Forward Air Beneish M-Score Historical Data
The historical data trend for Forward Air'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.
Forward Air Beneish M-Score Chart
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Forward Air Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.59 |
-2.37 |
-2.87 |
-2.71 |
-0.94 |
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Forward Air 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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-2.71 |
-1.46 |
-0.63 |
-0.82 |
-0.94 |
Competitive Comparison of Forward Air's Beneish M-Score
For the Integrated Freight & Logistics subindustry, Forward Air'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.
Forward Air's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Forward Air's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Forward Air's Beneish M-Score falls into.
Forward Air 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 Forward Air 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 * 1.0837 | + | 0.528 * 1.7546 | + | 0.404 * 0.7605 | + | 0.892 * 1.8051 | + | 0.115 * 0.8218 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7148 | + | 4.679 * 0.102082 | - | 0.327 * 1.1908 |
| = | -0.94 |
* 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 $310 Mil.
Revenue was 632.846 + 655.937 + 643.666 + 541.813 = $2,474 Mil.
Gross Profit was 91.841 + 110.394 + 77.323 + 60.096 = $340 Mil.
Total Current Assets was $460 Mil.
Total Assets was $2,833 Mil.
Property, Plant and Equipment(Net PPE) was $736 Mil.
Depreciation, Depletion and Amortization(DDA) was $144 Mil.
Selling, General, & Admin. Expense(SGA) was $65 Mil.
Total Current Liabilities was $374 Mil.
Long-Term Debt & Capital Lease Obligation was $2,032 Mil.
Net Income was -36.416 + -73.408 + -645.433 + -61.712 = $-817 Mil.
Non Operating Income was 83.261 + -17.574 + -1091.107 + -0.659 = $-1,026 Mil.
Cash Flow from Operations was -30.866 + 52.597 + -50.076 + -51.719 = $-80 Mil.
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Total Receivables was $159 Mil.
Revenue was 338.428 + 340.976 + 333.622 + 357.709 = $1,371 Mil.
Gross Profit was 72.736 + 77.307 + 76.349 + 103.76 = $330 Mil.
Total Current Assets was $347 Mil.
Total Assets was $2,980 Mil.
Property, Plant and Equipment(Net PPE) was $370 Mil.
Depreciation, Depletion and Amortization(DDA) was $57 Mil.
Selling, General, & Admin. Expense(SGA) was $50 Mil.
Total Current Liabilities was $237 Mil.
Long-Term Debt & Capital Lease Obligation was $1,889 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) |
| = | (310.39 / 2474.262) | / | (158.675 / 1370.735) |
| = | 0.125448 | / | 0.115759 |
| | = | 1.0837 |
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) |
| = | (330.152 / 1370.735) | / | (339.654 / 2474.262) |
| = | 0.240858 | / | 0.137275 |
| | = | 1.7546 |
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 - (460.394 + 736.272) / 2832.77) | / | (1 - (347.028 + 369.647) / 2979.533) |
| = | 0.577563 | / | 0.759467 |
| | = | 0.7605 |
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 |
| = | 2474.262 | / | 1370.735 |
| | = | 1.8051 |
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)) |
| = | (57.405 / (57.405 + 369.647)) | / | (143.975 / (143.975 + 736.272)) |
| = | 0.134422 | / | 0.163562 |
| | = | 0.8218 |
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) |
| = | (64.682 / 2474.262) | / | (50.133 / 1370.735) |
| = | 0.026142 | / | 0.036574 |
| | = | 0.7148 |
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) |
| = | ((2032.428 + 374.412) / 2832.77) | / | ((1888.834 + 237.094) / 2979.533) |
| = | 0.849642 | / | 0.71351 |
| | = | 1.1908 |
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 |
| = | (-816.969 - -1026.079 | - | -80.064) | / | 2832.77 |
| | = | 0.102082 |
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.
Forward Air has a M-score of -0.94 signals that the company is likely to be a manipulator.
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