Aircastle Beneish M-Score Historical Data
The historical data trend for Aircastle'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.
Aircastle Beneish M-Score Chart
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Aircastle Annual Data
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Trend |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
| Beneish M-Score |
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-1.16 |
-2.95 |
-1.44 |
-2.52 |
-2.58 |
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Aircastle Quarterly Data
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Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
| Beneish M-Score |
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-2.52 |
-1.81 |
-2.99 |
-2.85 |
-2.58 |
Competitive Comparison of Aircastle's Beneish M-Score
For the Rental & Leasing Services subindustry, Aircastle'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.
Aircastle's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Aircastle's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aircastle's Beneish M-Score falls into.
Aircastle 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 Aircastle 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 * 0.9011 | + | 0.528 * 1.0175 | + | 0.404 * 0.8261 | + | 0.892 * 1.031 | + | 0.115 * 0.9326 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9828 | + | 4.679 * -0.043015 | - | 0.327 * 1.0194 |
| = | -2.82 |
* 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 (Dec19) TTM: | Last Year (Dec18) TTM: |
Total Receivables was $18.0 Mil.
Revenue was 243.73 + 236.865 + 223.416 + 213.927 = $917.9 Mil.
Gross Profit was 238.769 + 229.615 + 218.203 + 206.523 = $893.1 Mil.
Total Current Assets was $173.4 Mil.
Total Assets was $8,202.0 Mil.
Property, Plant and Equipment(Net PPE) was $7,384.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $356.0 Mil.
Selling, General, & Admin. Expense(SGA) was $77.0 Mil.
Total Current Liabilities was $91.9 Mil.
Long-Term Debt & Capital Lease Obligation was $5,074.6 Mil.
Net Income was 47.318 + 43.335 + 31.112 + 34.81 = $156.6 Mil.
Non Operating Income was -7.635 + -7.835 + -9.314 + -2.245 = $-27.0 Mil.
Cash Flow from Operations was 143.329 + 147.477 + 139.252 + 106.36 = $536.4 Mil.
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Total Receivables was $19.4 Mil.
Revenue was 292.566 + 190.829 + 204.276 + 202.68 = $890.4 Mil.
Gross Profit was 288.333 + 188.65 + 202.715 + 201.692 = $881.4 Mil.
Total Current Assets was $187.2 Mil.
Total Assets was $7,871.2 Mil.
Property, Plant and Equipment(Net PPE) was $6,935.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $310.9 Mil.
Selling, General, & Admin. Expense(SGA) was $76.0 Mil.
Total Current Liabilities was $102.5 Mil.
Long-Term Debt & Capital Lease Obligation was $4,761.4 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) |
| = | (18.006 / 917.938) | / | (19.383 / 890.351) |
| = | 0.019616 | / | 0.02177 |
| | = | 0.9011 |
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) |
| = | (881.39 / 890.351) | / | (893.11 / 917.938) |
| = | 0.989935 | / | 0.972952 |
| | = | 1.0175 |
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 - (173.449 + 7384.347) / 8202.046) | / | (1 - (187.236 + 6935.585) / 7871.181) |
| = | 0.078547 | / | 0.095076 |
| | = | 0.8261 |
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 |
| = | 917.938 | / | 890.351 |
| | = | 1.031 |
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)) |
| = | (310.85 / (310.85 + 6935.585)) | / | (356.021 / (356.021 + 7384.347)) |
| = | 0.042897 | / | 0.045995 |
| | = | 0.9326 |
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) |
| = | (77.034 / 917.938) | / | (76.025 / 890.351) |
| = | 0.083921 | / | 0.085388 |
| | = | 0.9828 |
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) |
| = | ((5074.636 + 91.922) / 8202.046) | / | ((4761.353 + 102.497) / 7871.181) |
| = | 0.629911 | / | 0.617931 |
| | = | 1.0194 |
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 |
| = | (156.575 - -27.029 | - | 536.418) | / | 8202.046 |
| | = | -0.043015 |
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.
Aircastle has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.
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