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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 Genesee & Wyoming's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Genesee & Wyoming was -1.44. The lowest was -3.97. And the median was -2.35.
The historical data trend for Genesee & Wyoming'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.
Genesee & Wyoming Annual Data | |||||||||||||||||||||
Trend | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.55 | -2.17 | -2.47 | -2.45 | -2.61 |
Genesee & Wyoming Quarterly Data | ||||||||||||||||||||
Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.36 | -2.61 | -2.52 | -2.57 | -2.57 |
For the Railroads subindustry, Genesee & Wyoming'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, Genesee & Wyoming's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Genesee & Wyoming'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 Genesee & Wyoming 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 * 1.0149 | + | 0.528 * 0.9834 | + | 0.404 * 1.0728 | + | 0.892 * 0.9763 | + | 0.115 * 1.0362 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0471 | + | 4.679 * -0.037724 | - | 0.327 * 0.9443 | |||||||
= | -2.63 |
* 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 (Sep19) TTM: | Last Year (Sep18) TTM: |
Total Receivables was $437 Mil. Revenue was 583.694 + 571.48 + 558.089 + 575.595 = $2,289 Mil. Gross Profit was 166.159 + 146.225 + 127.853 + 147.497 = $588 Mil. Total Current Assets was $619 Mil. Total Assets was $8,284 Mil. Property, Plant and Equipment(Net PPE) was $4,665 Mil. Depreciation, Depletion and Amortization(DDA) was $254 Mil. Selling, General, & Admin. Expense(SGA) was $48 Mil. Total Current Liabilities was $563 Mil. Long-Term Debt & Capital Lease Obligation was $2,177 Mil. Net Income was 66.792 + 51.441 + 38.706 + 55.562 = $213 Mil. Non Operating Income was -1.788 + -5.927 + -5.725 + -1.363 = $-15 Mil. Cash Flow from Operations was 161.08 + 119.732 + 103.389 + 155.619 = $540 Mil. |
Total Receivables was $441 Mil. Revenue was 603.304 + 594.99 + 574.661 + 571.576 = $2,345 Mil. Gross Profit was 168.98 + 150.214 + 124.934 + 147.88 = $592 Mil. Total Current Assets was $622 Mil. Total Assets was $7,904 Mil. Property, Plant and Equipment(Net PPE) was $4,613 Mil. Depreciation, Depletion and Amortization(DDA) was $261 Mil. Selling, General, & Admin. Expense(SGA) was $47 Mil. Total Current Liabilities was $468 Mil. Long-Term Debt & Capital Lease Obligation was $2,301 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) |
= | (437.062 / 2288.858) | / | (441.105 / 2344.531) | |
= | 0.190952 | / | 0.188142 | |
= | 1.0149 |
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) | |
= | (592.008 / 2344.531) | / | (587.734 / 2288.858) | |
= | 0.252506 | / | 0.25678 | |
= | 0.9834 |
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 - (618.725 + 4664.837) / 8284.379) | / | (1 - (621.981 + 4613.295) / 7903.998) | |
= | 0.362226 | / | 0.337642 | |
= | 1.0728 |
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 | |
= | 2288.858 | / | 2344.531 | |
= | 0.9763 |
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)) |
= | (261.075 / (261.075 + 4613.295)) | / | (254.258 / (254.258 + 4664.837)) | |
= | 0.053561 | / | 0.051688 | |
= | 1.0362 |
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) |
= | (47.541 / 2288.858) | / | (46.509 / 2344.531) | |
= | 0.020771 | / | 0.019837 | |
= | 1.0471 |
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) |
= | ((2176.563 + 563.243) / 8284.379) | / | ((2300.556 + 467.688) / 7903.998) | |
= | 0.33072 | / | 0.350233 | |
= | 0.9443 |
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 | |
= | (212.501 - -14.803 | - | 539.82) | / | 8284.379 | |
= | -0.037724 |
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.
Genesee & Wyoming has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Genesee & Wyoming's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Albert J Neupaver | director | |
Hunter C Smith | director | C/O GENESEE & WYOMING INC., 20 WEST AVENUE, DARIEN CT 06820 |
Richard Harold Bott | director | 34 ISLAND DRIVE, RYE NY 10580 |
J H Pyne | director | |
Oivind Lorentzen | director | C/O SEACOR SMIT, INC., 460 PARK AVENUE 12TH FLOOR, NEW YORK NY 10022 |
Mark A Scudder | director | 411 S. 13TH STREET, SUITE 200, LINCOLN NE 68508 |
Cynthia Lynn Hostetler | director | C/O EDGEN MURRAY CORPORATION, 18444 HIGHLAND ROAD, BATON ROUGE LA 70809 |
Ann N Reese | director | C/O GENESEE & WYOMING INC., 66 FIELD POINT ROAD, GREENWICH CT 06901 |
David A Brown | officer: Chief Operating Officer | GENESEE & WYOMING INC., 66 FIELD POINT ROAD, GREENWICH CT 06830 |
Hans Michael Norkus | director | OVERLAND STORAGE, INC., 4820 OVERLAND AVENUE, SAN DIEGO CA 92123 |
Robert M Melzer | director | 61 MONMOUTH ST., ., BROOKLINE MA 02446-5605 |
Tc Group V, L.l.c. | 10 percent owner | C/O THE CARLYLE GROUP, 1001 PENNSYLVANIA AVE., N.W., SUITE 220S, WASHINGTON DC 20004 |
Tc Group Cayman Investment Holdings, L.p. | 10 percent owner | C/O WALKERS CORPORATE SERVICES LIMITED, 190 ELGIN AVENUE, GEORGE TOWN, GRAND CAYMAN E9 KY1-9001 |
Carlyle Group Inc. | 10 percent owner | C/O THE CARLYLE GROUP, 1001 PENNSYLVANIA AVENUE, N.W., WASHINGTON DC 20004 |
Carlyle Holdings Ii L.l.c. | 10 percent owner | C/O THE CARLYLE GROUP L.P., 1001 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20004-2505 |
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