Schneider National Beneish M-Score Historical Data
The historical data trend for Schneider National'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.
Schneider National Beneish M-Score Chart
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Schneider National Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.86 |
-2.42 |
-2.97 |
-2.69 |
-2.99 |
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Schneider National Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.69 |
-2.64 |
-2.80 |
-2.95 |
-2.99 |
Competitive Comparison of Schneider National's Beneish M-Score
For the Trucking subindustry, Schneider National'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.
Schneider National's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Schneider National's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Schneider National's Beneish M-Score falls into.
Schneider National 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 Schneider National 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 * 1.0516 | + | 0.528 * 1.2201 | + | 0.404 * 1.0139 | + | 0.892 * 0.9621 | + | 0.115 * 1.0241 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0904 | + | 4.679 * -0.115208 | - | 0.327 * 1.2931 |
| = | -2.99 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $740 Mil.
Revenue was 1339.1 + 1315.7 + 1316.7 + 1319 = $5,291 Mil.
Gross Profit was 128 + 111.3 + 110.7 + 91.1 = $441 Mil.
Total Current Assets was $1,115 Mil.
Total Assets was $4,934 Mil.
Property, Plant and Equipment(Net PPE) was $2,869 Mil.
Depreciation, Depletion and Amortization(DDA) was $414 Mil.
Selling, General, & Admin. Expense(SGA) was $276 Mil.
Total Current Liabilities was $705 Mil.
Long-Term Debt & Capital Lease Obligation was $421 Mil.
Net Income was 32.6 + 30.6 + 35.3 + 18.5 = $117 Mil.
Non Operating Income was 1.9 + -1.2 + -0.6 + -0.8 = $-1 Mil.
Cash Flow from Operations was 199.5 + 206.4 + 182.6 + 97.6 = $686 Mil.
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Total Receivables was $731 Mil.
Revenue was 1371.7 + 1352 + 1346.5 + 1428.7 = $5,499 Mil.
Gross Profit was 105.1 + 120.6 + 158.6 + 175.1 = $559 Mil.
Total Current Assets was $1,111 Mil.
Total Assets was $4,557 Mil.
Property, Plant and Equipment(Net PPE) was $2,582 Mil.
Depreciation, Depletion and Amortization(DDA) was $383 Mil.
Selling, General, & Admin. Expense(SGA) was $263 Mil.
Total Current Liabilities was $606 Mil.
Long-Term Debt & Capital Lease Obligation was $198 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) |
| = | (739.5 / 5290.5) | / | (730.9 / 5498.9) |
| = | 0.139779 | / | 0.132917 |
| | = | 1.0516 |
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) |
| = | (559.4 / 5498.9) | / | (441.1 / 5290.5) |
| = | 0.101729 | / | 0.083376 |
| | = | 1.2201 |
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 - (1115.3 + 2869.4) / 4933.7) | / | (1 - (1110.9 + 2581.7) / 4557.2) |
| = | 0.192351 | / | 0.189722 |
| | = | 1.0139 |
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 |
| = | 5290.5 | / | 5498.9 |
| | = | 0.9621 |
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)) |
| = | (382.5 / (382.5 + 2581.7)) | / | (413.7 / (413.7 + 2869.4)) |
| = | 0.12904 | / | 0.126009 |
| | = | 1.0241 |
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) |
| = | (275.9 / 5290.5) | / | (263 / 5498.9) |
| = | 0.05215 | / | 0.047828 |
| | = | 1.0904 |
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) |
| = | ((420.8 + 704.5) / 4933.7) | / | ((197.6 + 606.2) / 4557.2) |
| = | 0.228084 | / | 0.17638 |
| | = | 1.2931 |
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 |
| = | (117 - -0.7 | - | 686.1) | / | 4933.7 |
| | = | -0.115208 |
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.
Schneider National has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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