Cargojet Beneish M-Score Historical Data
The historical data trend for Cargojet'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.
Cargojet Beneish M-Score Chart
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Cargojet Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.92 |
-3.62 |
-1.93 |
-2.48 |
-2.52 |
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Cargojet 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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-2.48 |
-2.49 |
-3.06 |
-2.79 |
-2.52 |
Competitive Comparison of Cargojet's Beneish M-Score
For the Integrated Freight & Logistics subindustry, Cargojet'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.
Cargojet's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Cargojet's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cargojet's Beneish M-Score falls into.
Cargojet 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 Cargojet 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 * 1.4497 | + | 0.528 * 1.61 | + | 0.404 * 0.8231 | + | 0.892 * 0.87 | + | 0.115 * 0.716 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1006 | + | 4.679 * -0.097006 | - | 0.327 * 1.1366 |
| = | -2.48 |
* 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 $88.8 Mil.
Revenue was 165.4 + 158.155 + 157.835 + 169.48 = $650.9 Mil.
Gross Profit was 12.299 + 24.758 + 31.989 + 33.253 = $102.3 Mil.
Total Current Assets was $207.3 Mil.
Total Assets was $1,517.8 Mil.
Property, Plant and Equipment(Net PPE) was $1,168.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $164.1 Mil.
Selling, General, & Admin. Expense(SGA) was $53.0 Mil.
Total Current Liabilities was $138.9 Mil.
Long-Term Debt & Capital Lease Obligation was $578.6 Mil.
Net Income was -26.014 + 7.76 + 23.408 + 22.29 = $27.4 Mil.
Non Operating Income was 0.298 + 5.912 + 12.419 + 13.082 = $31.7 Mil.
Cash Flow from Operations was 23.479 + 29.118 + 44.257 + 46.116 = $143.0 Mil.
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Total Receivables was $70.4 Mil.
Revenue was 196.54 + 174.451 + 192.596 + 184.518 = $748.1 Mil.
Gross Profit was 45.565 + 43.182 + 47.719 + 52.844 = $189.3 Mil.
Total Current Assets was $85.5 Mil.
Total Assets was $1,462.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,209.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $117.0 Mil.
Selling, General, & Admin. Expense(SGA) was $55.3 Mil.
Total Current Liabilities was $110.8 Mil.
Long-Term Debt & Capital Lease Obligation was $497.3 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) |
| = | (88.849 / 650.87) | / | (70.445 / 748.105) |
| = | 0.136508 | / | 0.094165 |
| | = | 1.4497 |
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) |
| = | (189.31 / 748.105) | / | (102.299 / 650.87) |
| = | 0.253053 | / | 0.157173 |
| | = | 1.61 |
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 - (207.29 + 1168.008) / 1517.815) | / | (1 - (85.462 + 1209.864) / 1462.127) |
| = | 0.093896 | / | 0.114081 |
| | = | 0.8231 |
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 |
| = | 650.87 | / | 748.105 |
| | = | 0.87 |
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)) |
| = | (117.036 / (117.036 + 1209.864)) | / | (164.103 / (164.103 + 1168.008)) |
| = | 0.088203 | / | 0.12319 |
| | = | 0.716 |
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) |
| = | (52.967 / 650.87) | / | (55.315 / 748.105) |
| = | 0.081379 | / | 0.07394 |
| | = | 1.1006 |
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) |
| = | ((578.637 + 138.864) / 1517.815) | / | ((497.313 + 110.784) / 1462.127) |
| = | 0.47272 | / | 0.415899 |
| | = | 1.1366 |
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 |
| = | (27.444 - 31.711 | - | 142.97) | / | 1517.815 |
| | = | -0.097006 |
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.
Cargojet has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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