Trinity Industries Beneish M-Score Historical Data
The historical data trend for Trinity Industries'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.
Trinity Industries Beneish M-Score Chart
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Trinity Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-1.17 |
-3.34 |
-1.88 |
-2.33 |
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Trinity Industries 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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-1.88 |
-1.82 |
-1.96 |
-2.05 |
-2.33 |
Competitive Comparison of Trinity Industries's Beneish M-Score
For the Railroads subindustry, Trinity Industries'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.
Trinity Industries's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Trinity Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Trinity Industries's Beneish M-Score falls into.
Trinity Industries 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 Trinity Industries 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 * 0.7376 | + | 0.528 * 1.0525 | + | 0.404 * 1.0318 | + | 0.892 * 1.5088 | + | 0.115 * 0.9604 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7218 | + | 4.679 * -0.031224 | - | 0.327 * 1.0123 |
| = | -2.33 |
* 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 $369 Mil.
Revenue was 797.9 + 821.3 + 722.4 + 641.7 = $2,983 Mil.
Gross Profit was 160.9 + 141.8 + 121.2 + 103.2 = $527 Mil.
Total Current Assets was $1,288 Mil.
Total Assets was $8,907 Mil.
Property, Plant and Equipment(Net PPE) was $7,005 Mil.
Depreciation, Depletion and Amortization(DDA) was $293 Mil.
Selling, General, & Admin. Expense(SGA) was $202 Mil.
Total Current Liabilities was $608 Mil.
Long-Term Debt & Capital Lease Obligation was $5,754 Mil.
Net Income was 62.8 + 21.8 + 17 + 4.4 = $106 Mil.
Non Operating Income was 35.9 + 8.4 + 30.9 + 13.3 = $89 Mil.
Cash Flow from Operations was 87.9 + 72.8 + 35.5 + 99.4 = $296 Mil.
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Total Receivables was $331 Mil.
Revenue was 591.2 + 496.6 + 416.8 + 472.7 = $1,977 Mil.
Gross Profit was 101 + 101.3 + 91.2 + 74.2 = $368 Mil.
Total Current Assets was $1,255 Mil.
Total Assets was $8,724 Mil.
Property, Plant and Equipment(Net PPE) was $6,887 Mil.
Depreciation, Depletion and Amortization(DDA) was $276 Mil.
Selling, General, & Admin. Expense(SGA) was $185 Mil.
Total Current Liabilities was $549 Mil.
Long-Term Debt & Capital Lease Obligation was $5,608 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) |
| = | (368.7 / 2983.3) | / | (331.3 / 1977.3) |
| = | 0.123588 | / | 0.167552 |
| | = | 0.7376 |
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) |
| = | (367.7 / 1977.3) | / | (527.1 / 2983.3) |
| = | 0.185961 | / | 0.176684 |
| | = | 1.0525 |
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 - (1288.1 + 7004.8) / 8906.5) | / | (1 - (1255 + 6886.8) / 8724.3) |
| = | 0.068894 | / | 0.066768 |
| | = | 1.0318 |
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 |
| = | 2983.3 | / | 1977.3 |
| | = | 1.5088 |
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)) |
| = | (276.4 / (276.4 + 6886.8)) | / | (293.2 / (293.2 + 7004.8)) |
| = | 0.038586 | / | 0.040175 |
| | = | 0.9604 |
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) |
| = | (201.9 / 2983.3) | / | (185.4 / 1977.3) |
| = | 0.067677 | / | 0.093764 |
| | = | 0.7218 |
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) |
| = | ((5754.2 + 607.6) / 8906.5) | / | ((5607.6 + 548.5) / 8724.3) |
| = | 0.714287 | / | 0.705627 |
| | = | 1.0123 |
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 |
| = | (106 - 88.5 | - | 295.6) | / | 8906.5 |
| | = | -0.031224 |
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.
Trinity Industries has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.
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