Covenant Logistics Group Beneish M-Score Historical Data
The historical data trend for Covenant Logistics Group'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.
Covenant Logistics Group Beneish M-Score Chart
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Covenant Logistics Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.16 |
-2.67 |
-2.30 |
-3.38 |
-2.54 |
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Covenant Logistics Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.32 |
-2.96 |
-2.68 |
-2.54 |
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Competitive Comparison of Covenant Logistics Group's Beneish M-Score
For the Trucking subindustry, Covenant Logistics Group'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.
Covenant Logistics Group's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Covenant Logistics Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Covenant Logistics Group's Beneish M-Score falls into.
Covenant Logistics Group 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 Covenant Logistics Group 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 * 1.3191 | + | 0.528 * 1.0272 | + | 0.404 * 1.2744 | + | 0.892 * 0.9069 | + | 0.115 * 1.0332 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2305 | + | 4.679 * -0.066616 | - | 0.327 * 1.1477 |
| = | -2.54 |
* 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 $154 Mil.
Revenue was 273.985 + 288.721 + 274.016 + 266.851 = $1,104 Mil.
Gross Profit was 43.133 + 44.022 + 38.146 + 38.901 = $164 Mil.
Total Current Assets was $186 Mil.
Total Assets was $954 Mil.
Property, Plant and Equipment(Net PPE) was $515 Mil.
Depreciation, Depletion and Amortization(DDA) was $70 Mil.
Selling, General, & Admin. Expense(SGA) was $105 Mil.
Total Current Liabilities was $170 Mil.
Long-Term Debt & Capital Lease Obligation was $233 Mil.
Net Income was 12.795 + 13.506 + 12.293 + 16.635 = $55 Mil.
Non Operating Income was 4.93 + 5.937 + 7.368 + 15.734 = $34 Mil.
Cash Flow from Operations was 31.868 + 40.605 + 5.12 + 7.248 = $85 Mil.
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Total Receivables was $128 Mil.
Revenue was 296.057 + 311.839 + 317.377 + 291.585 = $1,217 Mil.
Gross Profit was 38.884 + 49.063 + 52.336 + 45.703 = $186 Mil.
Total Current Assets was $223 Mil.
Total Assets was $797 Mil.
Property, Plant and Equipment(Net PPE) was $408 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General, & Admin. Expense(SGA) was $94 Mil.
Total Current Liabilities was $156 Mil.
Long-Term Debt & Capital Lease Obligation was $137 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) |
| = | (153.61 / 1103.573) | / | (128.406 / 1216.858) |
| = | 0.139193 | / | 0.105523 |
| | = | 1.3191 |
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) |
| = | (185.986 / 1216.858) | / | (164.202 / 1103.573) |
| = | 0.152841 | / | 0.148791 |
| | = | 1.0272 |
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 - (185.945 + 514.655) / 954.438) | / | (1 - (222.656 + 407.735) / 796.645) |
| = | 0.265955 | / | 0.208693 |
| | = | 1.2744 |
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 |
| = | 1103.573 | / | 1216.858 |
| | = | 0.9069 |
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)) |
| = | (57.512 / (57.512 + 407.735)) | / | (69.943 / (69.943 + 514.655)) |
| = | 0.123616 | / | 0.119643 |
| | = | 1.0332 |
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) |
| = | (104.555 / 1103.573) | / | (93.695 / 1216.858) |
| = | 0.094742 | / | 0.076997 |
| | = | 1.2305 |
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) |
| = | ((233.082 + 170.291) / 954.438) | / | ((137.227 + 156.121) / 796.645) |
| = | 0.422629 | / | 0.368229 |
| | = | 1.1477 |
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 |
| = | (55.229 - 33.969 | - | 84.841) | / | 954.438 |
| | = | -0.066616 |
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.
Covenant Logistics Group has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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