Swift Transportation Co Beneish M-Score Historical Data
The historical data trend for Swift Transportation Co'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.
Swift Transportation Co Beneish M-Score Chart
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Swift Transportation Co Annual Data
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Trend |
Dec05 |
Dec06 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.75 |
-2.92 |
-2.56 |
-3.37 |
-3.03 |
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Swift Transportation Co Quarterly Data
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Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
| Beneish M-Score |
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-3.33 |
-3.33 |
-3.03 |
-3.01 |
-2.97 |
Competitive Comparison of Swift Transportation Co's Beneish M-Score
For the Trucking subindustry, Swift Transportation Co'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.
Swift Transportation Co's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Swift Transportation Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Swift Transportation Co's Beneish M-Score falls into.
Swift Transportation Co 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 Swift Transportation Co 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 * 0.9907 | + | 0.528 * 1.051 | + | 0.404 * 1.0373 | + | 0.892 * 0.9696 | + | 0.115 * 0.9625 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0232 | + | 4.679 * -0.114429 | - | 0.327 * 0.8557 |
| = | -2.97 |
* 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 (Jun17) TTM: | Last Year (Jun16) TTM: |
Total Receivables was $410 Mil.
Revenue was 993.058 + 963.831 + 1038.614 + 1013.226 = $4,009 Mil.
Gross Profit was 399.903 + 366.701 + 427.134 + 398.78 = $1,593 Mil.
Total Current Assets was $598 Mil.
Total Assets was $2,591 Mil.
Property, Plant and Equipment(Net PPE) was $1,459 Mil.
Depreciation, Depletion and Amortization(DDA) was $282 Mil.
Selling, General, & Admin. Expense(SGA) was $1,141 Mil.
Total Current Liabilities was $412 Mil.
Long-Term Debt & Capital Lease Obligation was $593 Mil.
Net Income was 26.297 + 5.207 + 50.442 + 24.024 = $106 Mil.
Non Operating Income was -3.962 + -0.974 + 0.828 + 1.223 = $-3 Mil.
Cash Flow from Operations was 64.064 + 118.898 + 137.479 + 84.863 = $405 Mil.
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Total Receivables was $427 Mil.
Revenue was 1011.854 + 967.823 + 1089.801 + 1064.973 = $4,134 Mil.
Gross Profit was 425.233 + 405.945 + 475.184 + 419.919 = $1,726 Mil.
Total Current Assets was $694 Mil.
Total Assets was $2,773 Mil.
Property, Plant and Equipment(Net PPE) was $1,529 Mil.
Depreciation, Depletion and Amortization(DDA) was $283 Mil.
Selling, General, & Admin. Expense(SGA) was $1,150 Mil.
Total Current Liabilities was $400 Mil.
Long-Term Debt & Capital Lease Obligation was $857 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) |
| = | (410.276 / 4008.729) | / | (427.102 / 4134.451) |
| = | 0.102346 | / | 0.103303 |
| | = | 0.9907 |
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) |
| = | (1726.281 / 4134.451) | / | (1592.518 / 4008.729) |
| = | 0.417536 | / | 0.397263 |
| | = | 1.051 |
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 - (598.326 + 1458.572) / 2590.688) | / | (1 - (693.504 + 1528.558) / 2772.866) |
| = | 0.206042 | / | 0.198641 |
| | = | 1.0373 |
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 |
| = | 4008.729 | / | 4134.451 |
| | = | 0.9696 |
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)) |
| = | (282.846 / (282.846 + 1528.558)) | / | (282.431 / (282.431 + 1458.572)) |
| = | 0.156147 | / | 0.162223 |
| | = | 0.9625 |
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) |
| = | (1140.652 / 4008.729) | / | (1149.699 / 4134.451) |
| = | 0.284542 | / | 0.278078 |
| | = | 1.0232 |
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) |
| = | ((592.916 + 412.024) / 2590.688) | / | ((856.643 + 400.356) / 2772.866) |
| = | 0.387905 | / | 0.453321 |
| | = | 0.8557 |
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 |
| = | (105.97 - -2.885 | - | 405.304) | / | 2590.688 |
| | = | -0.114429 |
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.
Swift Transportation Co has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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