Copa Holdings Beneish M-Score Historical Data
The historical data trend for Copa Holdings'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.
Copa Holdings Beneish M-Score Chart
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Copa Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.86 |
-2.81 |
-2.60 |
-2.24 |
-2.77 |
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Copa Holdings 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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-2.24 |
-2.39 |
-2.54 |
-2.75 |
-2.77 |
Competitive Comparison of Copa Holdings's Beneish M-Score
For the Airlines subindustry, Copa Holdings'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.
Copa Holdings's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Copa Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Copa Holdings's Beneish M-Score falls into.
Copa Holdings 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 Copa Holdings 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 * 0.9209 | + | 0.528 * 0.8476 | + | 0.404 * 1.0967 | + | 0.892 * 1.1673 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7858 | + | 4.679 * -0.079786 | - | 0.327 * 0.9522 |
| = | -2.77 |
* 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 $159 Mil.
Revenue was 916.934 + 867.71 + 809.19 + 867.265 = $3,461 Mil.
Gross Profit was 397.86 + 376.183 + 361.573 + 365.751 = $1,501 Mil.
Total Current Assets was $1,268 Mil.
Total Assets was $5,197 Mil.
Property, Plant and Equipment(Net PPE) was $3,520 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $321 Mil.
Total Current Liabilities was $1,344 Mil.
Long-Term Debt & Capital Lease Obligation was $1,456 Mil.
Net Income was 191.78 + 187.375 + 17.509 + 121.521 = $518 Mil.
Non Operating Income was 2.854 + 77.359 + -132.836 + -35.497 = $-88 Mil.
Cash Flow from Operations was 256.388 + 344.415 + 216.752 + 203.419 = $1,021 Mil.
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Total Receivables was $148 Mil.
Revenue was 890.612 + 809.445 + 693.395 + 571.582 = $2,965 Mil.
Gross Profit was 393.048 + 310.034 + 198.726 + 188.307 = $1,090 Mil.
Total Current Assets was $1,236 Mil.
Total Assets was $4,690 Mil.
Property, Plant and Equipment(Net PPE) was $3,118 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $350 Mil.
Total Current Liabilities was $1,194 Mil.
Long-Term Debt & Capital Lease Obligation was $1,460 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) |
| = | (159.247 / 3461.099) | / | (148.137 / 2965.034) |
| = | 0.046011 | / | 0.049961 |
| | = | 0.9209 |
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) |
| = | (1090.115 / 2965.034) | / | (1501.367 / 3461.099) |
| = | 0.367657 | / | 0.433783 |
| | = | 0.8476 |
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 - (1267.963 + 3520.224) / 5197.27) | / | (1 - (1235.825 + 3117.904) / 4690.362) |
| = | 0.078711 | / | 0.071771 |
| | = | 1.0967 |
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 |
| = | 3461.099 | / | 2965.034 |
| | = | 1.1673 |
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)) |
| = | (0 / (0 + 3117.904)) | / | (0 / (0 + 3520.224)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (320.951 / 3461.099) | / | (349.888 / 2965.034) |
| = | 0.092731 | / | 0.118005 |
| | = | 0.7858 |
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) |
| = | ((1455.614 + 1344.351) / 5197.27) | / | ((1460.108 + 1193.571) / 4690.362) |
| = | 0.538738 | / | 0.565773 |
| | = | 0.9522 |
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 |
| = | (518.185 - -88.12 | - | 1020.974) | / | 5197.27 |
| | = | -0.079786 |
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.
Copa Holdings has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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