Hub Group, Inc.
HUBG Industrials Integrated Freight & Logistics
Hub Group, Inc.’s revenue for fiscal 2024 (year ended December 2024) was $3.9 billion, down 6.10% from fiscal 2023. In the quarter to September 2025, revenue fell 5.31%, EPS grew 23.1% and free cash flow fell 37.4%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
Follow HUBG
Hub Group, Inc. (HUBG) Beneish M-score
Hub Group, Inc.'s Beneish M-score for fiscal 2024 is −2.60; 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) |
|---|---|---|
| FY2024 | −2.60 | 0.35 |
| FY2023 | −2.95 | (0.42) |
| FY2022 | −2.53 | 0.27 |
| FY2021 | −2.81 | (0.40) |
| FY2020 | −2.41 | 0.60 |
| FY2019 | −3.01 | (0.44) |
| FY2018 | −2.57 | (0.12) |
| FY2017 | −2.45 | (0.07) |
| FY2016 | −2.38 | 0.66 |
| FY2015 | −3.04 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.96 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 1.07 | — | 0.43 | |
| Sales growth index | 0.94 | — | 0.84 | |
| Depreciation index | 0.92 | — | 0.11 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | (0.03) | — | −0.15 | |
| Leverage index | 0.84 | — | −0.28 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.60 | ||
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 |
|---|---|
| JBHT J.B. Hunt Transport Services, Inc. compare | −3.2× |
| PBI Pitney Bowes Inc. compare | −2.9× |
| LSTR Landstar System, Inc. compare | −2.9× |
| ZTO ZTO Express (Cayman) Inc. compare | −2.7× |
| FWRD Forward Air Corporation compare | −2.6× |
| HUBG Hub Group, Inc. | −2.6× |
| GXO GXO Logistics, Inc. compare | −2.5× |
| CYRX CryoPort, Inc. compare | −2.4× |
| RLGT Radiant Logistics, Inc. compare | −2.3× |
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