Landstar System Beneish M-Score Historical Data
The historical data trend for Landstar System'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.
Landstar System Beneish M-Score Chart
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Landstar System Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.19 |
-1.75 |
-3.09 |
-3.05 |
-2.77 |
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Landstar System Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-3.02 |
-3.01 |
-2.94 |
-2.77 |
-2.68 |
Competitive Comparison of Landstar System's Beneish M-Score
For the Integrated Freight & Logistics subindustry, Landstar System'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.
Landstar System's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Landstar System's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Landstar System's Beneish M-Score falls into.
Landstar System 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 Landstar System 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 * 1.032 | + | 0.528 * 1.0379 | + | 0.404 * 1.1551 | + | 0.892 * 0.9528 | + | 0.115 * 1.09 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1228 | + | 4.679 * -0.049174 | - | 0.327 * 1.0919 |
| = | -2.68 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $752 Mil.
Revenue was 1152.502 + 1209.33 + 1213.867 + 1225.005 = $4,801 Mil.
Gross Profit was 149.084 + 153.786 + 155.988 + 160.643 = $620 Mil.
Total Current Assets was $1,242 Mil.
Total Assets was $1,716 Mil.
Property, Plant and Equipment(Net PPE) was $298 Mil.
Depreciation, Depletion and Amortization(DDA) was $55 Mil.
Selling, General, & Admin. Expense(SGA) was $350 Mil.
Total Current Liabilities was $612 Mil.
Long-Term Debt & Capital Lease Obligation was $62 Mil.
Net Income was 29.806 + 46.193 + 50.033 + 52.624 = $179 Mil.
Non Operating Income was 3.598 + 3.822 + 3.922 + 3.654 = $15 Mil.
Cash Flow from Operations was 55.698 + 61.122 + 83.096 + 48.135 = $248 Mil.
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Total Receivables was $764 Mil.
Revenue was 1171.043 + 1204.445 + 1289.345 + 1373.857 = $5,039 Mil.
Gross Profit was 154.098 + 164.491 + 172.999 + 183.241 = $675 Mil.
Total Current Assets was $1,310 Mil.
Total Assets was $1,746 Mil.
Property, Plant and Equipment(Net PPE) was $280 Mil.
Depreciation, Depletion and Amortization(DDA) was $57 Mil.
Selling, General, & Admin. Expense(SGA) was $328 Mil.
Total Current Liabilities was $590 Mil.
Long-Term Debt & Capital Lease Obligation was $38 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) |
| = | (751.614 / 4800.704) | / | (764.376 / 5038.69) |
| = | 0.156563 | / | 0.151701 |
| | = | 1.032 |
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) |
| = | (674.829 / 5038.69) | / | (619.501 / 4800.704) |
| = | 0.133929 | / | 0.129044 |
| | = | 1.0379 |
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 - (1241.621 + 297.517) / 1716.178) | / | (1 - (1310.368 + 279.552) / 1745.841) |
| = | 0.103159 | / | 0.08931 |
| | = | 1.1551 |
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 |
| = | 4800.704 | / | 5038.69 |
| | = | 0.9528 |
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)) |
| = | (57.097 / (57.097 + 279.552)) | / | (54.822 / (54.822 + 297.517)) |
| = | 0.169604 | / | 0.155594 |
| | = | 1.09 |
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) |
| = | (350.381 / 4800.704) | / | (327.516 / 5038.69) |
| = | 0.072985 | / | 0.065 |
| | = | 1.1228 |
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) |
| = | ((61.944 + 612.314) / 1716.178) | / | ((38.496 + 589.672) / 1745.841) |
| = | 0.392883 | / | 0.359808 |
| | = | 1.0919 |
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 |
| = | (178.656 - 14.996 | - | 248.051) | / | 1716.178 |
| | = | -0.049174 |
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.
Landstar System has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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