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Amerco Beneish M-Score

: -2.69 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Amerco's Beneish M-Score or its related term are showing as below:

UHAL' s Beneish M-Score Range Over the Past 10 Years
Min: -4.66   Med: -2.75   Max: -2.13
Current: -2.69

During the past 13 years, the highest Beneish M-Score of Amerco was -2.13. The lowest was -4.66. And the median was -2.75.


Amerco Beneish M-Score Historical Data

The historical data trend for Amerco'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.

* Premium members only.

Amerco Annual Data
Trend Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.70 -2.54 -2.88 -2.57 -2.61

Amerco Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.53 -2.60 -2.55 -2.61 -2.69

Competitive Comparison

For the Rental & Leasing Services subindustry, Amerco'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.

   

Amerco Beneish M-Score Distribution

For the Business Services industry and Industrials sector, Amerco's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Amerco's Beneish M-Score falls into.



Amerco 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 Amerco 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 * 0.8484+0.528 * 0.9999+0.404 * 0.843+0.892 * 1.1665+0.115 * 1.0667
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8432+4.679 * -0.0367-0.327 * 1.0507
=-2.69

* 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 (Jun22) TTM:Last Year (Jun21) TTM:
Total Receivables was $265 Mil.
Revenue was 1597.84 + 1198.301 + 1404.336 + 1664.254 = $5,865 Mil.
Gross Profit was 1518.169 + 1132.164 + 1347.294 + 1597.763 = $5,595 Mil.
Total Current Assets was $3,759 Mil.
Total Assets was $17,832 Mil.
Property, Plant and Equipment(Net PPE) was $10,662 Mil.
Depreciation, Depletion and Amortization(DDA) was $703 Mil.
Selling, General, & Admin. Expense(SGA) was $213 Mil.
Total Current Liabilities was $1,711 Mil.
Long-Term Debt & Capital Lease Obligation was $6,305 Mil.
Net Income was 334.002 + 86.747 + 281.466 + 409.898 = $1,112 Mil.
Non Operating Income was -10.283 + -9.424 + -10.16 + -7.553 = $-37 Mil.
Cash Flow from Operations was 651.371 + 157.084 + 270.031 + 724.907 = $1,803 Mil.
Total Receivables was $268 Mil.
Revenue was 1472.856 + 1059.858 + 1169.982 + 1324.908 = $5,028 Mil.
Gross Profit was 1402.941 + 1005.315 + 1124.23 + 1263.975 = $4,796 Mil.
Total Current Assets was $2,212 Mil.
Total Assets was $15,115 Mil.
Property, Plant and Equipment(Net PPE) was $9,474 Mil.
Depreciation, Depletion and Amortization(DDA) was $669 Mil.
Selling, General, & Admin. Expense(SGA) was $217 Mil.
Total Current Liabilities was $1,704 Mil.
Long-Term Debt & Capital Lease Obligation was $4,763 Mil.




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)
=(264.764 / 5864.731) / (267.537 / 5027.604)
=0.04514512 / 0.05321362
=0.8484

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)
=(4796.461 / 5027.604) / (5595.39 / 5864.731)
=0.95402522 / 0.95407445
=0.9999

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 - (3759.328 + 10662.121) / 17831.604) / (1 - (2212.061 + 9473.716) / 15114.882)
=0.19124219 / 0.22686945
=0.843

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
=5864.731 / 5027.604
=1.1665

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))
=(669.301 / (669.301 + 9473.716)) / (703.059 / (703.059 + 10662.121))
=0.06598638 / 0.06186079
=1.0667

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)
=(213.187 / 5864.731) / (216.747 / 5027.604)
=0.03635069 / 0.04311139
=0.8432

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)
=((6304.841 + 1710.647) / 17831.604) / ((4762.773 + 1703.941) / 15114.882)
=0.44951021 / 0.42783754
=1.0507

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
=(1112.113 - -37.42 - 1803.393) / 17831.604
=-0.0367

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.

Amerco has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.


Amerco Business Description

Amerco logo
Traded in Other Exchanges
Address
5555 Kietzke Lane, Suite 100, Reno, NV, USA, 89511
Amerco Inc is an American provider of rental trucks to household movers. The company operates a fleet of trucks, trailers, and towing devices under the U-Haul brand. The service is targeted at do-it-yourself household movers. Amerco offers its products and services through a network of retail moving stores and independent U-Haul dealers. The company also offers self-storage solutions for household and commercial goods, as well as insurance products covering loss on goods in storage, medical, life, and cargo protection. It operates in three segments: Moving and Storage, Property and Casualty Insurance, and Life Insurance.
Executives
Martz Carrie other: Advisory Board Member 21335 N. 74TH WAY SCOTTSDALE AZ 85225
Shoen Edward J director, 10 percent owner, officer: Chairman/President 2727 N CENTRAL AVE PHOENIX AZ 85004
Shoen Mark V 10 percent owner 2727 N CENTRAL AVE PHOENIX AZ 85004
Willow Grove Holdings Lp 10 percent owner 1250 E. MISSOURI AVE PHOENIX AZ 85014
Foster Road Llc 10 percent owner 1250 E. MISSOURI AVE PHOENIX AZ 85014
Bell Maria Lourdes officer: Chief Accounting Officer 2727 N. CENTRAL AVE PHOENIX AZ 85004
Braccia Matthew officer: Pres-Amerco Real Estate Co. 2727 N. CENTRAL AVE. PHOENIX AZ 85004
Hayes Thomas W other: Ind. Gov Committee Member C/O FREMONT GENERAL CORP 2020 SANTA MONICA BLVD #600 SANTA MONICA CA 90404
Vizcarra Carlos officer: Pres-Amerco Real Estate Co 2727 N CENTRAL AVE PHOENIX AZ 85004
Herrera Richard Jay director 21 BRILLIANT SKY DRIVE SANTE FE NM 87508
Hillman Amy J other: Ind. Gov. Committee Member C/O CDK GLOBAL, INC., 1950 HASSELL RD. HOFFMAN ESTATES IL 60169
Shank Roberta Roberts other: Advisory Board Member 20002 NORTH 19TH AVENUE PHOENIX AZ 85027
Grogan James J director 2727 N CENTRAL AVENUE PHOENIX AZ 85004
Schmidt Karl A. director 600 HERITAGE RD. DE PERE WI 54115
Thompson Mary K officer: Chief Accounting Officer 2727 N CENTRAL AVE PHOENIX AZ 85004

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