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Universal Logistics Holdings (Universal Logistics Holdings) Beneish M-Score : -3.04 (As of May. 03, 2024)


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What is Universal Logistics Holdings Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -3.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Universal Logistics Holdings's Beneish M-Score or its related term are showing as below:

ULH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07   Med: -2.74   Max: -2.25
Current: -3.04

During the past 13 years, the highest Beneish M-Score of Universal Logistics Holdings was -2.25. The lowest was -3.07. And the median was -2.74.


Universal Logistics Holdings Beneish M-Score Historical Data

The historical data trend for Universal Logistics Holdings'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.

* Premium members only.

Universal Logistics Holdings Beneish M-Score Chart

Universal Logistics Holdings Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.07 -2.38 -2.39 -2.73 -3.04

Universal Logistics Holdings Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.01 -3.14 -3.08 -3.04 -

Competitive Comparison of Universal Logistics Holdings's Beneish M-Score

For the Trucking subindustry, Universal Logistics Holdings'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.


Universal Logistics Holdings's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Universal Logistics Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Universal Logistics Holdings's Beneish M-Score falls into.



Universal Logistics Holdings 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 Universal Logistics Holdings 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 * 1.0016+0.528 * 1.1371+0.404 * 0.9095+0.892 * 0.8247+0.115 * 1.2794
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3361+4.679 * -0.094896-0.327 * 0.9001
=-3.04

* 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 $311 Mil.
Revenue was 390.92 + 421.251 + 412.572 + 437.396 = $1,662 Mil.
Gross Profit was 60.553 + 65.556 + 63.345 + 65.703 = $255 Mil.
Total Current Assets was $361 Mil.
Total Assets was $1,254 Mil.
Property, Plant and Equipment(Net PPE) was $653 Mil.
Depreciation, Depletion and Amortization(DDA) was $77 Mil.
Selling, General, & Admin. Expense(SGA) was $78 Mil.
Total Current Liabilities was $260 Mil.
Long-Term Debt & Capital Lease Obligation was $375 Mil.
Net Income was 21.413 + 23.047 + 23.566 + 24.876 = $93 Mil.
Non Operating Income was 0.723 + 0.588 + 0.284 + 0.015 = $2 Mil.
Cash Flow from Operations was 49.038 + 56.246 + 40.481 + 64.481 = $210 Mil.
Total Receivables was $377 Mil.
Revenue was 458.721 + 505.692 + 527.182 + 523.861 = $2,015 Mil.
Gross Profit was 75.407 + 99.765 + 90.135 + 86.516 = $352 Mil.
Total Current Assets was $460 Mil.
Total Assets was $1,204 Mil.
Property, Plant and Equipment(Net PPE) was $491 Mil.
Depreciation, Depletion and Amortization(DDA) was $77 Mil.
Selling, General, & Admin. Expense(SGA) was $71 Mil.
Total Current Liabilities was $287 Mil.
Long-Term Debt & Capital Lease Obligation was $391 Mil.




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)
=(311.289 / 1662.139) / (376.842 / 2015.456)
=0.187282 / 0.186976
=1.0016

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)
=(351.823 / 2015.456) / (255.157 / 1662.139)
=0.174562 / 0.153511
=1.1371

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 - (361.081 + 652.688) / 1253.523) / (1 - (459.652 + 490.885) / 1203.678)
=0.191264 / 0.210306
=0.9095

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
=1662.139 / 2015.456
=0.8247

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))
=(76.657 / (76.657 + 490.885)) / (77.036 / (77.036 + 652.688))
=0.135068 / 0.105569
=1.2794

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)
=(78.343 / 1662.139) / (71.099 / 2015.456)
=0.047134 / 0.035277
=1.3361

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)
=((374.855 + 260.416) / 1253.523) / ((390.797 + 286.901) / 1203.678)
=0.506788 / 0.563023
=0.9001

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
=(92.902 - 1.61 - 210.246) / 1253.523
=-0.094896

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.

Universal Logistics Holdings has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.


Universal Logistics Holdings Beneish M-Score Related Terms

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Universal Logistics Holdings (Universal Logistics Holdings) Business Description

Traded in Other Exchanges
N/A
Address
12755 East Nine Mile Road, Warren, MI, USA, 48089
Universal Logistics Holdings Inc is an asset-light provider of customized transportation and logistics solutions throughout the United States, and in Mexico, Canada and Colombia. It offers services such as truckload, brokerage, intermodal, dedicated, and value-added services. The company reports into four segments namely trucking, intermodal, company-managed brokerage, and contract logistics. The majority of the revenue is earned from the contract logistics segment.
Executives
Matthew T Moroun director, 10 percent owner 12225 STEPHENS ROAD, WARREN MI 48089
Michael A. Regan director 360 W. BUTTERFIELD ROAD, SUITE 400, ELMURST IL 60126
Frederick P Calderone director C/O CENTRAL TRANSPORT INTL, 12225 STEPHENS RD, WARREN MI 48089
Marcus D. Hudson director 12755 E. NINE MILE ROAD, WARREN MI 48089
Richard P Urban director C/O UNIVERSAL TRUCKLOAD SERVICES, INC., 11355 STEPHENS ROAD, WARREN MI 48089
Nora M. Moroun 10 percent owner 12225 STEPHENS ROAD, WARREN MI 48089
Matthew J. Moroun director 12225 STEPHENS ROAD, WARREN MI 48089
Timothy Phillips director, officer: Chief Executive Officer 12755 E. NINE MILE ROAD, WARREN MI 48089
Jeff Rogers director, officer: Chief Executive Officer 720 SPYGLASS HILL, HOLLAND MI 49424
H.e. Wolfe director 11355 STEPHENS ROAD, WARREN MI 48089
Clarence W Gooden director
Grant Edward Belanger director 12755 EAST NINE MILE ROAD, WARREN MI 48089
Jude Marcus Beres officer: Chief Financial Officer 12755 E. NINE MILE ROAD, WARREN MI 48089
David A. Crittenden officer: Chief Financial Officer 11355 STEPHENS ROAD, WARREN MI 48089
Manuel J Moroun director, 10 percent owner CENTRAL TRANSPORT INTL, 12225 STEPHENS RD, WARREN MI 48089