SF Holding Co Beneish M-Score Historical Data
The historical data trend for SF Holding 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.
SF Holding Co Beneish M-Score Chart
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SF Holding Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.36 |
-2.34 |
-1.18 |
-3.09 |
-2.88 |
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SF Holding Co 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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-3.09 |
-3.10 |
-3.06 |
-2.97 |
-2.88 |
Competitive Comparison of SF Holding Co's Beneish M-Score
For the Integrated Freight & Logistics subindustry, SF Holding 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.
SF Holding Co's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, SF Holding Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SF Holding Co's Beneish M-Score falls into.
SF Holding 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 SF Holding 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 * 1.0331 | + | 0.528 * 0.9743 | + | 0.404 * 1.0233 | + | 0.892 * 0.9661 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0928 | + | 4.679 * -0.082781 | - | 0.327 * 0.9748 |
| = | -2.88 |
* 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 ¥30,662 Mil.
Revenue was 69397.804 + 64646.001 + 63317.52 + 61048.078 = ¥258,409 Mil.
Gross Profit was 8582.989 + 7742.263 + 8350.65 + 8459.668 = ¥33,136 Mil.
Total Current Assets was ¥90,991 Mil.
Total Assets was ¥221,491 Mil.
Property, Plant and Equipment(Net PPE) was ¥72,036 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥5,881 Mil.
Total Current Liabilities was ¥73,990 Mil.
Long-Term Debt & Capital Lease Obligation was ¥38,189 Mil.
Net Income was 1970.035 + 2088.176 + 2456.224 + 1720.058 = ¥8,234 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 5593.725 + 7151.267 + 9519.625 + 4305.202 = ¥26,570 Mil.
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Total Receivables was ¥30,724 Mil.
Revenue was 68343.063 + 69083.218 + 67079.948 + 62984.185 = ¥267,490 Mil.
Gross Profit was 8686.238 + 8445.993 + 8565.196 + 7720.627 = ¥33,418 Mil.
Total Current Assets was ¥90,673 Mil.
Total Assets was ¥216,843 Mil.
Property, Plant and Equipment(Net PPE) was ¥70,237 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥5,571 Mil.
Total Current Liabilities was ¥77,677 Mil.
Long-Term Debt & Capital Lease Obligation was ¥34,982 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) |
| = | (30662.311 / 258409.403) | / | (30724.22 / 267490.414) |
| = | 0.118658 | / | 0.114861 |
| | = | 1.0331 |
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) |
| = | (33418.054 / 267490.414) | / | (33135.57 / 258409.403) |
| = | 0.124932 | / | 0.128229 |
| | = | 0.9743 |
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 - (90990.68 + 72036.309) / 221490.655) | / | (1 - (90673.493 + 70237.039) / 216842.707) |
| = | 0.263955 | / | 0.257939 |
| | = | 1.0233 |
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 |
| = | 258409.403 | / | 267490.414 |
| | = | 0.9661 |
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)) |
| = | (0 / (0 + 70237.039)) | / | (0 / (0 + 72036.309)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (5880.988 / 258409.403) | / | (5570.864 / 267490.414) |
| = | 0.022758 | / | 0.020826 |
| | = | 1.0928 |
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) |
| = | ((38188.518 + 73989.641) / 221490.655) | / | ((34981.89 + 77676.909) / 216842.707) |
| = | 0.506469 | / | 0.519542 |
| | = | 0.9748 |
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 |
| = | (8234.493 - 0 | - | 26569.819) | / | 221490.655 |
| | = | -0.082781 |
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.
SF Holding Co has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.
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