B/E Aerospace Beneish M-Score Historical Data
The historical data trend for B/E Aerospace'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.
B/E Aerospace Beneish M-Score Chart
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B/E Aerospace Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
| Beneish M-Score |
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-2.33 |
-2.31 |
-3.09 |
-2.42 |
-2.56 |
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B/E Aerospace Quarterly Data
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Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
| Beneish M-Score |
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-2.42 |
-2.36 |
-2.34 |
-1.96 |
-2.56 |
Competitive Comparison of B/E Aerospace's Beneish M-Score
For the Aerospace & Defense subindustry, B/E Aerospace'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.
B/E Aerospace's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, B/E Aerospace's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where B/E Aerospace's Beneish M-Score falls into.
B/E Aerospace 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 B/E Aerospace 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 * 0.9278 | + | 0.528 * 1.0306 | + | 0.404 * 0.9347 | + | 0.892 * 1.0745 | + | 0.115 * 1.0505 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8679 | + | 4.679 * -0.025904 | - | 0.327 * 0.9443 |
| = | -2.56 |
* 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 (Dec16) TTM: | Last Year (Dec15) TTM: |
Total Receivables was $354 Mil.
Revenue was 730.4 + 732.7 + 753.1 + 716.7 = $2,933 Mil.
Gross Profit was 272.8 + 275.2 + 305.3 + 280.1 = $1,133 Mil.
Total Current Assets was $1,869 Mil.
Total Assets was $3,370 Mil.
Property, Plant and Equipment(Net PPE) was $407 Mil.
Depreciation, Depletion and Amortization(DDA) was $84 Mil.
Selling, General, & Admin. Expense(SGA) was $336 Mil.
Total Current Liabilities was $857 Mil.
Long-Term Debt & Capital Lease Obligation was $2,037 Mil.
Net Income was 60.4 + 83.3 + 84.8 + 82.6 = $311 Mil.
Non Operating Income was 136.4 + -44.8 + 0 + 0 = $92 Mil.
Cash Flow from Operations was 133.6 + 79.1 + 82 + 12.1 = $307 Mil.
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Total Receivables was $355 Mil.
Revenue was 659.2 + 679.8 + 700.6 + 690 = $2,730 Mil.
Gross Profit was 262.8 + 255.4 + 280.5 + 288.4 = $1,087 Mil.
Total Current Assets was $1,658 Mil.
Total Assets was $3,141 Mil.
Property, Plant and Equipment(Net PPE) was $391 Mil.
Depreciation, Depletion and Amortization(DDA) was $85 Mil.
Selling, General, & Admin. Expense(SGA) was $360 Mil.
Total Current Liabilities was $822 Mil.
Long-Term Debt & Capital Lease Obligation was $2,034 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) |
| = | (353.5 / 2932.9) | / | (354.6 / 2729.6) |
| = | 0.120529 | / | 0.129909 |
| | = | 0.9278 |
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) |
| = | (1087.1 / 2729.6) | / | (1133.4 / 2932.9) |
| = | 0.398263 | / | 0.386443 |
| | = | 1.0306 |
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 - (1868.6 + 407) / 3370.1) | / | (1 - (1658.4 + 391.2) / 3140.9) |
| = | 0.324768 | / | 0.347448 |
| | = | 0.9347 |
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 |
| = | 2932.9 | / | 2729.6 |
| | = | 1.0745 |
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)) |
| = | (85.3 / (85.3 + 391.2)) | / | (83.6 / (83.6 + 407)) |
| = | 0.179014 | / | 0.170404 |
| | = | 1.0505 |
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) |
| = | (336.1 / 2932.9) | / | (360.4 / 2729.6) |
| = | 0.114596 | / | 0.132034 |
| | = | 0.8679 |
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) |
| = | ((2037 + 857.1) / 3370.1) | / | ((2034.1 + 822.2) / 3140.9) |
| = | 0.858758 | / | 0.909389 |
| | = | 0.9443 |
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 |
| = | (311.1 - 91.6 | - | 306.8) | / | 3370.1 |
| | = | -0.025904 |
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.
B/E Aerospace has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
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