CPI Aerostructures Beneish M-Score Historical Data
The historical data trend for CPI Aerostructures'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.
CPI Aerostructures Beneish M-Score Chart
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CPI Aerostructures Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec23 |
| Beneish M-Score |
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-2.23 |
-2.83 |
-2.34 |
-0.75 |
-1.03 |
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CPI Aerostructures Quarterly Data
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Mar19 |
Jun19 |
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| Beneish M-Score |
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-0.75 |
-1.06 |
-0.95 |
-0.66 |
-1.03 |
Competitive Comparison of CPI Aerostructures's Beneish M-Score
For the Aerospace & Defense subindustry, CPI Aerostructures'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.
CPI Aerostructures's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, CPI Aerostructures's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CPI Aerostructures's Beneish M-Score falls into.
CPI Aerostructures 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 CPI Aerostructures 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 * 1.0664 | + | 0.528 * 0.9913 | + | 0.404 * 2.0374 | + | 0.892 * 1.0376 | + | 0.115 * 1.0498 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9087 | + | 4.679 * 0.178483 | - | 0.327 * 0.7564 |
| = | -1.03 |
* 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.
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) |
| = | (39.704 / 86.467) | / | (35.882 / 83.335) |
| = | 0.459181 | / | 0.430575 |
| | = | 1.0664 |
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) |
| = | (16.305 / 83.335) | / | (17.066 / 86.467) |
| = | 0.195656 | / | 0.19737 |
| | = | 0.9913 |
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 - (46.914 + 5.534) / 74.36) | / | (1 - (43.198 + 7.651) / 59.447) |
| = | 0.294675 | / | 0.144633 |
| | = | 2.0374 |
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 |
| = | 86.467 | / | 83.335 |
| | = | 1.0376 |
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)) |
| = | (0.688 / (0.688 + 7.651)) | / | (0.472 / (0.472 + 5.534)) |
| = | 0.082504 | / | 0.078588 |
| | = | 1.0498 |
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) |
| = | (10.758 / 86.467) | / | (11.41 / 83.335) |
| = | 0.124417 | / | 0.136917 |
| | = | 0.9087 |
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) |
| = | ((20.767 + 31.511) / 74.36) | / | ((24.948 + 30.302) / 59.447) |
| = | 0.703039 | / | 0.929399 |
| | = | 0.7564 |
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 |
| = | (17.2 - 0 | - | 3.928) | / | 74.36 |
| | = | 0.178483 |
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.
CPI Aerostructures has a M-score of -1.03 signals that the company is likely to be a manipulator.
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