United Rentals Beneish M-Score Historical Data
The historical data trend for United Rentals'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.
United Rentals Beneish M-Score Chart
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United Rentals Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.90 |
-3.01 |
-2.80 |
-2.72 |
-2.83 |
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United Rentals 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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-2.67 |
-2.69 |
-2.67 |
-2.83 |
-2.79 |
Competitive Comparison of United Rentals's Beneish M-Score
For the Rental & Leasing Services subindustry, United Rentals'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.
United Rentals's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, United Rentals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United Rentals's Beneish M-Score falls into.
United Rentals 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 United Rentals 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 * 0.8869 | + | 0.528 * 1.0396 | + | 0.404 * 1.0567 | + | 0.892 * 1.1305 | + | 0.115 * 0.9254 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8972 | + | 4.679 * -0.08536 | - | 0.327 * 0.9882 |
| = | -2.81 |
* 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 €2,043 Mil.
Revenue was 3206.2 + 3418.576 + 3527.805 + 3280.342 = €13,433 Mil.
Gross Profit was 1238.32 + 1432.354 + 1485.145 + 1315.275 = €5,471 Mil.
Total Current Assets was €2,768 Mil.
Total Assets was €24,525 Mil.
Property, Plant and Equipment(Net PPE) was €14,790 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,564 Mil.
Selling, General, & Admin. Expense(SGA) was €1,418 Mil.
Total Current Liabilities was €3,095 Mil.
Long-Term Debt & Capital Lease Obligation was €11,301 Mil.
Net Income was 498.64 + 622.643 + 658.711 + 545.493 = €2,325 Mil.
Non Operating Income was 1.84 + -3.668 + 1.874 + -9.23 = €-9 Mil.
Cash Flow from Operations was 946.68 + 1296.638 + 995.094 + 1189.747 = €4,428 Mil.
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Total Receivables was €2,038 Mil.
Revenue was 3068.19 + 3111.424 + 3081.51 + 2621.366 = €11,882 Mil.
Gross Profit was 1159.094 + 1404.672 + 1379.66 + 1087.9 = €5,031 Mil.
Total Current Assets was €2,449 Mil.
Total Assets was €23,003 Mil.
Property, Plant and Equipment(Net PPE) was €14,371 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,276 Mil.
Selling, General, & Admin. Expense(SGA) was €1,398 Mil.
Total Current Liabilities was €2,130 Mil.
Long-Term Debt & Capital Lease Obligation was €11,534 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) |
| = | (2043.32 / 13432.923) | / | (2037.988 / 11882.49) |
| = | 0.152113 | / | 0.171512 |
| | = | 0.8869 |
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) |
| = | (5031.326 / 11882.49) | / | (5471.094 / 13432.923) |
| = | 0.423424 | / | 0.40729 |
| | = | 1.0396 |
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 - (2768.28 + 14789.92) / 24525.36) | / | (1 - (2448.948 + 14370.524) / 23003.486) |
| = | 0.28408 | / | 0.268829 |
| | = | 1.0567 |
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 |
| = | 13432.923 | / | 11882.49 |
| | = | 1.1305 |
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)) |
| = | (2275.958 / (2275.958 + 14370.524)) | / | (2563.892 / (2563.892 + 14789.92)) |
| = | 0.136723 | / | 0.147742 |
| | = | 0.9254 |
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) |
| = | (1417.593 / 13432.923) | / | (1397.658 / 11882.49) |
| = | 0.105531 | / | 0.117623 |
| | = | 0.8972 |
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) |
| = | ((11301.28 + 3094.88) / 24525.36) | / | ((11533.966 + 2129.52) / 23003.486) |
| = | 0.586991 | / | 0.593975 |
| | = | 0.9882 |
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 |
| = | (2325.487 - -9.184 | - | 4428.159) | / | 24525.36 |
| | = | -0.08536 |
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.
United Rentals has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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