Con-way Beneish M-Score Historical Data
The historical data trend for Con-way'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.
Con-way Beneish M-Score Chart
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Con-way Annual Data
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Trend |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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-2.57 |
-2.85 |
-2.85 |
-2.86 |
-2.51 |
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Con-way Quarterly Data
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Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
| Beneish M-Score |
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-2.72 |
-2.55 |
-2.51 |
-2.68 |
-2.72 |
Competitive Comparison of Con-way's Beneish M-Score
For the Trucking subindustry, Con-way'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.
Con-way's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Con-way's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Con-way's Beneish M-Score falls into.
Con-way 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 Con-way 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 * 1.025 | + | 0.528 * 0.9707 | + | 0.404 * 1.0246 | + | 0.892 * 1.182 | + | 0.115 * 1.0305 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0301 | + | 4.679 * -0.044452 | - | 0.327 * 0.9994 |
| = | -2.51 |
* 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 (Jun15) TTM: | Last Year (Jun14) TTM: |
Total Receivables was €658 Mil.
Revenue was 1271.737 + 1268.126 + 1168.43 + 1167.22 = €4,876 Mil.
Gross Profit was 867.438 + 816.642 + 733.232 + 723.754 = €3,141 Mil.
Total Current Assets was €1,143 Mil.
Total Assets was €2,986 Mil.
Property, Plant and Equipment(Net PPE) was €1,468 Mil.
Depreciation, Depletion and Amortization(DDA) was €206 Mil.
Selling, General, & Admin. Expense(SGA) was €2,227 Mil.
Total Current Liabilities was €693 Mil.
Long-Term Debt & Capital Lease Obligation was €649 Mil.
Net Income was 39.235 + 20.136 + 20.191 + 35.372 = €115 Mil.
Non Operating Income was 0.595 + -2.084 + -3.748 + -0.475 = €-6 Mil.
Cash Flow from Operations was 95.228 + 63.641 + 64.251 + 30.276 = €253 Mil.
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Total Receivables was €544 Mil.
Revenue was 1098.369 + 989.673 + 991.195 + 1045.72 = €4,125 Mil.
Gross Profit was 705.449 + 603.257 + 620.696 + 650.345 = €2,580 Mil.
Total Current Assets was €990 Mil.
Total Assets was €2,495 Mil.
Property, Plant and Equipment(Net PPE) was €1,199 Mil.
Depreciation, Depletion and Amortization(DDA) was €174 Mil.
Selling, General, & Admin. Expense(SGA) was €1,829 Mil.
Total Current Liabilities was €586 Mil.
Long-Term Debt & Capital Lease Obligation was €536 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) |
| = | (658.492 / 4875.513) | / | (543.523 / 4124.957) |
| = | 0.135061 | / | 0.131765 |
| | = | 1.025 |
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) |
| = | (2579.747 / 4124.957) | / | (3141.066 / 4875.513) |
| = | 0.6254 | / | 0.644253 |
| | = | 0.9707 |
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 - (1142.755 + 1467.983) / 2986.383) | / | (1 - (990.346 + 1198.518) / 2495.199) |
| = | 0.125786 | / | 0.12277 |
| | = | 1.0246 |
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 |
| = | 4875.513 | / | 4124.957 |
| | = | 1.182 |
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)) |
| = | (173.785 / (173.785 + 1198.518)) | / | (205.665 / (205.665 + 1467.983)) |
| = | 0.126637 | / | 0.122884 |
| | = | 1.0305 |
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) |
| = | (2227.268 / 4875.513) | / | (1829.271 / 4124.957) |
| = | 0.456827 | / | 0.443464 |
| | = | 1.0301 |
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) |
| = | ((648.819 + 693.25) / 2986.383) | / | ((536.364 + 585.657) / 2495.199) |
| = | 0.449396 | / | 0.449672 |
| | = | 0.9994 |
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 |
| = | (114.934 - -5.712 | - | 253.396) | / | 2986.383 |
| | = | -0.044452 |
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.
Con-way has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
Con-way (FRA:CTR) Business Description
Traded in Other Exchanges
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Address
Con-way Inc was incorporated in Delaware in 1958. The Company and its subsidiaries provide transportation, logistics and supply-chain management services to various manufacturing, industrial and retail customers. Its business units operate in regional, inter-regional and transcontinental less-than-truckload and full-truckload freight transportation, contract logistics and supply-chain management, multimodal freight brokerage, and trailer manufacturing. The Company operates under three reporting segments: Freight, Logistics and Truckload. The Freight segment consists of the operating results of the Con-way Freight business unit. Con-way Freight is a less-than-truckload motor carrier that utilizes a network of freight service centers to provide day-definite regional, inter-regional and transcontinental less-than-truckload freight services throughout North America. LTL carriers transport shipments from multiple shippers utilizing a network of freight service centers combined with a fleet of linehaul and pickup-and-delivery tractors and trailers. LTL shipments weigh between 100 and 15,000 pounds. In 2013, Con-way Freight's average weight per shipment was 1,334 pounds. The Logistics segment consists of the operating results of the Menlo Worldwide Logistics business unit. Menlo develops contract-logistics solutions, which include managing complex distribution networks, and providing supply-chain engineering and consulting, and multimodal freight brokerage services. Menlo's supply-chain management offerings are mainly related to transportation-management and contract-warehousing services. The Truckload segment consists of the operating results of the Con-way Truckload business unit. Con-way Truckload is a full-truckload motor carrier that utilizes a fleet of tractors and trailers to provide short- and long-haul, asset-based transportation services throughout North America. Con-way Truckload provides dry-van transportation services to manufacturing, industrial and retail customers while using single drivers as well as two-person driver teams over long-haul routes, with each trailer containing only one customer's goods. On average, Con-way Truckload transports shipments more than 800 miles from origin to destination. Under its regional service offering, Con-way Truckload transports truckload shipments between 100 and 600 miles, including local-area service for truckload shipments of less than 100 miles. It competes with regional and national LTL companies, some of which are subsidiaries of integrated transportation service providers, domestic and foreign logistics companies, truckload carriers, railroads and private fleets. The Company is subject to various federal, state and local, as well as foreign, laws and regulations that apply to its business activities.
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