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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.
The historical rank and industry rank for Con-way's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Con-way was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Con-way'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.
Con-way Annual Data | |||||||||||||||||||||
Trend | Dec05 | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.57 | -2.85 | -2.85 | -2.86 | -2.51 |
Con-way Quarterly Data | ||||||||||||||||||||
Sep10 | Dec10 | Mar11 | Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.72 | -2.55 | -2.51 | -2.68 | -2.72 |
For the Trucking subindustry, Con-way'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.
For the Transportation industry and Industrials sector, Con-way's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Con-way's Beneish M-Score falls into.
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 Con-way 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 * 0.9785 | + | 0.528 * 0.9725 | + | 0.404 * 1.0246 | + | 0.892 * 1.0227 | + | 0.115 * 0.991 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0284 | + | 4.679 * -0.045012 | - | 0.327 * 0.9994 | |||||||
= | -2.70 |
* 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 (Jun15) TTM: | Last Year (Jun14) TTM: |
Total Receivables was $739 Mil. Revenue was 1427.314 + 1372.431 + 1440.727 + 1504.15 = $5,745 Mil. Gross Profit was 973.555 + 883.812 + 904.108 + 932.673 = $3,694 Mil. Total Current Assets was $1,283 Mil. Total Assets was $3,352 Mil. Property, Plant and Equipment(Net PPE) was $1,648 Mil. Depreciation, Depletion and Amortization(DDA) was $242 Mil. Selling, General, & Admin. Expense(SGA) was $2,620 Mil. Total Current Liabilities was $778 Mil. Long-Term Debt & Capital Lease Obligation was $728 Mil. Net Income was 44.035 + 21.792 + 24.896 + 45.583 = $136 Mil. Non Operating Income was 0.668 + -2.255 + -4.622 + -0.612 = $-7 Mil. Cash Flow from Operations was 106.878 + 68.876 + 79.224 + 39.015 = $294 Mil. |
Total Receivables was $738 Mil. Revenue was 1492.349 + 1368.843 + 1357.801 + 1398.021 = $5,617 Mil. Gross Profit was 958.49 + 834.381 + 850.268 + 869.445 = $3,513 Mil. Total Current Assets was $1,346 Mil. Total Assets was $3,390 Mil. Property, Plant and Equipment(Net PPE) was $1,628 Mil. Depreciation, Depletion and Amortization(DDA) was $237 Mil. Selling, General, & Admin. Expense(SGA) was $2,491 Mil. Total Current Liabilities was $796 Mil. Long-Term Debt & Capital Lease Obligation was $729 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) |
= | (739.048 / 5744.622) | / | (738.483 / 5617.014) | |
= | 0.12865 | / | 0.131473 | |
= | 0.9785 |
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) | |
= | (3512.584 / 5617.014) | / | (3694.148 / 5744.622) | |
= | 0.625347 | / | 0.643062 | |
= | 0.9725 |
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 - (1282.553 + 1647.568) / 3351.721) | / | (1 - (1345.579 + 1628.421) / 3390.216) | |
= | 0.125786 | / | 0.12277 | |
= | 1.0246 |
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 | |
= | 5744.622 | / | 5617.014 | |
= | 1.0227 |
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)) |
= | (236.685 / (236.685 + 1628.421)) | / | (241.97 / (241.97 + 1647.568)) | |
= | 0.126902 | / | 0.128058 | |
= | 0.991 |
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) |
= | (2620.397 / 5744.622) | / | (2491.353 / 5617.014) | |
= | 0.456148 | / | 0.443537 | |
= | 1.0284 |
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) |
= | ((728.192 + 778.058) / 3351.721) | / | ((728.755 + 795.73) / 3390.216) | |
= | 0.449396 | / | 0.449672 | |
= | 0.9994 |
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 | |
= | (136.306 - -6.821 | - | 293.993) | / | 3351.721 | |
= | -0.045012 |
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.
Con-way has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Con-way's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
John C Pope | director | 810 S. RIDGE RD, LAKE FOREST IL 60045 |
Gretchen W Mcclain | director | XYLEM INC., 1133 WESTCHESTER AVENUE, SUITE N200, WHITE PLAINS NY 10604 |
Phipps Paul Cody | director | 2211 OLD EARHART ROAD, SUITE 100, ANN ARBOR MI 48105 |
Stephen K Krull | officer: EVP General Counsel&Secretary | CON-WAY INC., 2211 OLD EARHART ROAD, SUITE 100, ANN ARBOR MI 48105 |
Wayne Shurts | director | SYSCO CORPORATION, 1390 ENCLAVE PARKWAY, HOUSTON TX 77077 |
Roy W Templin | director | ARMSTRONG WORLD INDUSTRIES, INC., 2500 COLUMBIA AVENUE, LANCASTER PA 17603 |
Michael Joseph Morris | officer: SVP Finance & Treasurer | 2211 OLD EARHART ROAD, SUITE 100, ANN ARBOR MI 19034 |
Matthew J Espe | director | |
Stephen L Bruffett | officer: EVP & CFO | 3101 SOUTH PACKERLAND DRIVE, GREEN BAY WI 54313 |
Douglas Stotlar | officer: President & CEO | C/O RELIANCE STEEL & ALUMINUM CO., 16100 N. 71ST STREET, SUITE 400, SCOTTSDALE AZ 85254 |
Herbert J Schmidt | officer: Executive Vice President | 1950 LAKE RIDGE DRIVE, THE VILLAGES FL 32162 |
William R Corbin | director | CON-WAY INC., 2211 OLD EARHART ROAD, ANN ARBOR MI 48105 |
Jennifer Pileggi | officer: EVP, General Counsel & Sec | CNF INC., 2855 CAMPUS DRIVE, SAN MATEO CA 94403 |
Robert Paul Wayman | director | C/O HEWLETT-PACKARD COMPANY, 3000 HANOVER STREET, PALO ALTO CA 94304 |
John H Williford | officer: Senior VP | STEUART TOWER, 1 MARKET PLAZA, SUITE 900, SAN FRANCISCO CA 94105 |
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