Ducommun Beneish M-Score Historical Data
The historical data trend for Ducommun'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.
Ducommun Beneish M-Score Chart
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Ducommun Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-2.19 |
-2.26 |
-2.28 |
-2.54 |
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Ducommun 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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-2.28 |
-2.40 |
-2.30 |
-2.47 |
-2.54 |
Competitive Comparison of Ducommun's Beneish M-Score
For the Aerospace & Defense subindustry, Ducommun'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.
Ducommun's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Ducommun's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ducommun's Beneish M-Score falls into.
Ducommun 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 Ducommun 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 * 0.9002 | + | 0.528 * 0.9394 | + | 0.404 * 1.1103 | + | 0.892 * 1.0624 | + | 0.115 * 0.9713 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1459 | + | 4.679 * -0.007879 | - | 0.327 * 0.9011 |
| = | -2.54 |
* 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 $282.4 Mil.
Revenue was 192.231 + 196.25 + 187.32 + 181.191 = $757.0 Mil.
Gross Profit was 41.696 + 44.602 + 40.122 + 36.767 = $163.2 Mil.
Total Current Assets was $549.6 Mil.
Total Assets was $1,120.9 Mil.
Property, Plant and Equipment(Net PPE) was $140.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.6 Mil.
Selling, General, & Admin. Expense(SGA) was $119.7 Mil.
Total Current Liabilities was $183.7 Mil.
Long-Term Debt & Capital Lease Obligation was $279.9 Mil.
Net Income was 5.11 + 3.213 + 2.374 + 5.231 = $15.9 Mil.
Non Operating Income was -1.502 + -3.811 + -0.71 + -0.284 = $-6.3 Mil.
Cash Flow from Operations was 26.496 + 14.318 + 9.181 + -18.928 = $31.1 Mil.
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Total Receivables was $295.2 Mil.
Revenue was 188.268 + 186.59 + 174.198 + 163.481 = $712.5 Mil.
Gross Profit was 38.593 + 38.587 + 34.642 + 32.475 = $144.3 Mil.
Total Current Assets was $527.3 Mil.
Total Assets was $1,021.5 Mil.
Property, Plant and Equipment(Net PPE) was $140.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $31.4 Mil.
Selling, General, & Admin. Expense(SGA) was $98.4 Mil.
Total Current Liabilities was $199.4 Mil.
Long-Term Debt & Capital Lease Obligation was $269.4 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) |
| = | (282.378 / 756.992) | / | (295.248 / 712.537) |
| = | 0.373026 | / | 0.414362 |
| | = | 0.9002 |
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) |
| = | (144.297 / 712.537) | / | (163.187 / 756.992) |
| = | 0.202512 | / | 0.215573 |
| | = | 0.9394 |
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 - (549.569 + 140.892) / 1120.919) | / | (1 - (527.336 + 140.857) / 1021.506) |
| = | 0.384022 | / | 0.345875 |
| | = | 1.1103 |
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 |
| = | 756.992 | / | 712.537 |
| | = | 1.0624 |
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)) |
| = | (31.421 / (31.421 + 140.857)) | / | (32.571 / (32.571 + 140.892)) |
| = | 0.182385 | / | 0.187769 |
| | = | 0.9713 |
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) |
| = | (119.728 / 756.992) | / | (98.351 / 712.537) |
| = | 0.158163 | / | 0.138029 |
| | = | 1.1459 |
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) |
| = | ((279.908 + 183.703) / 1120.919) | / | ((269.436 + 199.436) / 1021.506) |
| = | 0.413599 | / | 0.459001 |
| | = | 0.9011 |
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 |
| = | (15.928 - -6.307 | - | 31.067) | / | 1120.919 |
| | = | -0.007879 |
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.
Ducommun has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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