GXO Logistics Beneish M-Score Historical Data
The historical data trend for GXO Logistics'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.
GXO Logistics Beneish M-Score Chart
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GXO Logistics Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
-2.52 |
-2.56 |
-2.57 |
-2.42 |
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GXO Logistics 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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-2.57 |
-2.57 |
-2.45 |
-2.30 |
-2.42 |
Competitive Comparison of GXO Logistics's Beneish M-Score
For the Integrated Freight & Logistics subindustry, GXO Logistics'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.
GXO Logistics's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, GXO Logistics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GXO Logistics's Beneish M-Score falls into.
GXO Logistics 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 GXO Logistics 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 * 0.8933 | + | 0.528 * 1.1485 | + | 0.404 * 1.1451 | + | 0.892 * 1.1965 | + | 0.115 * 1.0032 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8873 | + | 4.679 * -0.024313 | - | 0.327 * 1.0546 |
| = | -2.38 |
* 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 €1,718 Mil.
Revenue was 3103.75 + 2844.457 + 2643.934 + 2259.52 = €10,852 Mil.
Gross Profit was 382 + 337.875 + 332.582 + 283.36 = €1,336 Mil.
Total Current Assets was €2,522 Mil.
Total Assets was €10,759 Mil.
Property, Plant and Equipment(Net PPE) was €3,332 Mil.
Depreciation, Depletion and Amortization(DDA) was €385 Mil.
Selling, General, & Admin. Expense(SGA) was €983 Mil.
Total Current Liabilities was €3,045 Mil.
Long-Term Debt & Capital Lease Obligation was €4,220 Mil.
Net Income was 95.5 + 29.733 + 35.302 + -34.04 = €126 Mil.
Non Operating Income was -20.055 + -22.525 + -0.929 + -77.28 = €-121 Mil.
Cash Flow from Operations was 177.63 + 178.398 + 106.835 + 46 = €509 Mil.
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Total Receivables was €1,608 Mil.
Revenue was 2375.03 + 2315.327 + 2209.662 + 2169.682 = €9,070 Mil.
Gross Profit was 309.029 + 335.446 + 325.819 + 311.956 = €1,282 Mil.
Total Current Assets was €2,355 Mil.
Total Assets was €8,718 Mil.
Property, Plant and Equipment(Net PPE) was €2,892 Mil.
Depreciation, Depletion and Amortization(DDA) was €335 Mil.
Selling, General, & Admin. Expense(SGA) was €926 Mil.
Total Current Liabilities was €2,408 Mil.
Long-Term Debt & Capital Lease Obligation was €3,175 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) |
| = | (1718.045 / 10851.661) | / | (1607.501 / 9069.701) |
| = | 0.158321 | / | 0.177239 |
| | = | 0.8933 |
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) |
| = | (1282.25 / 9069.701) | / | (1335.817 / 10851.661) |
| = | 0.141377 | / | 0.123098 |
| | = | 1.1485 |
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 - (2522.155 + 3331.995) / 10759.03) | / | (1 - (2354.856 + 2892.218) / 8717.919) |
| = | 0.455885 | / | 0.398128 |
| | = | 1.1451 |
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 |
| = | 10851.661 | / | 9069.701 |
| | = | 1.1965 |
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)) |
| = | (334.972 / (334.972 + 2892.218)) | / | (384.537 / (384.537 + 3331.995)) |
| = | 0.103797 | / | 0.103467 |
| | = | 1.0032 |
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) |
| = | (983.21 / 10851.661) | / | (926.182 / 9069.701) |
| = | 0.090605 | / | 0.102118 |
| | = | 0.8873 |
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) |
| = | ((4220.145 + 3045.495) / 10759.03) | / | ((3174.654 + 2408.042) / 8717.919) |
| = | 0.675306 | / | 0.64037 |
| | = | 1.0546 |
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 |
| = | (126.495 - -120.789 | - | 508.863) | / | 10759.03 |
| | = | -0.024313 |
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.
GXO Logistics has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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