Echo Global Logistics Beneish M-Score Historical Data
The historical data trend for Echo Global Logistics'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.
Echo Global Logistics Beneish M-Score Chart
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Echo Global Logistics Annual Data
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Trend |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.64 |
-2.44 |
-2.73 |
-3.00 |
-2.31 |
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Echo Global Logistics Quarterly Data
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Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
| Beneish M-Score |
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-2.48 |
-2.31 |
-2.35 |
-2.07 |
-2.20 |
Competitive Comparison of Echo Global Logistics's Beneish M-Score
For the Integrated Freight & Logistics subindustry, Echo Global Logistics'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.
Echo Global Logistics's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Echo Global Logistics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Echo Global Logistics's Beneish M-Score falls into.
Echo Global Logistics 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 Echo Global Logistics 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 * 0.8775 | + | 0.528 * 1.0533 | + | 0.404 * 0.8452 | + | 0.892 * 1.5182 | + | 0.115 * 1.0933 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8337 | + | 4.679 * -0.017828 | - | 0.327 * 0.9838 |
| = | -2.20 |
* 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 (Sep21) TTM: | Last Year (Sep20) TTM: |
Total Receivables was $576 Mil.
Revenue was 985.59 + 934.524 + 800.802 + 754.252 = $3,475 Mil.
Gross Profit was 130.392 + 127.353 + 111.34 + 105.559 = $475 Mil.
Total Current Assets was $644 Mil.
Total Assets was $1,109 Mil.
Property, Plant and Equipment(Net PPE) was $73 Mil.
Depreciation, Depletion and Amortization(DDA) was $36 Mil.
Selling, General, & Admin. Expense(SGA) was $393 Mil.
Total Current Liabilities was $497 Mil.
Long-Term Debt & Capital Lease Obligation was $130 Mil.
Net Income was 18.925 + 18.367 + 10.196 + 10.996 = $58 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 13.524 + 27.101 + 27.235 + 10.403 = $78 Mil.
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Total Receivables was $433 Mil.
Revenue was 691.494 + 514.72 + 551.049 + 531.677 = $2,289 Mil.
Gross Profit was 90.791 + 78.242 + 80.115 + 80.15 = $329 Mil.
Total Current Assets was $492 Mil.
Total Assets was $964 Mil.
Property, Plant and Equipment(Net PPE) was $70 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $311 Mil.
Total Current Liabilities was $382 Mil.
Long-Term Debt & Capital Lease Obligation was $173 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) |
| = | (576.205 / 3475.168) | / | (432.525 / 2288.94) |
| = | 0.165806 | / | 0.188963 |
| | = | 0.8775 |
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) |
| = | (329.298 / 2288.94) | / | (474.644 / 3475.168) |
| = | 0.143865 | / | 0.136582 |
| | = | 1.0533 |
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 - (644.466 + 73.406) / 1109.413) | / | (1 - (491.736 + 70.004) / 964.46) |
| = | 0.352926 | / | 0.41756 |
| | = | 0.8452 |
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 |
| = | 3475.168 | / | 2288.94 |
| | = | 1.5182 |
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)) |
| = | (38.783 / (38.783 + 70.004)) | / | (35.518 / (35.518 + 73.406)) |
| = | 0.356504 | / | 0.326081 |
| | = | 1.0933 |
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) |
| = | (393.307 / 3475.168) | / | (310.742 / 2288.94) |
| = | 0.113176 | / | 0.135758 |
| | = | 0.8337 |
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) |
| = | ((129.74 + 497.444) / 1109.413) | / | ((172.591 + 381.614) / 964.46) |
| = | 0.56533 | / | 0.574627 |
| | = | 0.9838 |
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 |
| = | (58.484 - 0 | - | 78.263) | / | 1109.413 |
| | = | -0.017828 |
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.
Echo Global Logistics has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
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