Marten Transport Beneish M-Score Historical Data
The historical data trend for Marten Transport'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.
Marten Transport Beneish M-Score Chart
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Marten Transport Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.98 |
-3.53 |
-2.99 |
-2.95 |
-3.01 |
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Marten Transport 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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-3.15 |
-3.19 |
-2.93 |
-3.01 |
-2.99 |
Competitive Comparison of Marten Transport's Beneish M-Score
For the Trucking subindustry, Marten Transport'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.
Marten Transport's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Marten Transport's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Marten Transport's Beneish M-Score falls into.
Marten Transport 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 Marten Transport 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 * 1.1025 | + | 0.528 * 1.1646 | + | 0.404 * 0.901 | + | 0.892 * 0.8497 | + | 0.115 * 1.3377 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1819 | + | 4.679 * -0.117466 | - | 0.327 * 0.918 |
| = | -2.99 |
* 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 $116 Mil.
Revenue was 249.672 + 268.222 + 279.538 + 285.672 = $1,083 Mil.
Gross Profit was 34.938 + 42.014 + 41.637 + 51.991 = $171 Mil.
Total Current Assets was $214 Mil.
Total Assets was $993 Mil.
Property, Plant and Equipment(Net PPE) was $777 Mil.
Depreciation, Depletion and Amortization(DDA) was $87 Mil.
Selling, General, & Admin. Expense(SGA) was $63 Mil.
Total Current Liabilities was $111 Mil.
Long-Term Debt & Capital Lease Obligation was $0 Mil.
Net Income was 9.646 + 12.399 + 13.598 + 21.874 = $58 Mil.
Non Operating Income was 1.967 + 2.67 + 4.031 + 4.627 = $13 Mil.
Cash Flow from Operations was 45.722 + 38.045 + 28.132 + 48.969 = $161 Mil.
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Total Receivables was $123 Mil.
Revenue was 298.023 + 322.584 + 324.448 + 329.565 = $1,275 Mil.
Gross Profit was 53.091 + 56.891 + 59.737 + 64.071 = $234 Mil.
Total Current Assets was $244 Mil.
Total Assets was $979 Mil.
Property, Plant and Equipment(Net PPE) was $734 Mil.
Depreciation, Depletion and Amortization(DDA) was $114 Mil.
Selling, General, & Admin. Expense(SGA) was $62 Mil.
Total Current Liabilities was $120 Mil.
Long-Term Debt & Capital Lease Obligation was $0 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) |
| = | (115.627 / 1083.104) | / | (123.418 / 1274.62) |
| = | 0.106755 | / | 0.096827 |
| | = | 1.1025 |
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) |
| = | (233.79 / 1274.62) | / | (170.58 / 1083.104) |
| = | 0.183419 | / | 0.157492 |
| | = | 1.1646 |
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 - (214.022 + 777.498) / 993.019) | / | (1 - (243.912 + 733.72) / 979.273) |
| = | 0.00151 | / | 0.001676 |
| | = | 0.901 |
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 |
| = | 1083.104 | / | 1274.62 |
| | = | 0.8497 |
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)) |
| = | (114.401 / (114.401 + 733.72)) | / | (87.192 / (87.192 + 777.498)) |
| = | 0.134888 | / | 0.100836 |
| | = | 1.3377 |
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) |
| = | (62.59 / 1083.104) | / | (62.322 / 1274.62) |
| = | 0.057788 | / | 0.048895 |
| | = | 1.1819 |
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) |
| = | ((0.202 + 111.442) / 993.019) | / | ((0.335 + 119.602) / 979.273) |
| = | 0.112429 | / | 0.122476 |
| | = | 0.918 |
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 |
| = | (57.517 - 13.295 | - | 160.868) | / | 993.019 |
| | = | -0.117466 |
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.
Marten Transport has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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