0.9473 |
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 |
| = | 90155 | / | 93512 |
| | = | 0.9641 |
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)) |
| = | (3970 / (3970 + 54704)) | / | (4176 / (4176 + 58045)) |
| = | 0.067662 | / | 0.067116 |
| | = | 1.0081 |
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 / 90155) | / | (0 / 93512) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((35816 + 13586) / 87143) | / | ((34669 + 14274) / 85994) |
| = | 0.566907 | / | 0.569144 |
| | = | 0.9961 |
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 |
| = | (3972 - 521 | - | 8848) | / | 87143 |
| | = | -0.061933 |
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.
FedEx has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
FDX has been successfully added to your