United Rentals Beneish M-Score Historical Data
The historical data trend for United Rentals'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.
United Rentals Beneish M-Score Chart
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United Rentals Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.87 |
-3.04 |
-2.80 |
-2.72 |
-2.83 |
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United Rentals Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.67 |
-2.83 |
-2.79 |
-2.81 |
-2.83 |
Competitive Comparison of United Rentals's Beneish M-Score
For the Rental & Leasing Services subindustry, United Rentals'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.
United Rentals's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, United Rentals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United Rentals's Beneish M-Score falls into.
United Rentals 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 United Rentals 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 * 0.9347 | + | 0.528 * 1.0181 | + | 0.404 * 1.0514 | + | 0.892 * 1.0776 | + | 0.115 * 1.0063 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9833 | + | 4.679 * -0.082782 | - | 0.327 * 1.0165 |
| = | -2.83 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $2,396 Mil.
Revenue was 3992 + 3773 + 3485 + 3728 = $14,978 Mil.
Gross Profit was 1648 + 1518 + 1346 + 1562 = $6,074 Mil.
Total Current Assets was $3,321 Mil.
Total Assets was $28,412 Mil.
Property, Plant and Equipment(Net PPE) was $17,496 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,838 Mil.
Selling, General, & Admin. Expense(SGA) was $1,602 Mil.
Total Current Liabilities was $4,026 Mil.
Long-Term Debt & Capital Lease Obligation was $12,905 Mil.
Net Income was 708 + 636 + 542 + 679 = $2,565 Mil.
Non Operating Income was 4 + 3 + 2 + -4 = $5 Mil.
Cash Flow from Operations was 1204 + 1265 + 1029 + 1414 = $4,912 Mil.
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Total Receivables was $2,379 Mil.
Revenue was 3765 + 3554 + 3285 + 3296 = $13,900 Mil.
Gross Profit was 1585 + 1425 + 1241 + 1488 = $5,739 Mil.
Total Current Assets was $2,978 Mil.
Total Assets was $25,832 Mil.
Property, Plant and Equipment(Net PPE) was $16,286 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,661 Mil.
Selling, General, & Admin. Expense(SGA) was $1,512 Mil.
Total Current Liabilities was $3,673 Mil.
Long-Term Debt & Capital Lease Obligation was $11,470 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) |
| = | (2396 / 14978) | / | (2379 / 13900) |
| = | 0.159968 | / | 0.171151 |
| | = | 0.9347 |
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) |
| = | (5739 / 13900) | / | (6074 / 14978) |
| = | 0.412878 | / | 0.405528 |
| | = | 1.0181 |
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 - (3321 + 17496) / 28412) | / | (1 - (2978 + 16286) / 25832) |
| = | 0.267317 | / | 0.254258 |
| | = | 1.0514 |
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 |
| = | 14978 | / | 13900 |
| | = | 1.0776 |
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)) |
| = | (2661 / (2661 + 16286)) | / | (2838 / (2838 + 17496)) |
| = | 0.140444 | / | 0.139569 |
| | = | 1.0063 |
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) |
| = | (1602 / 14978) | / | (1512 / 13900) |
| = | 0.106957 | / | 0.108777 |
| | = | 0.9833 |
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) |
| = | ((12905 + 4026) / 28412) | / | ((11470 + 3673) / 25832) |
| = | 0.59591 | / | 0.586211 |
| | = | 1.0165 |
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 |
| = | (2565 - 5 | - | 4912) | / | 28412 |
| | = | -0.082782 |
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.
United Rentals has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.
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