Landstar System Beneish M-Score Historical Data
The historical data trend for Landstar 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.
Landstar System Beneish M-Score Chart
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Landstar 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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-2.84 |
-2.19 |
-1.75 |
-3.09 |
-3.05 |
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Landstar 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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-3.45 |
-3.49 |
-3.24 |
-3.05 |
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Competitive Comparison of Landstar System's Beneish M-Score
For the Integrated Freight & Logistics subindustry, Landstar 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.
Landstar System's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Landstar System's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Landstar System's Beneish M-Score falls into.
Landstar 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 Landstar 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 * 1.0778 | + | 0.528 * 0.9587 | + | 0.404 * 0.9955 | + | 0.892 * 0.7131 | + | 0.115 * 0.9084 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3171 | + | 4.679 * -0.077362 | - | 0.327 * 0.8149 |
| = | -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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $787 Mil.
Revenue was 1204.445 + 1289.345 + 1373.857 + 1435.675 = $5,303 Mil.
Gross Profit was 164.491 + 172.999 + 183.241 + 193.508 = $714 Mil.
Total Current Assets was $1,353 Mil.
Total Assets was $1,802 Mil.
Property, Plant and Equipment(Net PPE) was $284 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General, & Admin. Expense(SGA) was $326 Mil.
Total Current Liabilities was $675 Mil.
Long-Term Debt & Capital Lease Obligation was $43 Mil.
Net Income was 57.987 + 61.653 + 66.559 + 78.195 = $264 Mil.
Non Operating Income was 3.267 + 3.022 + 2.484 + 1.368 = $10 Mil.
Cash Flow from Operations was 89.863 + 112.052 + 52.698 + 139.035 = $394 Mil.
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Total Receivables was $1,024 Mil.
Revenue was 1674.767 + 1816.132 + 1975.064 + 1970.599 = $7,437 Mil.
Gross Profit was 219.159 + 231.102 + 253.232 + 256.734 = $960 Mil.
Total Current Assets was $1,439 Mil.
Total Assets was $1,932 Mil.
Property, Plant and Equipment(Net PPE) was $315 Mil.
Depreciation, Depletion and Amortization(DDA) was $57 Mil.
Selling, General, & Admin. Expense(SGA) was $347 Mil.
Total Current Liabilities was $878 Mil.
Long-Term Debt & Capital Lease Obligation was $67 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) |
| = | (787.101 / 5303.322) | / | (1024.028 / 7436.562) |
| = | 0.148417 | / | 0.137702 |
| | = | 1.0778 |
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) |
| = | (960.227 / 7436.562) | / | (714.239 / 5303.322) |
| = | 0.129122 | / | 0.134678 |
| | = | 0.9587 |
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 - (1352.741 + 284.3) / 1801.846) | / | (1 - (1439.39 + 314.99) / 1931.879) |
| = | 0.091465 | / | 0.091879 |
| | = | 0.9955 |
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 |
| = | 5303.322 | / | 7436.562 |
| | = | 0.7131 |
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)) |
| = | (57.453 / (57.453 + 314.99)) | / | (58.153 / (58.153 + 284.3)) |
| = | 0.15426 | / | 0.169813 |
| | = | 0.9084 |
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) |
| = | (326.04 / 5303.322) | / | (347.114 / 7436.562) |
| = | 0.061478 | / | 0.046677 |
| | = | 1.3171 |
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) |
| = | ((43.264 + 675.224) / 1801.846) | / | ((67.225 + 878.135) / 1931.879) |
| = | 0.398751 | / | 0.489347 |
| | = | 0.8149 |
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 |
| = | (264.394 - 10.141 | - | 393.648) | / | 1801.846 |
| | = | -0.077362 |
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.
Landstar System has a M-score of -3.05 suggests that the company is unlikely to be a manipulator.
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