Rush Enterprises Beneish M-Score Historical Data
The historical data trend for Rush Enterprises'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.
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Rush Enterprises Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.91 |
-3.47 |
-2.88 |
-1.97 |
-2.31 |
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Rush Enterprises 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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-1.97 |
-2.23 |
-2.38 |
-2.27 |
-2.31 |
Competitive Comparison
For the Auto & Truck Dealerships subindustry, Rush Enterprises'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.
Rush Enterprises Beneish M-Score Distribution
For the Vehicles & Parts industry and Consumer Cyclical sector, Rush Enterprises's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rush Enterprises's Beneish M-Score falls into.
Rush Enterprises 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 Rush Enterprises 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 * 1.0533 | + | 0.528 * 1.0417 | + | 0.404 * 0.9003 | + | 0.892 * 1.1159 | + | 0.115 * 0.9863 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9868 | + | 4.679 * 0.010976 | - | 0.327 * 1.0625 |
| = | -2.31 |
* 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 $259 Mil.
Revenue was 2029.465 + 1980.74 + 2003.052 + 1911.767 = $7,925 Mil.
Gross Profit was 386.068 + 394.405 + 413.848 + 398.769 = $1,593 Mil.
Total Current Assets was $2,260 Mil.
Total Assets was $4,364 Mil.
Property, Plant and Equipment(Net PPE) was $1,608 Mil.
Depreciation, Depletion and Amortization(DDA) was $221 Mil.
Selling, General, & Admin. Expense(SGA) was $1,022 Mil.
Total Current Liabilities was $1,673 Mil.
Long-Term Debt & Capital Lease Obligation was $616 Mil.
Net Income was 78.047 + 80.278 + 98.275 + 90.455 = $347 Mil.
Non Operating Income was 0.46 + 0.353 + 0.151 + 2.476 = $3 Mil.
Cash Flow from Operations was 84.654 + 97.043 + 21.55 + 92.466 = $296 Mil.
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Total Receivables was $221 Mil.
Revenue was 1882.941 + 1864.286 + 1791.241 + 1563.202 = $7,102 Mil.
Gross Profit was 386.105 + 381.398 + 374.216 + 345.44 = $1,487 Mil.
Total Current Assets was $1,868 Mil.
Total Assets was $3,821 Mil.
Property, Plant and Equipment(Net PPE) was $1,471 Mil.
Depreciation, Depletion and Amortization(DDA) was $199 Mil.
Selling, General, & Admin. Expense(SGA) was $928 Mil.
Total Current Liabilities was $1,429 Mil.
Long-Term Debt & Capital Lease Obligation was $458 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) |
| = | (259.353 / 7925.024) | / | (220.651 / 7101.67) |
| = | 0.032726 | / | 0.03107 |
| | = | 1.0533 |
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) |
| = | (1487.159 / 7101.67) | / | (1593.09 / 7925.024) |
| = | 0.20941 | / | 0.20102 |
| | = | 1.0417 |
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 - (2260.304 + 1608.248) / 4364.241) | / | (1 - (1867.743 + 1471.279) / 3821.066) |
| = | 0.11358 | / | 0.126154 |
| | = | 0.9003 |
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 |
| = | 7925.024 | / | 7101.67 |
| | = | 1.1159 |
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)) |
| = | (199.149 / (199.149 + 1471.279)) | / | (221.141 / (221.141 + 1608.248)) |
| = | 0.11922 | / | 0.120882 |
| | = | 0.9863 |
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) |
| = | (1021.722 / 7925.024) | / | (927.836 / 7101.67) |
| = | 0.128924 | / | 0.13065 |
| | = | 0.9868 |
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) |
| = | ((616.133 + 1673.31) / 4364.241) | / | ((457.945 + 1428.674) / 3821.066) |
| = | 0.524591 | / | 0.493742 |
| | = | 1.0625 |
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 |
| = | (347.055 - 3.44 | - | 295.713) | / | 4364.241 |
| | = | 0.010976 |
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.
Rush Enterprises has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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