Ryder System Beneish M-Score Historical Data
The historical data trend for Ryder System'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.
Ryder System Beneish M-Score Chart
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Ryder System Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.06 |
-3.30 |
-2.96 |
-3.00 |
-2.98 |
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Ryder System 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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-3.02 |
-3.24 |
-3.14 |
-2.98 |
-3.04 |
Competitive Comparison of Ryder System's Beneish M-Score
For the Rental & Leasing Services subindustry, Ryder System'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.
Ryder System's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Ryder System's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ryder System's Beneish M-Score falls into.
Ryder System 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 Ryder System 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 * 1.1186 | + | 0.528 * 0.9943 | + | 0.404 * 0.826 | + | 0.892 * 0.9497 | + | 0.115 * 1.2223 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0156 | + | 4.679 * -0.121772 | - | 0.327 * 1.0526 |
| = | -3.05 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was €1,669 Mil.
Revenue was 2850.16 + 2772.091 + 2739.788 + 2661.932 = €11,024 Mil.
Gross Profit was 519.8 + 541.03 + 559.389 + 544.57 = €2,165 Mil.
Total Current Assets was €2,214 Mil.
Total Assets was €15,163 Mil.
Property, Plant and Equipment(Net PPE) was €10,321 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,667 Mil.
Selling, General, & Admin. Expense(SGA) was €1,327 Mil.
Total Current Liabilities was €2,685 Mil.
Long-Term Debt & Capital Lease Obligation was €7,113 Mil.
Net Income was 78.2 + 113.708 + 150.857 + -16.614 = €326 Mil.
Non Operating Income was 17.48 + 20.174 + 35.606 + -120.913 = €-48 Mil.
Cash Flow from Operations was 483.92 + 468.587 + 581.877 + 685.789 = €2,220 Mil.
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Total Receivables was €1,571 Mil.
Revenue was 2757.168 + 2915.072 + 3065.35 + 2870.164 = €11,608 Mil.
Gross Profit was 487.548 + 564.512 + 624.18 + 590.304 = €2,267 Mil.
Total Current Assets was €2,111 Mil.
Total Assets was €13,583 Mil.
Property, Plant and Equipment(Net PPE) was €8,622 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,766 Mil.
Selling, General, & Admin. Expense(SGA) was €1,376 Mil.
Total Current Liabilities was €3,507 Mil.
Long-Term Debt & Capital Lease Obligation was €4,831 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) |
| = | (1668.88 / 11023.971) | / | (1570.988 / 11607.754) |
| = | 0.151386 | / | 0.13534 |
| | = | 1.1186 |
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) |
| = | (2266.544 / 11607.754) | / | (2164.789 / 11023.971) |
| = | 0.195261 | / | 0.196371 |
| | = | 0.9943 |
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 - (2213.52 + 10320.56) / 15162.52) | / | (1 - (2110.84 + 8621.754) / 13583.162) |
| = | 0.173351 | / | 0.20986 |
| | = | 0.826 |
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 |
| = | 11023.971 | / | 11607.754 |
| | = | 0.9497 |
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)) |
| = | (1765.582 / (1765.582 + 8621.754)) | / | (1667.025 / (1667.025 + 10320.56)) |
| = | 0.169974 | / | 0.139063 |
| | = | 1.2223 |
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) |
| = | (1326.944 / 11023.971) | / | (1375.776 / 11607.754) |
| = | 0.120369 | / | 0.118522 |
| | = | 1.0156 |
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) |
| = | ((7112.52 + 2684.56) / 15162.52) | / | ((4830.648 + 3507.17) / 13583.162) |
| = | 0.646138 | / | 0.613835 |
| | = | 1.0526 |
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 |
| = | (326.151 - -47.653 | - | 2220.173) | / | 15162.52 |
| | = | -0.121772 |
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.
Ryder System has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
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