Air Lease Beneish M-Score Historical Data
The historical data trend for Air Lease'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.
Air Lease Beneish M-Score Chart
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Air Lease Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.29 |
-2.49 |
-2.57 |
-2.49 |
-2.37 |
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Air Lease 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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-2.49 |
-2.55 |
-2.33 |
-2.40 |
-2.37 |
Competitive Comparison of Air Lease's Beneish M-Score
For the Rental & Leasing Services subindustry, Air Lease'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.
Air Lease's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Air Lease's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Air Lease's Beneish M-Score falls into.
Air Lease 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 Air Lease 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 | + | 0.528 * 1.0347 | + | 0.404 * 1.3737 | + | 0.892 * 1.1587 | + | 0.115 * 0.9595 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1042 | + | 4.679 * -0.039382 | - | 0.327 * 0.9806 |
| = | -2.37 |
* 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 $0 Mil.
Revenue was 716.568 + 659.364 + 672.904 + 636.142 = $2,685 Mil.
Gross Profit was 274.1 + 230.202 + 232.144 + 224.849 = $961 Mil.
Total Current Assets was $464 Mil.
Total Assets was $30,452 Mil.
Property, Plant and Equipment(Net PPE) was $27,434 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,069 Mil.
Selling, General, & Admin. Expense(SGA) was $221 Mil.
Total Current Liabilities was $1,308 Mil.
Long-Term Debt & Capital Lease Obligation was $19,183 Mil.
Net Income was 221.051 + 132.45 + 132.401 + 128.72 = $615 Mil.
Non Operating Income was 67.022 + 0 + 0 + 0 = $67 Mil.
Cash Flow from Operations was 464.574 + 401.407 + 532.409 + 348.49 = $1,747 Mil.
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Total Receivables was $0 Mil.
Revenue was 601.61 + 561.334 + 557.696 + 596.661 = $2,317 Mil.
Gross Profit was 214.447 + 196.483 + 203.415 + 244.076 = $858 Mil.
Total Current Assets was $780 Mil.
Total Assets was $28,397 Mil.
Property, Plant and Equipment(Net PPE) was $25,883 Mil.
Depreciation, Depletion and Amortization(DDA) was $966 Mil.
Selling, General, & Admin. Expense(SGA) was $172 Mil.
Total Current Liabilities was $845 Mil.
Long-Term Debt & Capital Lease Obligation was $18,641 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) |
| = | (0 / 2684.978) | / | (0 / 2317.301) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (858.421 / 2317.301) | / | (961.295 / 2684.978) |
| = | 0.37044 | / | 0.358027 |
| | = | 1.0347 |
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 - (464.492 + 27434.276) / 30452.252) | / | (1 - (780.017 + 25883.358) / 28396.705) |
| = | 0.083852 | / | 0.06104 |
| | = | 1.3737 |
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 |
| = | 2684.978 | / | 2317.301 |
| | = | 1.1587 |
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)) |
| = | (965.955 / (965.955 + 25883.358)) | / | (1068.772 / (1068.772 + 27434.276)) |
| = | 0.035977 | / | 0.037497 |
| | = | 0.9595 |
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) |
| = | (220.63 / 2684.978) | / | (172.457 / 2317.301) |
| = | 0.082172 | / | 0.074421 |
| | = | 1.1042 |
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) |
| = | ((19182.657 + 1308.001) / 30452.252) | / | ((18641.063 + 844.553) / 28396.705) |
| = | 0.672878 | / | 0.686193 |
| | = | 0.9806 |
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 |
| = | (614.622 - 67.022 | - | 1746.88) | / | 30452.252 |
| | = | -0.039382 |
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.
Air Lease has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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