ArcBest Beneish M-Score Historical Data
The historical data trend for ArcBest'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.
ArcBest Beneish M-Score Chart
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ArcBest Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.88 |
-1.89 |
-2.79 |
-2.61 |
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ArcBest Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.99 |
-2.83 |
-2.65 |
-2.61 |
-3.02 |
Competitive Comparison of ArcBest's Beneish M-Score
For the Trucking subindustry, ArcBest'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.
ArcBest's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, ArcBest's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ArcBest's Beneish M-Score falls into.
ArcBest 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 ArcBest 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 * 1.0707 | + | 0.528 * 0.3549 | + | 0.404 * 0.9645 | + | 0.892 * 0.8626 | + | 0.115 * 1.0798 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.071914 | - | 0.327 * 0.9302 |
| = | -3.02 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €430 Mil.
Revenue was 953.505 + 999.104 + 1057.264 + 1018.497 = €4,028 Mil.
Gross Profit was 953.505 + 106.128 + 95.622 + 72.704 = €1,228 Mil.
Total Current Assets was €698 Mil.
Total Assets was €2,169 Mil.
Property, Plant and Equipment(Net PPE) was €1,024 Mil.
Depreciation, Depletion and Amortization(DDA) was €136 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €569 Mil.
Long-Term Debt & Capital Lease Obligation was €297 Mil.
Net Income was -2.127 + 44.74 + 32.717 + 37.329 = €113 Mil.
Non Operating Income was -25.943 + 7.386 + -11.462 + 13.88 = €-16 Mil.
Cash Flow from Operations was 5.95 + 116.837 + 85.265 + 76.696 = €285 Mil.
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Total Receivables was €465 Mil.
Revenue was 1033.092 + 1098.339 + 1288.487 + 1250.321 = €4,670 Mil.
Gross Profit was 76.475 + 105.605 + 156.431 + 166.676 = €505 Mil.
Total Current Assets was €857 Mil.
Total Assets was €2,271 Mil.
Property, Plant and Equipment(Net PPE) was €929 Mil.
Depreciation, Depletion and Amortization(DDA) was €135 Mil.
Selling, General, & Admin. Expense(SGA) was €126 Mil.
Total Current Liabilities was €643 Mil.
Long-Term Debt & Capital Lease Obligation was €333 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) |
| = | (429.815 / 4028.37) | / | (465.39 / 4670.239) |
| = | 0.106697 | / | 0.09965 |
| | = | 1.0707 |
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) |
| = | (505.187 / 4670.239) | / | (1227.959 / 4028.37) |
| = | 0.108172 | / | 0.304828 |
| | = | 0.3549 |
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 - (697.8 + 1023.792) / 2168.572) | / | (1 - (856.506 + 929.246) / 2271.108) |
| = | 0.206117 | / | 0.213709 |
| | = | 0.9645 |
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 |
| = | 4028.37 | / | 4670.239 |
| | = | 0.8626 |
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)) |
| = | (134.739 / (134.739 + 929.246)) | / | (136.024 / (136.024 + 1023.792)) |
| = | 0.126636 | / | 0.117281 |
| | = | 1.0798 |
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 / 4028.37) | / | (125.734 / 4670.239) |
| = | 0 | / | 0.026922 |
| | = | 0 |
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) |
| = | ((297.231 + 569.089) / 2168.572) | / | ((332.704 + 642.632) / 2271.108) |
| = | 0.399489 | / | 0.429454 |
| | = | 0.9302 |
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 |
| = | (112.659 - -16.139 | - | 284.748) | / | 2168.572 |
| | = | -0.071914 |
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.
ArcBest has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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