Daseke Beneish M-Score Historical Data
The historical data trend for Daseke'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.
Daseke Beneish M-Score Chart
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Daseke Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.27 |
-3.44 |
-2.84 |
-2.78 |
-3.09 |
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Daseke Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.78 |
-2.97 |
-3.10 |
-2.94 |
-3.09 |
Competitive Comparison of Daseke's Beneish M-Score
For the Trucking subindustry, Daseke'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.
Daseke's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Daseke's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Daseke's Beneish M-Score falls into.
Daseke 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 Daseke 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 * 0.9956 | + | 0.528 * 1.1428 | + | 0.404 * 0.9481 | + | 0.892 * 0.885 | + | 0.115 * 0.9635 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0602 | + | 4.679 * -0.114251 | - | 0.327 * 1.0335 |
| = | -3.09 |
* 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 $178 Mil.
Revenue was 360 + 402.3 + 407.3 + 399.8 = $1,569 Mil.
Gross Profit was 38.3 + 58.1 + 56 + 47.4 = $200 Mil.
Total Current Assets was $282 Mil.
Total Assets was $1,136 Mil.
Property, Plant and Equipment(Net PPE) was $655 Mil.
Depreciation, Depletion and Amortization(DDA) was $107 Mil.
Selling, General, & Admin. Expense(SGA) was $140 Mil.
Total Current Liabilities was $251 Mil.
Long-Term Debt & Capital Lease Obligation was $639 Mil.
Net Income was -27.1 + 3.2 + 5.7 + 0.5 = $-18 Mil.
Non Operating Income was -15.1 + 2.6 + 1.9 + 4 = $-7 Mil.
Cash Flow from Operations was 26.2 + 33.6 + 27.9 + 31 = $119 Mil.
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Total Receivables was $202 Mil.
Revenue was 408.2 + 462.8 + 481.3 + 421 = $1,773 Mil.
Gross Profit was 49.9 + 70.2 + 78 + 59.9 = $258 Mil.
Total Current Assets was $378 Mil.
Total Assets was $1,195 Mil.
Property, Plant and Equipment(Net PPE) was $596 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $149 Mil.
Total Current Liabilities was $244 Mil.
Long-Term Debt & Capital Lease Obligation was $662 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) |
| = | (177.9 / 1569.4) | / | (201.9 / 1773.3) |
| = | 0.113355 | / | 0.113856 |
| | = | 0.9956 |
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) |
| = | (258 / 1773.3) | / | (199.8 / 1569.4) |
| = | 0.145491 | / | 0.12731 |
| | = | 1.1428 |
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 - (281.7 + 655) / 1136.1) | / | (1 - (378.2 + 595.9) / 1195.4) |
| = | 0.175513 | / | 0.185126 |
| | = | 0.9481 |
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 |
| = | 1569.4 | / | 1773.3 |
| | = | 0.885 |
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)) |
| = | (92.8 / (92.8 + 595.9)) | / | (106.5 / (106.5 + 655)) |
| = | 0.134747 | / | 0.139856 |
| | = | 0.9635 |
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) |
| = | (139.9 / 1569.4) | / | (149.1 / 1773.3) |
| = | 0.089142 | / | 0.084081 |
| | = | 1.0602 |
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) |
| = | ((639 + 250.6) / 1136.1) | / | ((661.9 + 243.8) / 1195.4) |
| = | 0.78303 | / | 0.757654 |
| | = | 1.0335 |
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 |
| = | (-17.7 - -6.6 | - | 118.7) | / | 1136.1 |
| | = | -0.114251 |
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.
Daseke has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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