ArcBest Corporation
ARCB Industrials Trucking
ArcBest Corporation’s revenue for fiscal 2025 (year ended December 2025) was $4.0 billion, down 4.04% from fiscal 2024. In the quarter to June 2026, revenue grew 15.9%, EPS fell 155.4%, free cash flow grew 45.8% and total debt fell 10.7%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
Follow ARCB
ArcBest Corporation (ARCB) Beneish M-score
ArcBest Corporation's Beneish M-score for fiscal 2025 is −2.04; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.04 | 0.89 |
| FY2024 | −2.93 | (0.60) |
| FY2023 | −2.32 | 0.53 |
| FY2022 | −2.86 | (0.67) |
| FY2021 | −2.19 | 0.70 |
| FY2020 | −2.89 | (0.40) |
| FY2019 | −2.49 | 0.78 |
| FY2018 | −3.27 | (0.32) |
| FY2017 | −2.95 | (0.89) |
| FY2016 | −2.06 | 0.75 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.96 | — | 0.88 | |
| Gross margin index | 2.60 | — | 1.37 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (0.07) | — | −0.32 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Elevated | −2.04 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| KNX Knight-Swift Transportation Holdings Inc. compare | −3.4× |
| HTLD Heartland Express, Inc. compare | −3.2× |
| SNDR Schneider National, Inc. compare | −3.0× |
| TFII TFI International Inc. compare | −2.9× |
| WERN Werner Enterprises, Inc. compare | −2.9× |
| SAIA Saia, Inc. compare | −2.9× |
| MRTN Marten Transport, Ltd. compare | −2.8× |
| RXO RXO INC compare | −2.7× |
| ARCB ArcBest Corporation | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI