Hub Group Beneish M-Score Historical Data
The historical data trend for Hub Group'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.
Hub Group Beneish M-Score Chart
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Hub Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.04 |
-2.41 |
-2.24 |
-3.16 |
-3.01 |
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Hub Group Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.16 |
-3.11 |
-3.21 |
-3.28 |
-3.01 |
Competitive Comparison of Hub Group's Beneish M-Score
For the Integrated Freight & Logistics subindustry, Hub Group'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.
Hub Group's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Hub Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hub Group's Beneish M-Score falls into.
Hub Group 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 Hub Group 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 * 1.065 | + | 0.528 * 0.998 | + | 0.404 * 1.1951 | + | 0.892 * 0.7869 | + | 0.115 * 0.9525 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2624 | + | 4.679 * -0.089188 | - | 0.327 * 1.0246 |
| = | -3.01 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $604 Mil.
Revenue was 985.023 + 1024.835 + 1040.462 + 1152.265 = $4,203 Mil.
Gross Profit was 213.948 + 77.617 + 276.853 + 285.334 = $854 Mil.
Total Current Assets was $849 Mil.
Total Assets was $2,936 Mil.
Property, Plant and Equipment(Net PPE) was $1,005 Mil.
Depreciation, Depletion and Amortization(DDA) was $184 Mil.
Selling, General, & Admin. Expense(SGA) was $434 Mil.
Total Current Liabilities was $658 Mil.
Long-Term Debt & Capital Lease Obligation was $424 Mil.
Net Income was 28.785 + 30.459 + 46.505 + 61.78 = $168 Mil.
Non Operating Income was 1.714 + 0.577 + 0.928 + 4.013 = $7 Mil.
Cash Flow from Operations was 99.481 + 101.296 + 132.006 + 89.375 = $422 Mil.
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Total Receivables was $720 Mil.
Revenue was 1285.503 + 1355.407 + 1401.456 + 1298.123 = $5,340 Mil.
Gross Profit was 280.268 + 161.147 + 338.473 + 302.858 = $1,083 Mil.
Total Current Assets was $1,057 Mil.
Total Assets was $2,810 Mil.
Property, Plant and Equipment(Net PPE) was $887 Mil.
Depreciation, Depletion and Amortization(DDA) was $154 Mil.
Selling, General, & Admin. Expense(SGA) was $437 Mil.
Total Current Liabilities was $692 Mil.
Long-Term Debt & Capital Lease Obligation was $319 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) |
| = | (603.555 / 4202.585) | / | (720.157 / 5340.489) |
| = | 0.143615 | / | 0.134849 |
| | = | 1.065 |
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) |
| = | (1082.746 / 5340.489) | / | (853.752 / 4202.585) |
| = | 0.202743 | / | 0.203149 |
| | = | 0.998 |
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 - (849.245 + 1004.956) / 2936.047) | / | (1 - (1056.7 + 886.991) / 2810.081) |
| = | 0.36847 | / | 0.308315 |
| | = | 1.1951 |
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 |
| = | 4202.585 | / | 5340.489 |
| | = | 0.7869 |
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)) |
| = | (153.726 / (153.726 + 886.991)) | / | (184.449 / (184.449 + 1004.956)) |
| = | 0.147712 | / | 0.155077 |
| | = | 0.9525 |
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) |
| = | (433.997 / 4202.585) | / | (436.879 / 5340.489) |
| = | 0.103269 | / | 0.081805 |
| | = | 1.2624 |
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) |
| = | ((424.138 + 658.21) / 2936.047) | / | ((319.281 + 691.77) / 2810.081) |
| = | 0.368641 | / | 0.359794 |
| | = | 1.0246 |
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 |
| = | (167.529 - 7.232 | - | 422.158) | / | 2936.047 |
| | = | -0.089188 |
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.
Hub Group has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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