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Knight-Swift Transportation Holdings Beneish M-Score

: -2.62 (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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NYSE:KNX' s Beneish M-Score Range Over the Past 10 Years
Min: -10.38   Med: -2.79   Max: 2.88
Current: -2.62

-10.38
2.88

During the past 13 years, the highest Beneish M-Score of Knight-Swift Transportation Holdings was 2.88. The lowest was -10.38. And the median was -2.79.


Knight-Swift Transportation Holdings Beneish M-Score Historical Data

The historical data trend for Knight-Swift Transportation Holdings'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.

Knight-Swift Transportation Holdings Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.87 1.93 -2.24 -2.94 -2.77

Knight-Swift Transportation Holdings Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
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 -2.78 -2.75 -2.77 -2.84 -2.62

Competitive Comparison

For the Trucking subindustry, Knight-Swift Transportation Holdings'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.

   

Knight-Swift Transportation Holdings Beneish M-Score Distribution

For the Transportation industry and Industrials sector, Knight-Swift Transportation Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Knight-Swift Transportation Holdings's Beneish M-Score falls into.



Knight-Swift Transportation Holdings 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 Knight-Swift Transportation Holdings 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 * 1.1323+0.528 * 0.8056+0.404 * 0.9722+0.892 * 1.0969+0.115 * 0.9521
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9666+4.679 * -0.0561-0.327 * 0.9216
=-2.62

* 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 (Jun21) TTM:Last Year (Jun20) TTM:
Accounts Receivable was $648 Mil.
Revenue was 1315.701 + 1223.014 + 1277.961 + 1210.406 = $5,027 Mil.
Gross Profit was 287.574 + 259.58 + 300.497 + 266.877 = $1,115 Mil.
Total Current Assets was $1,075 Mil.
Total Assets was $8,682 Mil.
Property, Plant and Equipment(Net PPE) was $3,103 Mil.
Depreciation, Depletion and Amortization(DDA) was $526 Mil.
Selling, General, & Admin. Expense(SGA) was $227 Mil.
Total Current Liabilities was $706 Mil.
Long-Term Debt & Capital Lease Obligation was $581 Mil.
Net Income was 152.804 + 129.79 + 142.329 + 122.058 = $547 Mil.
Non Operating Income was 16.84 + 16.105 + -2.302 + 7.484 = $38 Mil.
Cash Flow from Operations was 153.391 + 306.113 + 264.626 + 271.659 = $996 Mil.
Accounts Receivable was $522 Mil.
Revenue was 1060.698 + 1124.798 + 1196.81 + 1200.522 = $4,583 Mil.
Gross Profit was 194.385 + 207.36 + 223.227 + 193.518 = $818 Mil.
Total Current Assets was $830 Mil.
Total Assets was $8,279 Mil.
Property, Plant and Equipment(Net PPE) was $3,032 Mil.
Depreciation, Depletion and Amortization(DDA) was $485 Mil.
Selling, General, & Admin. Expense(SGA) was $214 Mil.
Total Current Liabilities was $971 Mil.
Long-Term Debt & Capital Lease Obligation was $359 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(648.435 / 5027.082) / (522.075 / 4582.828)
=0.12898835 / 0.11391983
=1.1323

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)
=(818.49 / 4582.828) / (1114.528 / 5027.082)
=0.17859933 / 0.22170476
=0.8056

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 - (1074.877 + 3103.074) / 8682.459) / (1 - (829.5 + 3031.523) / 8279.028)
=0.51880556 / 0.53363813
=0.9722

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
=5027.082 / 4582.828
=1.0969

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))
=(485.468 / (485.468 + 3031.523)) / (526.154 / (526.154 + 3103.074))
=0.13803504 / 0.14497684
=0.9521

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)
=(227.169 / 5027.082) / (214.239 / 4582.828)
=0.04518904 / 0.04674821
=0.9666

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)
=((580.821 + 705.548) / 8682.459) / ((359.445 + 971.483) / 8279.028)
=0.14815722 / 0.16075897
=0.9216

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
=(546.981 - 38.127 - 995.789) / 8682.459
=-0.0561

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.

Knight-Swift Transportation Holdings has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.


Knight-Swift Transportation Holdings Beneish M-Score Related Terms

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Knight-Swift Transportation Holdings Business Description

Knight-Swift Transportation Holdings logo
Industry
Industrials » Transportation NAICS : 484121 SIC : 4213
Traded in Other Exchanges
Address
20002 North 19th Avenue, Phoenix, AZ, USA, 85027
Knight-Swift Transportation is by far the largest asset-based full-truckload carrier in the United States. About 80% of revenue derives from asset-based truckload shipping operations (including for-hire dry van, refrigerated, and dedicated contract). The remainder stems from truck brokerage and other asset-light logistics services (8%), as well as intermodal (8%), which uses the Class-I railroads for the underlying movement of the firm's shipping containers and also offers drayage services.
Executives
Moyes Vickie 10 percent owner SWIFT TRANSPORTATION COMPANY 2200 SOUTH 75TH AVENUE PHOENIX AZ 85043
Moyes Jerry 10 percent owner, other: Member of 10% group SWIFT TRANSPORTATION COMPANY 2200 SOUTH 75TH AVENUE PHOENIX AZ 85043
Moyes Jerry & Vickie Family Trust 10 percent owner SWIFT TRANSPORTATION COMPANY 2200 SOUTH 75TH AVENUE PHOENIX AZ 85043
Garnreiter Michael director 6735 E. GREENWAY PARKWAY UNIT #2049 SCOTTSDALE AZ 85254
Nester Lyndee Moyes other: Member of 10% owner group PO BOX 1397 TOLLESON AZ 85353
Moyes Michael other: Member of 10% owner group SWIFT TRANSPORTATION COMPANY 2200 SOUTH 75TH AVENUE PHOENIX AZ 85043
Breen Shannon officer: Sr. VP Logistics/Intermodal 2200 SOUTH 75TH AVENUE PHOENIX AZ 85027
Flanagan Cary M officer: SVP and CAO SWIFT TRANSPORTATION COMPANY 2200 SOUTH 75TH AVENUE PHOENIX AZ 85043
Harrington Timothy Sean officer: Exec Vice Pres Sales 2200 NORTH 75TH AVENUE PHOENIX AZ 85027
Knight Gary J director, officer: Vice Chairman PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: KNIGHT GARY J a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Knight Kevin P director, officer: Executive Chairman 5601 WEST BUCKEYE ROAD PHOENIX AZ 85043
Liu Michael K officer: Exec. VP of Ops, Knight Trans 5601 WEST BUCKEYE ROAD PHOENIX AZ 85043
Jackson David A director, officer: President and CEO PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: JACKSON DAVID A a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Yu Wayne officer: CAO of Knight Trans. Inc. 5601 WEST BUCKEYE ROAD PHOENIX AZ 85043
Carlson Todd F. officer: General Counsel and Secretary 5601 WEST BUCKEYE ROAD PHOENIX AZ 85043

Knight-Swift Transportation Holdings Headlines

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